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Arc Minerals reports 3mln ounce gold mineral resource at Akyanga deposit

The AIM-listed miner said 3mln ounces of gold averaging 2.16grams per tonnes were reported at Akyanga deposit
Gold nuggets on a table
The company said that near-term exploration target of a further 200,000 to 600,000 ounces of gold in the Akyanga east area has been set

Arc Minerals Limited (LON:ARCM) has reported 3mln ounce gold mineral resource at the Akyanga Deposit, part of its Casa project, located in the eastern part of the Democratic Republic of Congo.

The AIM-listed miner said 3mln ounces of gold averaging 2.16grams per tonnes were reported at Akyanga deposit.

READ: Arc Minerals sells holding in Andiamo Exploration to AMED Funds

The company said that near-term exploration target of a further 200,000 to 600,000 ounces of gold in the Akyanga east area has been set, together with further exploration targets along the 55km gold belt within its 133km² mining licence.

Nick von Schirnding, ARC's executive chairman, commented: "The increase in Akyanga's JORC mineral resource from 1.6m ozs to 3m ozs is a game-changer for us and has exceeded our most optimistic expectations.”

He added: “The increased ounces and grade has the potential to significantly enhance the economics of developing the mine. We shall now commence with a scoping study, targeting a 150koz-200koz per annum low cost gold operation, to be completed by year end.”

“Our ability to upgrade this significant, near-surface gold deposit in such a short timeframe clearly demonstrates the largely untapped potential of both the Akyanga project and the 55km long gold belt within our 133km2 mining license area,” Nick von Schirnding said.

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