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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.

Quick facts: Arc Minerals Limited

Price: 2.65 GBX

AIM:ARCM
Market: AIM
Market Cap: £19.56 m
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