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Arc Minerals begins drilling programme at Zamsort project as it ups stake

The AIM-listed mine developer said the 11,000m drilling programme would consist of 6,600m diamond drill and 4,400m RC drilling which is aiming to delineate a shallow oxide resource

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Arc added that it had acquired a further 5% stake in Zamsort, taking its ownership to 66%

Arc Minerals Limited (LON:ARCM) said it has commenced drilling at the Zamsort Copper Cobalt project in Zambia, while also upping its stake in the project by 5%.

The AIM-listed mine developer said the 11,000m drilling programme would consist of 6,600m diamond drill and 4,400m RC drilling which is aiming to delineate a shallow oxide resource for a commercial scale demonstration plant currently being optimised, as well as to establish a maiden resource estimate at the Kalaba Copper Cobalt area, where the Zamsort project is located.

WATCH: Arc Minerals ups stake in Zamsort, kicks off new drilling programme

Arc added that it had also acquired a further 5% stake in Zamsort in a share exchange that would increase its holding in the company to 66%, with Kopara Investments the only other shareholder with 34%.

Following on from this, the firm said it had agreed with Kopara to fund all future expenditure at Zamsort on a pro-rata basis based on their shareholdings.

Nick von Schirnding, executive chairman of Arc Minerals, said: "This is a yet another step forward in consolidating our ownership in Zamsort and to increase Arc's exposure to this large and exciting copper-cobalt asset. I am also pleased to note that we have agreed a funding structure with our joint venture partners.”

In early afternoon trading Wednesday, Arc Minerals shares were up 1.7% 4.3p.

-- Adds share price --

Quick facts: Arc Minerals Limited

Price: 2.62002 GBX

AIM:ARCM
Market: AIM
Market Cap: £19.33 m
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