Arc Minerals Ltd (LON:ARCM) shares advanced as it revealed the findings of a drill programme on the Kalaba prospect, part of the Zamsort copper-cobalt project.
The company said the programme is progressing well, with ten drill holes to date completed for a total of 1,435 metres.
First results are expected over the next few weeks, though the company said that three holes had intersected visible mineralisation for more than 80 meters - in one of those holes, the mineralisation started six metres from surface.
"I am very pleased with the progress of the drilling programme to date,” said Nick von Schirnding, executive chairman.
“A number of holes have intersected pervasive mineralisation with visible copper and cobalt over thicknesses of 80m which is particularly exciting.
“I look forward to updating on the progress of the initial assay results as well as the RC drilling programme which will commence imminently."
Arc told investors that it is currently working on the logging, core cutting as well as sample preparation and sending the samples to the laboratory for multi-element testing.
In London, Arc shares gained 0.51p or 12.18% changing hands at 4.74p.