Arc Minerals LTD (LON:ARC) has intersected extensive copper and cobalt mineralisation in drilling at the Kalaba prospect in Zambia, part of the larger Zamsort project.
All four of the reverse circulation holes drilled intersected copper and cobalt mineralisation.
Among the highlights were 20 metres at 1.31% copper equivalent, 25m at 1.24% copper equivalent, and 26 metres at 1.10% copper equivalent.
In addition, 19 diamond drill holes have been completed with initial assays expected shortly.
"I am very pleased with these excellent initial assay results of the drilling programme,” said executive chairman Nick von Schirnding.
“These early results from RC drilling clearly demonstrate the large tonnage and commercial grade potential of the Kalaba prospect. The results from these first four RC holes present encouraging copper and cobalt mineralisation with intercepts starting from surface. Our updated geological model is indicating that the potential resource at Kalaba may be significantly larger than we had anticipated.”
‘House’ broker SPAngel reiterated a ‘strong buy’ on Arc Minerals, having upgraded their rating from ‘buy’ on August 14.
In their note today, the broker’s analysts’ said: “These are very encouraging results indicating a significantly larger cobalt/copper mine at Kalaba than previously envisaged.
“We look forward to being able to estimate a significantly larger tonnage of mineralised material from the next set of assay results in the short term.”
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