logo-loader
viewArc Minerals Limited

Arc Minerals intersects extensive copper-cobalt mineralisation in exploration at Kalaba

Results from a further 19 diamond drilling holes are expected shortly

1536649362_copper-periodic-table.jpg
There could be significant further upside at Kalaba

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.

READ: Arc Minerals Ltd sees significant upside at Zambian copper asset

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.”

 -- Adds analyst comment --

Quick facts: Arc Minerals Limited

Price: 2.8 GBX

AIM:ARCM
Market: AIM
Market Cap: £20.66 m
Follow

Add related topics to MyProactive

Create your account: sign up and get ahead on news and events

NO INVESTMENT ADVICE

The Company is a publisher. You understand and agree that no content published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is...

FOR OUR FULL DISCLAIMER CLICK HERE

Watch

Summit Therapeutics' Glyn Edwards talks US$50mln backing and ridinilazole...

Summit Therapeutics PLC's (LON:SUMM, NASDAQ:SMMT) CEO Glyn Edwards sat down with Proactive London's Andrew Scott following the news of a US$50mln funding deal with biotech billionaire Bob Duggan. The investment will help get the company’s next-generation antibiotic through phase III clinical...

8 hours, 37 minutes ago

2 min read