Arc Minerals Ltd (LON:ARCM) has announced significantly higher grade cobalt results from shallow drilling of the oxide portion of its Kalaba (Zamsort) Cobalt-Copper Project in Zambia.
The AIM-listed firm - which has a diversified portfolio of mining projects with interests in Slovakia, Eritrea, the Democratic Republic of the Congo as well as Zambia - said the reverse circulation drilling results showed cobalt grades of up to 0.35%, intersected together with copper grades up to 1.50%.
Nick von Schirnding, executive chairman of Arc Minerals said: "These results are very encouraging, in particular, the high-grade cobalt mineralisation intersected in this round of drilling.
“These results from the pit areas immediately adjacent to the CSD plant show mineralisation that is near surface and hosted in weathered material that can be mined without the need to drill and blast, which should provide for low strip ratios and correspondingly very low mining costs.”
He added: “As a result of higher than expected Cobalt grades encountered, Kalaba is becoming a cobalt project along with copper and as such work is underway to maximise the cobalt recoveries to ensure that full value is extracted.”
The chairman concluded: “We look forward to further updates soon including further drilling results as well as results from our recently completed Airborne Geophysical programme carried out to highlight further geological structures associated with known zones, potential new zones of mineralisation and to prioritise areas for further drilling from our large-scale Zamsort Copper-Cobalt Project."