Arc Minerals Limited (LON:ARCM) chairman Nick von Schirnding said the latest work on its copper properties in Zambia appears to confirm a number of targets that have “company maker” potential.
The shares rose 6.8% to 2.67p.
The upbeat assessment followed “exciting” results from its infill soil geochemistry programme, after which the drill rigs were mobilised.
In all 12 “significant regional targets” were identified, including the new Cheyeza Central opportunity between between the Cheyeza East and Cheyeza West areas,
Samples, meanwhile, returned up to 2,792 parts per million of copper at Cheyeza East. Further infill geochemistry work is underway in four additional regions, with results expected soon.
In the meantime, drill pads and access to Cheyeza East and West have been completed, allowing two drill rigs to begin work shortly.
Very encouraged
"I am very encouraged by the results of our extensive work over the property that we have completed over the past few months,” said Arc chairman von Schirnding.
“It confirms that we have a wide range of exciting and high-priority targets, any of which could be company makers on their own, indeed ongoing exploration by majors in this region of Zambia supports the potential for major new tier-1 discoveries.
“My confidence going forward also is strengthened by the excellent work by two respected external geological consultancies, African Mining Consultants and Momentum Group.”
The latest work took place after the company carried out an airborne survey of Zamsort-Zaco licence areas followed by a broad spaced soil geochemical assessment. In all, 12 areas of interest were identified.
Over the past two months, the Arc team has concentrated on what’s called infill soil sampling, which took place over the 10km x 8km footprint in the Cheyeza region of the property with 6,000 samples analysed.
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