viewArc Minerals Limited

Arc Minerals team uncover new Zambia target that taps into same geological horizon as world-class mine

West Lunga was discovered by the African Mining Consultants and Douglas Haynes Discovery, which also uncovered the Kamoa deposit, one of the largest high-grade discoveries of recent times

drill rig
A rig on the Ivanhoe Mining-run Kamoa-Kakula Project, which uncovered grades ranging as high as 18.48% copper

Arc Minerals Limited (LON:ARCM) said the team that discovered one of the largest high-grade copper deposits of recent times has identified a new target on the AIM-list mine developer’s Zambia licence areas.

African Mining Consultants and Douglas Haynes Discovery have picked over the extensive early exploration work carried out by Arc and mapped out a six-kilometre “strike” called West Lunga grading up to 463 parts per million copper.

Located on the western portion of the Zamsort and Zaco licences, it taps into the same geological horizon that hosts the world-class Kamoa operation, the Zambia copper deposit being developed by a consortium led by Ivanhoe Mines.

Chairman very encouraged

Arc chairman Nick von Schirnding said: "This is very encouraging news - especially having been identified by the discovery team of Kamoa, one of the largest high-grade copper discoveries of recent times. 

“This development means we are going to review the ranking of our 14 priority drill targets and it is likely that we will prioritise West Lunga as one of our highest priority targets."

Both Kamoa and West Lunga are in the Central African Copperbelt, which has been a focus of exploration and mining activity since the 19th century. Recent success, however, has occurred higher in the rock strata than earlier discoveries.

Work by Arc’s team that uncovered West Lunga included soil samples that were collected across the entire licence, including previously untested areas. In addition, an airborne magnetics survey was flown.

The shares rise 10% to 3.73p.

---adds share price---

Quick facts: Arc Minerals Limited

Price: 2.85 GBX

Market: AIM
Market Cap: £20.43 m

Add related topics to MyProactive

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


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...

In exchange for publishing services rendered by the Company on behalf of Arc Minerals Limited named herein, including the promotion by the Company of Arc Minerals Limited in any Content on the Site, the Company...



Investor Update: Sirius Minerals scraps proposed $500mln bond raise

Headlines from the Proactive UK newsroom. Sirius Minerals (LON:SXX) has scrapped its proposed US$500mln bond raise and will undergo a strategic review to assess options for the York Potash project. The firm says development of the mine will be slowed to preserve existing funds. A request for...

on 17/9/19

2 min read