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.
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