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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Arc Minerals Limited | LSE:ARCM | London | Ordinary Share | VGG045791016 | ORDS NPV (DI) |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| -0.105 | -6.27% | 1.57 | 1.65 | 1.70 | 1.675 | 1.65 | 1.675 | 4,758,961 | 16:35:14 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| Investors, Nec | 0 | -7.34M | -0.0060 | -2.78 | 20.58M |
From Apr 2019 to Apr 2024
TIDMARCM
RNS Number : 5215M
Arc Minerals Limited
17 September 2019
17 September 2019
Arc Minerals Ltd
('Arc' or the 'Company')
New Targets Confirm Extensive Mineralised System
Arc Minerals Limited is pleased to provide an update on the recently completed infill soil sampling programs over the Lumbeta and Muswema target areas located within the 872 km(2) Zamsort and Zaco exploration license areas in the Domes Region of the North Western Province in Zambia.
Highlights:
-- Analysis of 8,100 soil samples at both target areas completed -- Up to 1,793ppm Cu analysed in the soils at Muswema -- Circa 4km long soil anomaly confirmed at both Muswema and Lumbeta -- Additional anomalies result in both target areas split into a further three zones -- Drill rigs en route to each target and maiden drill programme to commence imminently -- Drilling continues at Cheyeza where visible sulphide mineralisation has just been observed -- New targets confirm a larger mineralised system
Nick von Schirnding, Executive Chairman of Arc stated:
"These soil sample results appear to be similar to the previous high ppm soil sample analyses from the Cheyeza target area where successful follow up drilling has been extremely promising, delivering several excellent high-grade intercepts of shallow copper mineralisation.
Whilst drilling continues at our promising Cheyeza project we are pleased to be taking next steps in progressing our exciting pipeline of prospects and will be carrying out maiden drilling programmes at both our Lumbeta and Muswema targets. Drill rigs will shortly be arriving at both sites. In addition, we will also be moving a further rig to West Lunga in the next few weeks, all of this supported by our drill for equity programme.
Based upon our work to date, what is particularly encouraging is that we are beginning to see evidence of a larger mineralised system. We are very excited about the next few months ahead."
Investor Conference Call
An investor update conference call to discuss the results and the Company's drilling programmes will be held today Tuesday 17 September 12:00pm UK time (details below)
Summary
The 2019 infill soil sampling program commenced towards the end of March, initially over the Cheyeza Target Area ('CTA') and then moving across to the other target areas identified by the 2018 regional soil geochemistry and aerial geophysics programs.
The infill soil sampling program over the Lumbeta and Muswema target areas was carried out and supervised by Zamsorts geological team. Over 4,300 samples were collected over the Lumbeta Target Area ('LTA') and a further 3,800 samples at the Muswema Target Area ('MTA'), all on a 200 x 50m grid and processed at the Kalaba Exploration camp, where the samples were dried, sieved and using a hand operated mechanical press, compressed into a pellet. The pressed pellets were subsequently analysed using a portable hand held X-ray Fluorescence Spectrometer ('pXRF') for a range of elements, including copper and associated minerals.
At both the LTA and MTA the background Copper values range between 25 - 75ppm with values of up to 1,793ppm Cu and 378ppm Cu being returned by the pXRF at the MTA and LTA respectively. The soil sample analyses provides further encouragement that both target areas may be copper- bearing.
Using a 100ppm copper soil contour, the MTA may be divided into Northern, Central and Southern zone, whose anomalies extend for 4km, 3km and 1.5km respectively, whilst the LTA may be divided into western, central and eastern zones with the longest soil anomaly traced for circa 4km and appearing to represent the limbs of an interpreted anticline in this part of the license.
Figure 1. Licence area with Lumbeta, Muswema and West Lunga Targets
http://s2.q4cdn.com/256050873/files/images/2019/Zamsort-50ppm-Cu-update-one-dot.jpg
Figure 2. Image showing the Lumbeta target area and the results of the XRF analysis of the infill soil sampling completed earlier this year.
http://s2.q4cdn.com/256050873/files/doc_news/images/2019/09/PastedGraphic-1.pdf
Figure 3. Image showing the Muswema target area and the results of the XRF analysis of the infill soil sampling completed earlier this year.
http://s2.q4cdn.com/256050873/files/doc_news/images/2019/09/PastedGraphic-2.pdf
Investor Conference Call
The Company will host a shareholder conference call at 12pm UK time on Tuesday 17(th) September to discuss these results. The call will be hosted by Arc's Executive Chairman, Nick von Schirnding with input from Arc's technical team.
The following numbers are available to participate in this conference call:
UK (Local): +44 20 3655 9680
Sweden (Local): +46 85 05 32 900
Kenya (Local): +254 20 225 0309
Singapore (Local): +65 3158 2196
USA (Local): +1 (312) 380 0428
UAE: 8000 3570 3200
France (Local): +33 1 70 95 91 00
Other local dial-ins can be provided upon request (email info@arcminerals.com)
Please enter participant pin number 1053446# when prompted to do so.
Note that until the Q&A session has begun that all lines will initially be muted with the exception of Company management.
Qualified Person
The information in this press release is based on information provided by Zamsort Limited on behalf of Arc Minerals. Mr Vassilios Carellas (BSc (Hons), MAusIMM) is the Chief Operating Officer for Arc Minerals and has sufficient experience relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking to qualify as a Competent Person as defined under the JORC Code (2012). Mr Carellas consents to the inclusion in this announcement of the matters based on his information in the form and context in which it appears.
**S**
Contacts
Arc Minerals Ltd Nick von Schirnding (Chairman) +44 (0) 20 7917 2942 SP Angel (Nominated Adviser & Broker) Ewan Leggat / Soltan Tagiev +44 (0) 20 3470 0470
Market Abuse Regulation (MAR) Disclosure
Certain information contained in this announcement would have been deemed inside information for the purposes of Article 7 of Regulation (EU) No 596/2014 until the release of this announcement.
Forward-looking Statements
This news release contains forward-looking statements that are based on the Company's current expectations and estimates. Forward-looking statements are frequently characterised by words such as "plan", "expect", "project", "intend", "believe", "anticipate", "estimate", "suggest", "indicate" and other similar words or statements that certain events or conditions "may" or "will" occur. Such forward-looking statements involve known and unknown risks, uncertainties and other factors that could cause actual events or results to differ materially from estimated or anticipated events or results implied or expressed in such forward-looking statements. Such factors include, among others: the actual results of current exploration activities; conclusions of economic evaluations; changes in project parameters as plans continue to be refined; possible variations in ore grade or recovery rates; accidents, labour disputes and other risks of the mining industry; delays in obtaining governmental approvals or financing; and fluctuations in metal prices. There may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. Any forward-looking statement speaks only as of the date on which it is made and, except as may be required by applicable securities laws, the Company disclaims any intent or obligation to update any forward-looking statement, whether as a result of new information, future events or results or otherwise. Forward-looking statements are not guarantees of future performance and accordingly undue reliance should not be put on such statements due to the inherent uncertainty therein.
Notes to the Editors
Arc Minerals is an AIM listed exploration and mine development company focused on a diversified portfolio of mining projects with interests in Slovakia, Eritrea, the Democratic Republic of the Congo and Zambia.
ARC Minerals current holdings include:
-- 100% interest in CASA Mining Limited, a private company that has a 71.25% interest in the 3-million-ounce inferred Resource Akyanga gold deposit in the DRC.
-- A 66% equity interest in Zamsort Limited ("Zamsort"), a private company focused on a prospective copper t licence in the Zambia Copperbelt, together with a convertible loan to Zamsort which converts into approximately a five percent additional equity interest in Zamsort.
-- A 47.5% equity interest in Zaco Limited ("Zaco"), a private compamy focussed on a prospective copper and cobalt license adjacent to Zamsort.
-- 100% ownership of the Kremnica Mining Licence Area in Slovakia which host the 1.3Moz AuEq Au PFS stage turec Gold Project.
For more information visit www.arcminerals.com
Glossary of Technical Terms
Hot Features
Premium
"anomaly or anomalous" something in mineral exploration that geologists
interpret as deviating from what is standard,
normal, or expected.
The laboratory test conducted to determine
"assay" the proportion of a mineral within a rock
or other material. For copper, usually reported
as percentage which is equivalent to percentage
of the mineral (i.e. copper) per tonne of
rock.
----------------------------------------------------------
"azimuth" the "compass direction" refers to a geographic
bearing or azimuth as measured by a magnetic
compass, in true or magnetic north.
----------------------------------------------------------
"bornite" Bornite, also known as peacock ore, is a copper
sulphide mineral with the formula Cu(5) FeS(4)
.
----------------------------------------------------------
"breccia" Breccia is a rock classification, comprises
millimetre to metre-scale rock fragments cemented
together in a matrix, there are many sub-classifications
of breccias.
----------------------------------------------------------
"chalcocite" Chalcocite is a copper sulphide mineral with
the formula Cu(2) S and is an important copper
ore mineral. It is opaque and dark-gray to
black with a metallic luster.
----------------------------------------------------------
"chalcopyrite" Chalcopyrite is a copper sulphide mineral
with formula CuFeS(2) . It has a brassy to
golden yellow colour.
----------------------------------------------------------
"chargeability" Chargeability is a physical property related
to conductivity. Chargeability is used to
characterise the formation and strength of
the induced polarisation within a rock, under
the influence of an electric field, suggesting
sulphide mineralisation at depth.
----------------------------------------------------------
"covellite" Covellite is a copper sulphide mineral with
the formula CuS. This indigo blue mineral
is ubiquitous in some copper ores.
----------------------------------------------------------
"diamond drilling" A drilling method in which penetration is
achieved through abrasive cutting by rotation
of a diamond encrusted drill bit. This drilling
method enables collection of tubes of intact
rock (core) and when successful gives the
best possible quality samples for description,
sampling and analysis of an ore body or mineralised
structure.
----------------------------------------------------------
"dip" A line directed down the steepest axis of
a planar structure including a planar ore
body or zone of mineralisation. The dip has
a measurable direction and inclination from
horizontal.
----------------------------------------------------------
"grab sample" are samples of rock material collected from
a small area, often just a few pieces or even
a single piece of rock "grabbed" from a face,
dump or outcrop or roughly 2-5kg. These are
common types of rock samples collected when
conducting mineral exploration. The sample
usually consists of material that is taken
to be representative of a specific type of
rock or mineralisation.
----------------------------------------------------------
"grade" The proportion of a mineral within a rock
or other material. For copper mineralisation
this is usually reported as % of copper per
tonne of rock.
----------------------------------------------------------
"g/t" grams per tonne; equivalent to parts per million
('ppm')
----------------------------------------------------------
"hematite" Hematite is the mineral form of iron(III)
oxide (Fe(2) O(3) ), one of several iron oxides.
Magnetite alteration is also typically associate
with porphyry copper systems, at or close
to the central core.
----------------------------------------------------------
"Indicated Resource" An "Indicated Mineral Resource" is that part
of a Mineral Resource for which quantity,
grade or quality, densities, shape and physical
characteristics, can be estimated with a level
of confidence sufficient to allow the appropriate
application of technical and economic parameters,
to support mine planning and evaluation of
the economic viability of the deposit. The
estimate is based on detailed and reliable
exploration and testing information gathered
through appropriate techniques from locations
such as outcrops, trenches, pits, workings
and drill holes that are spaced closely enough
for geological and grade continuity to be
reasonably assumed.
----------------------------------------------------------
"Inferred Resource" An "Inferred Mineral Resource" is that part
of a Mineral Resource for which quantity and
grade or quality can be estimated on the basis
of geological evidence and limited sampling
and reasonably assumed, but not verified,
geological and grade continuity. The estimate
is based on limited information and sampling
gathered through appropriate techniques from
locations such as outcrops, trenches, pits,
workings and drill holes.
----------------------------------------------------------
"Induced Polarisation Induced polarisation (IP) is a geophysical
Geophysics" survey used to identify the electrical chargeability
of subsurface materials, such as sulphides.
The survey involves an electric current that
is transmitted into the subsurface through
two electrodes, and voltage is monitored through
two other electrodes.
----------------------------------------------------------
"intercept" Refers to a sample or sequence of samples
taken across the entire width or an ore body
or mineralised zone. The intercept is described
by the entire thickness and the average grade
of mineralisation.
----------------------------------------------------------
"JORC Code" The Australasian Code for Reporting of Exploration
Results, Mineral Resources and Ore Reserves
('the JORC Code') is a professional code of
practice that sets minimum standards for Public
Reporting of minerals Exploration Results,
Mineral Resources and Ore Reserves.
----------------------------------------------------------
"K" The element potassium, abundance on surface
can be inferred from radiometric surveys
----------------------------------------------------------
"Magnetics" Rocks are made up of different minerals and
the magnetic properties of a rock depends
on the amount and type of iron rich minerals
it contains. Earth's magnetic field interacts
with these iron rich minerals to generate
variations in the magnetic field. Measuring
and mapping these variations allows remotely
mapping of the distribution and patterns of
magnetic rocks and, as a result, map the subsurface
geology
----------------------------------------------------------
"magnetite" Magnetite is main iron ore mineral, with chemical
formula Fe(3) O(4) . Magnetite is ferromagnetic,
and it is attracted to a magnet and can be
magnetized to become a permanent magnet itself.
----------------------------------------------------------
"massive" In a geological sense, refers to a zone of
mineralisation that is dominated by sulphide
minerals. The sulphide-mineral-rich material
can occur in centimetre-scale, metre-scale
or in tens of metres wide veins, lenses or
sheet-like bodies containing sphalerite, galena,
and / or chalcopyrite etc.
----------------------------------------------------------
"Measured Resource" A "Measured Mineral Resource" is that part
of a Mineral Resource for which quantity,
grade or quality, densities, shape, and physical
characteristics are so well established that
they can be estimated with confidence sufficient
to allow the appropriate application of technical
and economic parameters, to support production
planning and evaluation of the economic viability
of the deposit. The estimate is based on detailed
and reliable exploration, sampling and testing
information gathered through appropriate techniques
from locations such as outcrops, trenches,
pits, workings and drill holes that are spaced
closely enough to confirm both geological
and grade continuity.
----------------------------------------------------------
"Mineral Resource" A "Mineral Resource" is a concentration or
occurrence of diamonds, natural solid inorganic
material, or natural solid fossilised organic
material including base and precious metals,
coal, and industrial minerals in or on the
Earth's crust in such form and quantity and
of such a grade or quality that it has reasonable
prospects for economic extraction. The location,
quantity, grade, geological characteristics
and continuity of a Mineral Resource are known,
estimated or interpreted from specific geological
evidence and knowledge.
----------------------------------------------------------
"mineralisation" In geology, mineralisation is the deposition
of economically important metals (copper,
gold, lead, zin etc) that in some cases can
be in sufficient quantity to form mineral
ore bodies.
----------------------------------------------------------
"open pit mining" A method of extracting minerals from the earth
by excavating downwards from the surface such
that the ore is extracted in the open air
(as opposed to underground mining).
----------------------------------------------------------
"outcrop" A section of a rock formation or mineral vein
that appears at the surface of the earth.
Geologists take direct observations and samples
from outcrops, used in geologic analysis and
creating geologic maps. In situ (in place)
measurements are critical for proper analysis
of the geology and mineralisation of the area
under investigation.
----------------------------------------------------------
"polymict" A geology term, often applied to breccias
or conglomerates, which identifies the composition
as consisting of fragments of several different
rock types.
----------------------------------------------------------
"Preliminary Economic NI 43-101 defines a PEA as "a study, other
Assessment" than a pre-feasibility study or feasibility
study, which includes an economic analysis
of the potential viability of mineral resources".
----------------------------------------------------------
"Pyrrhotite" Pyrrhotite is an iron sulfide mineral with
the formula Fe(1-x)S (x = 0 to 0.2). It is
a nonstoichiometric variant of FeS, the mineral
known as troilite. Pyrrhotite is also called
magnetic pyrite
----------------------------------------------------------
"Radiometrics" The radiometric, or gamma-ray spectrometric
method is a geophysical process used to estimate
concentrations of the radioelements potassium,
uranium and thorium by measuring the gamma-rays
which the radioactive isotopes of these elements
emit during radioactive decay
----------------------------------------------------------
"sediments" Sedimentary rocks formed by the accumulation
of sediments. There are three types, Clastic,
Chemical and Organic sedimentary rocks.
----------------------------------------------------------
"sphalerite" Sphalerite is a zinc sulphide in crystalline
form but almost always contains variable iron,
with formula (Zn,Fe)S. It can have a yellowish
to honey brown or black colour.
----------------------------------------------------------
"supergene" Supergene ore processes occur near surface,
and form deposits of secondary minerals, such
as malachite, azurite, chalcocite, covellite,
digenite, etc.
----------------------------------------------------------
"surface rock chip samples" Rock chip samples approximately 2kg in size
that are typically collected from surface
outcrops exposed along rivers and mountain
ridgelines.
----------------------------------------------------------
"Th" The element thorium, abundance on surface
can be inferred from radiometric surveys
----------------------------------------------------------
"U" The element uranium, abundance on surface
can be inferred from radiometric surveys
----------------------------------------------------------
"veins" A vein is a sheet-like or anastomosing fracture
that has been infilled with mineral ore (chalcopyrite,
covellite etc) or mineral gangue (quartz,
calcite etc) material, within a rock. Veins
form when minerals carried by an aqueous solution
within the rock mass are deposited through
precipitation and infill or coat the fracture
faces.
----------------------------------------------------------
"volcanics" Volcanic rock such as andesite or basalt that
is formed from magma erupted from a volcano,
or hot clastic material that erupts from a
volcano and is deposited as volcaniclastic
or pyroclastics.
----------------------------------------------------------
"XRF Spectrometer" Instrument used to determine the chemistry
of a sample by measuring the fluoresescent
(or secondary) X-ray emitted from a sample
when it is excited by a primary X-ray source.
----------------------------------------------------------
, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.
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(END) Dow Jones Newswires
September 17, 2019 02:01 ET (06:01 GMT)
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