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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 | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.025 | 1.47% | 1.725 | 1.70 | 1.75 | 1.725 | 1.675 | 1.70 | 2,734,976 | 14:51:47 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| Investors, Nec | 0 | -7.34M | -0.0060 | -2.87 | 21.2M |
From Apr 2019 to Apr 2024
TIDMARCM
RNS Number : 5053Z
Arc Minerals Limited
21 September 2020
Arc Minerals Ltd / Epic: ARCM / Market: AIM / Sector: Mining & Exploration
21 September 2020
Arc Minerals Ltd
('Arc' or the 'Company')
DRILLING AND ASSAY UPDATE
Arc Minerals ("Arc" or "the Company") is pleased to provide an update on its exploration activities over the Zamsort and Zaco license areas in north western Zambia where a maiden diamond drilling programme at the Fwiji Target ('Fwiji') has intersected oxide and sulphide mineralisation. In addition to the drilling programme and as part of the Anglo American Exclusivity Agreement entered into in July 2020, the Company has sent off for assay 2,500 soil samples that cover both the Zamsort and Zaco license areas.
Figures referred to in this release can be viewed in the PDF version available via this link: http://www.rns-pdf.londonstockexchange.com/rns/5053Z_1-2020-9-20.pdf
Drilling Summary
Nine holes have been drilled to date at Fwiji over an area of more than 1km(2) , with these initial holes confirming the interpreted anticlinal feature and intersecting both oxide and sulphide mineralisation (Figure 1) (according to the visuals and on-site pXRF analyses). Unlike the other targets drilled to date, according to the pXRF analyses, the carbonaceous shale (Figure 2 & 3) unit at Fwiji has been shown to be carrying sulphide copper mineralisation.
Due to the ongoing Covid-19 situation the backlog of assay work from the laboratory in Zambia are being processed and the laboratory has indicated the results should be with the Company shortly.
Soil Sample Assays - Anglo American
The Company sent 2,500 soil samples that were selected by Anglo American for laboratory assay, to ALS in South Africa. The samples selected cover all license areas and were collected during the 2015 - 2019 soil sampling programmes. The results from the laboratory assays (as opposed to the historic pXRF work done by the Company in 2015 - 2019) will enable the mapping of the multiple components of a hydrothermal mineral system. The components defined include lithology, stratigraphy and redox boundaries as well as zones of metal depletion and metal enrichment.
The Company has received all the assays from ALS and is completing its interpretation of this new data. As a result of the above the Company is reassessing its drilling priorities.
Nick von Schirnding, Executive Chairman of Arc Minerals commented:
I am very encouraged by the developments at Fwiji - not only is this the first time we have found this area to be mineralised, but more importantly the carbonaceous shale unit is analogous to the host unit at First Quantum's Sentinel Deposit, 50km to the south east of the Kabompo Dome. Fwiji is the thirteenth target and is the first time significant oxide and sulphide mineralisations have become evident based on our XRF analysis. We are at a very exciting crossroads - and look forward to updating shareholders both on current drilling and the new data from the soil samples as part of the work that Anglo is undertaking."
Figure 1. Half core of high grade copper mineralisation, mostly chalcocite with lesser malachite
Figure 2. Carbonaceous shale containing sulphides
Figure 3. Carbonaceous shale intruded by a vein, realigning the sulphides to the margin of the vein
Background
Fwiji
The Fwiji target area has been confirmed by both the soil sampling and airborne geophysical programmes and is situated on the northern limb of the Nyembwezu Syncline. The area is dominated by an open, south westerly plunging anticline, as defined by the Lower Roan quartzite ridge.
The pXRF analysis of the soil samples collected over the target area defined an arc-shaped low order copper ("Cu") anomaly (>100 ppm) extending for circa 4km, within which a core, high order Cu anomaly (>200 ppm) was traced for circa 2km.
The current interpretation for Fwiji postulates that the copper mineralization is hosted in the hinge of plunging south westerly anticline. Near surface oxide mineralization is expected to be intersected with the primary sulphide mineralization down plunge.
Anglo American
In July 2020, Arc two subsidiaries in Zambia entered into a six month exclusivity agreement with a subsidiary of Anglo American in respect to its copper exploration license in Zambia.
During the exclusivity period, Anglo American will be permitted to conduct a technical review which, if satisfactory, may result in an extension of the exclusivity and the negotiation of a commercial transaction.
Qualified Persons
The technical 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 a dynamic AIM listed exploration and mine development company focused on the discovery and development of large-scale copper and copper cobalt deposits in the Western part of the Zambian Copperbelt.
ARC Minerals current holdings include:
-- A 66% equity interest in Zamsort Limited ("Zamsort"), a private company focused on a prospective copper licence in the Zambia Copperbelt.
-- A 72.5% equity interest in Zaco Investment Limited ("Zaco"), a private company focussed on a prospective copper and cobalt license adjacent to Zamsort.
For more information visit www. arcminerals.com
Follow us on twitter @ArcMinerals
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.
----------------------------------------------------------
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September 21, 2020 02:00 ET (06:00 GMT)
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