Arc Minerals Limited Initiation of Soil Sampling Programme (9850F)

TIDMARCM

RNS Number : 9850F

Arc Minerals Limited

27 February 2018

Arc Minerals Ltd / Epic: ARCM / Market: AIM / Sector: Mining & Exploration

27 February 2018

Arc Minerals Ltd

("Arc Minerals " or the "Company")

Initiation of Soil Sampling Programme East of the Akyanga Deposit

Arc Minerals (AIM:ARCM), the AIM listed exploration and development company focused on a diversified portfolio of gold, copper and cobalt projects is pleased to announce the commencement of a comprehensive soil sampling programme designed to test the potential mineralised zones between the 1.57Moz Au Akyanga Deposit ("Akyanga") and the Akyanga East Prospect ("Akyanga East Prospect" or "Akyanga East").

Highlights

-- Programme objective to verify the potential repetition of the Akyanga Deposit type stratigraphy along an interpreted thrust in the valley at Akyanga East which if proven could host significant additional gold mineralisation

-- Latest interpretation is a result of an ongoing re-examination of geophysical data following the re-logging of all 125 diamond core holes drilled at the Akyanga Deposit

-- Results of the soil sampling programme will enable the Company to generate new drill targets to test for additional mineralised zones at the Akyanga East Prospect and to target prospective geology in the hypothesised valley thrust structure.

   --    Results of the soil sampling programme are expected at the beginning of April 

Soil Sampling Programme

The soil sampling programme ("the Programme") is designed to extend to the east of a previous soil sampling programme, which covered ground to the north and south of the Akyanga Deposit, (see Figure 1). The Programme will sample the ground between the Akyanga Deposit and the Akyanga East Prospect, (see Figure 2) covering an area of approximately 4km(2).

The soil profile lines are spaced 200 metres apart, with a soil sample collected every 50m along the profile line. In total it is anticipated that approximately 600 samples will be collected with the Programme expected to be completed during the next couple of weeks and results expected in early April 2018. The Programme is expected to generate a number of high-quality drill targets at Akyanga East as well as the valley in-between the Akyanga Deposit and the Akyanga East Prospect."

Nick von Schirnding, Arc Minerals' Executive Chairman, commented:

"Our current drilling programme continues to intersect broad and high-grade mineralisation to the south of the Akyanga Deposit and the geology remains open in multiple directions. The area in-between the Akyanga Deposit and the Akyanga East Prospect has not been systematically explored and the aim of the current soil sampling programme is to generate some high-quality drill targets with the aim to expand the current resource envelope to the east as well as the south.

We look forward to reporting on the results of this programme as well as the results from our ongoing drilling programme focussed on expanding the current 1.57Moz Au Resource at the Akyanga Deposit which has delivered highly encouraging results so far."

Figure 1: Location map showing background geophysical anomaly, Akyanga drill holes, existing soil samples and location of proposed soil samples (http://arcminerals.com/gal.php?gID=159#group-2).

Figure 2: Photo looking north up the Akyanga valley showing structural interpretations (http://arcminerals.com/gal.php?gID=159#group-1).

Qualified Persons

The information in this announcement that relates to Exploration Targets, Exploration Results and Mineral Resources or Ore Reserves is based on information compiled by Mr Thomas Rogers (BSc. Hons, MSAIMM, MEIZ) of African Mining Consultants (AMC). Mr Rogers has sufficient experience in the activity which he is undertaking to qualify as a Competent Person as defined under the JORC Code (2012). AMC consents to the inclusion in this announcement of the matters based on this information in the form and context in which it appears.

Data disclosed in this press release has been reviewed and verified by Arc Minerals' qualified person Mr Vassilios Carellas. Mr Vassilios Carellas (BSc (Hons), MAusIMM) is the Chief Operating Officer for Arc Minerals Limited 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                   +44 (0) 20 
  Nick von Schirnding (Chairman)     3874 8664 
 SP Angel (Nominated Adviser 
  & Broker) 
  Ewan Leggat / Lindsay Mair /      +44 (0) 20 
  Soltan Tagiev                      3470 0470 
 

About ARC Minerals

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:

   --    91.6% interest in CASA Mining Limited, a private company that has a 71.25% interest in the 1.5-million-ounce inferred Resource Akyanga gold deposit in the DRC. 

-- A 14% interest in Zamsort Limited, a private company focused on a prospective copper and cobalt licence in the Zambia Copperbelt, with approximately a six percent balance and interest (convertible note) being rolled forward to the end of 2018;

-- 100% ownership of the Kremnica Mining Licence Area in Slovakia which host the 1.3Moz AuEq Au PFS stage turec Gold Project;

-- A 18.48% interest in Andiamo Exploration Limited, a private company exploring for gold and base metals VMS targets in Eritrea.

For more information visit www.arcminerals.com

About CASA Mining

CASA is a private Mauritian registered company that is the 71.25 percent owner and operator of the Misisi Gold Project located in South Kivu, eastern DRC, approximately 350km south of Bukavu and 180km north of Kalemie.

The Misisi Gold license area consists of three contiguous mining licenses covering 133km(2) , issued in March 2015 and is valid for 30 years. These licenses encompass a 60km strike length of the Tanganyika graben within the Rusizian belt ("Misisi Corridor"), which includes he 1.5 million-ounce Akyanga Deposit along with the Lubitchako, Tulongwe, Kilombwe and Mutshobwe prospects.

The licences have benefited from considerable capital expenditure to date, including regional geophysical surveys completed in 2011, 19,522m of diamond drilling, 2,720m of reverse circulation drilling and excavated 6,274-line metres of trenches.

In June 2017, African Mining Consultants ("AMC") reported a mineral Resource, within a US$1,250/oz gold selling price optimised pit shell, which defined a 1.05Moz JORC inferred resource @ 2.27 g/t Au (using a 1.5 g/t Au cut-off) within a lower grade envelope of 1.57Moz @ 1.65 g/t Au.

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.

Technical Glossary

 
 Assay                   the laboratory test conducted 
                          to determine the proportion 
                          of a mineral within a rock 
                          or other material. 
----------------------  ---------------------------------------- 
 Atomic Absorption       the final stage in determining 
  Finish (AAS Finish)     the grade of a sample by a 
                          method that measures the concentration 
                          of atoms of an element by 
                          passing light, emitted by 
                          a hollow cathode lamp of that 
                          element, through a cloud of 
                          atoms from that sample. Only 
                          those atoms that are the same 
                          as those in the lamp will 
                          absorb the light from the 
                          lamp. A reduction in the amount 
                          of light reaching the detector 
                          is seen as a measure of the 
                          concentration of that element 

                          in the original sample 
----------------------  ---------------------------------------- 
 Au                      the chemical symbol for gold 
----------------------  ---------------------------------------- 
 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 the collection of 
                          tubes of intact rock (core) 
----------------------  ---------------------------------------- 
 Dip                     a line directed down the steepest 
                          axis of a planar structure 
                          including a planar ore body 
                          or zone of mineralization. 
                          The dip has a measurable direction 
                          and inclination from the horizontal 
----------------------  ---------------------------------------- 
 Fire Assay              fire assaying is the quantitative 
                          determination in which a metal 
                          or metals are separated from 
                          impurities by fusion processes 
                          and weighed in order to determine 
                          the amount present in the 
                          original sample 
----------------------  ---------------------------------------- 
 Grade                   the proportion of a mineral 
                          within a rock or other material 
                          which for gold is usually 
                          measured in g/t 
----------------------  ---------------------------------------- 
 g/t                     grammes per tonne, the quantity 
                          of the element expressed as 
                          the number of grammes contained 
                          in one tonne of the host rock 
----------------------  ---------------------------------------- 
 JORC Resource           Resource estimated according 
                          to the Australasian Code for 
                          Reporting of Exploration Results, 
                          Mineral Resources and Ore 
                          Reserves, as published by 
                          the Joint Ore Reserves Committee 
                          of The Australasian Institute 
                          of Mining and Metallurgy, 
                          Australian Institute of Geoscientists 
                          and Minerals Council of Australia 
----------------------  ---------------------------------------- 
 Indicated Mineral       That part of a Mineral Resource 
  Resource                for which tonnage, densities, 
                          shape, physical characteristics, 
                          grade and mineral content 
                          can be estimated with a reasonable 
                          level of confidence. It is 
                          based on exploration, sampling 
                          and testing information gathered 
                          through appropriate techniques 
                          from locations such as outcrops, 
                          trenches, pits, workings and 
                          drill-holes. The locations 
                          are too widely or inappropriately 
                          spaced to confirm geological 
                          and/or grade continuity but 
                          are spaced closely enough 
                          for continuity to be assumed 
----------------------  ---------------------------------------- 
 Inferred Mineral        That part of a Mineral Resource 
  Resource                for which tonnage, grade and 
                          mineral content can be estimated 
                          with a low level of confidence. 
                          It is inferred from geological 
                          evidence and assumed but not 
                          verified geological and/or 
                          grade continuity. It is based 
                          on information gathered through 
                          appropriate techniques from 
                          locations such as outcrops, 
                          trenches, pits, workings and 
                          drill-holes which may be limited 
                          or of uncertain quality and 
                          reliability 
----------------------  ---------------------------------------- 
 m                       metre, a unit of length as 
                          per the International System 
                          of Units 
----------------------  ---------------------------------------- 
 Moz                     one million troy ounces 
  Mineralisation          the process or processes by 
                          which a mineral is introduced 
                          into a rock, resulting in 
                          a valuable or potentially 
                          valuable deposit. It is a 
                          general term, incorporating 
                          various types; e.g., fissure 
                          filling, impregnation, and 
                          replacement 
----------------------  ---------------------------------------- 
 Mineralisation          the process or processes by 
                          which a mineral is introduced 
                          into a rock, resulting in 
                          a valuable or potentially 
                          valuable deposit. It is a 
                          general term, incorporating 
                          various types; e.g., fissure 
                          filling, impregnation, and 
                          replacement 
----------------------  ---------------------------------------- 
 oz(s) ounce (Troy       1 ounce is equal to 31.1034807 
  ounce)                  grammes 
----------------------  ---------------------------------------- 
 Pre-feasibility Study   a preliminary study undertaken 
                          to determine if it would be 
                          worthwhile to proceed to the 
                          feasibility study stage 
----------------------  ---------------------------------------- 
 Reverse Circulation     Or RC drilling - uses rods 
  Drilling                with inner and outer tubes, 
                          the drill cuttings are returned 
                          to surface inside the rods. 
                          The drilling mechanism is 
                          a pneumatic reciprocating 
                          piston known as a hammer driving 
                          a tungsten-steel drill bit. 
----------------------  ---------------------------------------- 
 

This information is provided by RNS

The company news service from the London Stock Exchange

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February 27, 2018 02:01 ET (07:01 GMT)