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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 | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.13 | 8.28% | 1.70 | 1.65 | 1.75 | 1.70 | 1.625 | 1.675 | 14,209,120 | 15:49:20 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| Investors, Nec | 0 | -7.34M | -0.0060 | -2.83 | 20.95M |
From Apr 2019 to Apr 2024
TIDMARCM
RNS Number : 7484I
Arc Minerals Limited
28 November 2018
Arc Minerals Ltd / Epic: ARCM / Market: AIM / Sector: Mining & Exploration
28 November 2018
Arc Minerals Ltd
('Arc' or the 'Company')
Significant sulphide copper intersections and Plant Update
Arc Minerals is pleased is pleased to report further diamond and reverse circulation drilling results from both the oxide and sulphide zones from its Kalaba Cobalt-Copper Project ("Zamsort"). These holes were drilled to test the sulphide mineralisation to the north of the oxide zone in the Kalaba Open Pit ('pit') and separately to test the extent of the oxide material in and around the pit.
Highlights:
-- Higher copper grade mineralisation intersected in the sulphide zone to the north of the Kalaba open pit approaching 1% Copper and 0.1% Cobalt
-- Further high-grade Cobalt and Copper oxide mineralisation for the Commercial Scale Demonstration Plant ('CSD Plant') intersected at surface
-- Disseminated mineralisation intersected down to 115m below surface -- KDD20 - 7.12m at 0.87% Cu and 0.10% Co -- KRC020 - 8m at 1.25% Cu and 0.19% Co -- KRC021 - 115m at 0.67% Cu Eq.
Nick von Schirnding, Executive Chairman of Arc Minerals commented:
"These results are once again very encouraging, in particular, the increasing grade of copper mineralisation that is being intersected in what is the sulphide zone to the north of the oxide pit, with the average grade of the mineralisation from one of the holes approaching 1% Cu and 0.1% Co.
Based on these latest set of results from the sulphide zone (KDD019 and KDD020) to the north of the pit, there appears to be increasing width and grade to the copper mineralisation in a north-westerly trend.
I'm pleased to report that the front end of the plant has been completed and with the back end of the plant expected to be completed over the next several weeks. The recent drilling has now confirmed sufficient oxide feed for the plant together with the existing stockpiled material. I am particularly pleased that the Capex for completing the plant has come in under budget at US$300,000.
We look forward to providing further updates in due course."
Progress at the CSD Plant
Over the past 10 months the Company has made excellent progress with the completion of the CSD Plant. The technical team has successfully completed the front end of the plant comprising the two crushers, screens, ball mill and conveyors. This section has an initial capacity to process 10,000 tonnes per month. The back end to of the plant is expected to be completed shortly with the commencement of commercial production thereafter.
The Company is currently conducting a series of metallurgical test works using two processes, final results from this testwork are expected shortly.
Drilling Results
The table below sets out the results of the holes for which assays have been received by Zamsort from SGS Inspection Service Ltd in Kalulushi, Zambia.
Table 1. Drilling intercepts
Hot Features
Premium
Cu Eq
BHID From To Length Cu % Co % %
KDD020 116.3 138.5 22.2 0.28 0.07 0.91
------- ------ ------- ------------------- ------------------- -------------------
incl. 121 135.5 14.5 0.43 0.09 1.24
------- ------ ------- ------------------- ------------------- -------------------
or 125.88 133 7.12 0.87 0.10 1.74
------- ------ ------- ------------------- ------------------- -------------------
KDD014 0 5 5 0.18 0.04 0.51
-------- ------ ------- ------------------- ------------------- -------------------
KDD017 69.5 102 32.5 0.12 0.04 0.47
------- ------ ------- ------------------- ------------------- -------------------
incl. 72 79 7 0.55 0.01 0.65
------ ------- ------------------- ------------------- -------------------
85 102 17 0.01 0.06 0.50
and 118.36 150 31.64 0.18 0.03 0.44
incl. 118.36 125 6.64 0.30 0.02 0.47
KDD019 62.9 100.4 37.5 0.07 0.03 0.38
incl. 65.9 68.9 3 0.31 0.02 0.48
------ ------- ------------------- ------------------- -------------------
76 80 4 0.31 0.04 0.68
------ ------- ------------------- ------------------- -------------------
and 152.9 161.9 9 0.44 0.08 1.16
------- ------ ------- ------------------- ------------------- -------------------
incl. 155 160.4 5.4 0.73 0.04 1.10
------- ------ ------- ------------------- ------------------- -------------------
KRC021 0 115 115 0.29 0.04 0.67
------- ------ ------- ------------------- ------------------- -------------------
incl. 0 12 12 0.58 0.09 1.41
------ ------- ------------------- ------------------- -------------------
37 53 16 0.32 0.06 0.82
------ ------- ------------------- ------------------- -------------------
or 0 79 79 0.35 0.04 0.74
------ ------- ------------------- ------------------- -------------------
KRC020 0 38 38 0.34 0.05 0.83
------- ------ ------- ------------------- ------------------- -------------------
incl. 0 8 8 1.25 0.19 2.89
------- ------ ------- ------------------- ------------------- -------------------
Notes:
1) Reported intervals are downhole widths, which are similar to the true widths.
2) Reported intervals are calculated for zones assaying > 0.2% copper or 0.02% cobalt and containing less than 3 meters of internal waste.
3) The copper equivalent values are estimated using current metal prices of $6200/t copper and $55,000/t cobalt and are presented for ease of interval comparison only. Metallurgical factors are assumed to be 100% although the recovery factors for the respective metals may vary significantly.
4) The copper equivalent values may differ slightly due to rounding.
Figure 1 - location Map of Zamsort. To view the image, please click on the following hyperlink http://www.arcminerals.com/gal.php?gID=148
Drilling Programme
These diamond and reverse circulation drill holes have been collared so that they test the strike and down dip extensions to the mineralisation that is exposed on surface at the Kalaba open pit and gently dipping to the north.
The mineralisation is hosted by a magnesite unit which crops out on surface in the south and dips in a northerly direction below an overlying schistose unit. The mineralisation at present has been tested down dip for 600m and along strike for 500m and remains open to the north and west, bounded by a fault to the east and Kalaba river to the south.
An 11,000-metre drilling programme (4,400m of diamond and 6,600m of Reverse Circulation drilling) is currently underway at the Kalaba prospect, part of Zamsort. Part of the drilling programme is designed with the view to create a shallow oxide resource for the Commercial Scale Demonstration Plant that is currently in the process of being completed. The principal aim is to establish a Maiden Mineral Resource Estimate at the Kalaba prospect.
The spatial location of the samples is derived using GPS collar survey pickups. True widths have not been determined as the level of detail required to calculate accurate true widths is not yet available, as a result down hole widths have been reported. However true widths are not expected to differ significantly from the down hole widths reported.
Quality Assurance/Quality Control (QA/QC)
The core from the diamond core was sampled at up to 1.5m metre intervals with the split core (PQ - 1/4 core; HQ - 1/2 core) bagged and sent to SGS Inspection Service Ltd in Kalulushi, Zambia, an ISO accredited laboratory for assaying.
The samples from the reverse circulation drill programme were collected at one metre intervals following which they are weighed. Samples were split at the drill site using a riffle splitter with the split sample bagged separately and reject inserted back in the original sample bag. The split RC sample of approximately 2kg was sent to SGS Inspection Service Ltd in Kalulushi, Zambia, an ISO accredited laboratory for assaying.
The samples were sorted, dried, crushed and pulped before final chemical analysis using ICP-OES methods. Standards, blanks and duplicates were inserted regularly in the sample stream and checks were done for copper and cobalt.
Qualified Persons
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.
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 and cobalt licence in the Zambia Copperbelt, together with a convertible loan to Zamsort which converts into approximately a five percent additional equity interest in Zamsort, with interest on the 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.
For more information visit www.arcminerals.com
**ENDS**
Contacts
Arc Minerals Ltd Nick von Schirnding (Chairman) +44 (0) 20 7917 2942 SP Angel (Nominated Adviser & Broker) Ewan Leggat / Lindsay Mair / 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.
Technical Glossary
Assay the laboratory test conducted to determine
the proportion of a mineral within
a rock or other material.
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
---------------------------------------------
Grade the proportion of a mineral within
a rock or other material which for
gold is usually measured in g/t
---------------------------------------------
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
---------------------------------------------
M metre, a unit of length as per the
International System of Units
---------------------------------------------
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
---------------------------------------------
Mineral Resource Mineral 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
---------------------------------------------
QA/QC Quality Control and Quality Assurance,
a set of defined procedures in all
aspects of the mineral deposit evaluation
to ensure the best possible confidence
in resultant mineral Resource and Reserve
estimates are achieved; the quality
of an estimate is dependent on the
quality of the data used
---------------------------------------------
Reverse Circulation Drilling Or RC drilling - uses rods 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 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.
END
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(END) Dow Jones Newswires
November 28, 2018 04:18 ET (09:18 GMT)
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