REG - Arc Minerals Limited - Botswana Drilling Update

ARC MineralsAnnouncement

12/09/2022 12:30

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RNS Number : 1372Z  Arc Minerals Limited  12 September 2022

12 September 2022

Arc Minerals Ltd

('Arc' or the 'Company')

Botswana Prospecting Licenses Renewal Approved

Arc, the Africa focussed copper company, is pleased to announce that its
subsidiary in Botswana, Alvis Crest (Pty) Limited ("Alvis"), has received
notification from the Department of Mines in Botswana of the renewal of the
two Prospecting Licenses (the "Virgo Project") that are held by Alvis.

 

In accordance with a letter addressed to Alvis from the Department of Mines,
the two licenses (PL 135/2017 and PL 162/2017) have been renewed for an
additional two years until the 30 September 2024.

 

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

 

"The renewal of these prospecting licenses comes at an important time as we
have commenced with our maiden scout exploration drill programme on these two
licenses. The expedient manner in which the renewal application was completed
is testament to Botswana being such an attractive destination for mining
investment.

 

"As regards to the current drilling programme, the drilling to date has
confirmed the geological interpretation and respective D'Kar and Ngwako Pan
formation contact geology, with reports of visible sulphide mineralisation
observed in the initial holes drilled through the contact. I look forward to
reporting further details with respect to this in due course.

 

"In respect of the Casa transaction the full $250,000 in cash has been paid to
Arc and we await the issuance of $1.25m in listed stock.  Arc has been
formally notified by the listed entity that it will receive its shares as soon
as certain Canadian exchange regulations have been dealt with."

 

 

About the Virgo Project

 

In November 2021, Arc Minerals Limited acquired a 75% interest in Alvis-Crest
(Proprietary) Limited, the holder of two prospecting licences (PL 135/2017
& PL 162/2017) in Botswana's Kalahari Copper Belt ("KCB"), colloquially
called the Virgo Project/Licences. These licenses, cover an area of over
210km(2), with PL 135/2017 approximately 10km south east of the large
underground Khoemacau Copper mine recently commissioned by Cupric Canyon
Capital LP.

 

Please see the below link to a map of the licences:

http://www.rns-pdf.londonstockexchange.com/rns/3027T_1-2021-3-24.pdf
(http://www.rns-pdf.londonstockexchange.com/rns/3027T_1-2021-3-24.pdf)

 

The Virgo Licenses cover an area of over 210km(2) and lie within (PL 165/2017)
and adjacent (PL 135/2017) to the highly prospective Central Structural
Corridor and within 10km and 50km of the Zone 5 and Banana Zone copper
projects respectively, known as the two largest copper projects on the KCB.

 

Historically, two copper-nickel soil anomalies have already been recorded on
PL 135/2017 and PL 162/2017 and are approximately 3km and 2.5km in strike
length respectively. The largest of the two anomalies, located on PL 135/2017,
overlays an interpreted DKF-NPF contact, while a second more intermittent
anomaly may be linked to extensional faulting around the dome edge. The large
coherent anomaly on PL 162/2017, also appears to overlay the interpreted
DKF-NPF contact on the northern limb of a syncline.

 

 

Market Abuse Regulation (MAR) Disclosure

This announcement contains inside information for the purposes of Article 7 of
the Market Abuse Regulation (EU) 596/2014 as it forms part of UK domestic law
by virtue of the European Union (Withdrawal) Act 2018 ("MAR"), and is
disclosed in accordance with the Company's obligations under Article 17 of
MAR.

 

 

**ENDS**

For more information visit www.arcminerals.com (http://www.arcminerals.com) .

 

Contacts

 Arc Minerals Ltd                                 +44 (0) 20 7917 2942

 Nick von Schirnding (Executive Chairman)

 SP Angel (Nominated Adviser & Joint Broker)      +44 (0) 20 3470 0470

 Ewan Leggat / Adam Cowl

 WH Ireland Limited (Joint Broker)                +44 (0) 20 7220 1666

 Harry Ansell / Katy Mitchell

 

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.

 

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