REG - Arc Minerals Limited - Botswana License Extensions

ARC MineralsAnnouncement

09/10/2024 07:00

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RNS Number : 4327H  Arc Minerals Limited  09 October 2024

09 October 2024

The information contained within this announcement is deemed by the Company to
constitute inside information as stipulated under the Market Abuse Regulations
(EU) No. 596/2014 (MAR) as in force in the United Kingdom pursuant to the
European Union (Withdrawal) Act 2018. Upon the publication of this
announcement via Regulatory Information Service (RIS), this inside information
will be in the public domain.

Arc Minerals Ltd

('Arc' or the 'Company')

Botswana License Extensions

 

Arc Minerals (LSE: ARCM), an exploration company forging partnerships to
discover and develop Tier 1 copper deposits, is pleased to announce that,
further to its announcement of 2 May 2024, the Company has received
notification of the extension of both of its prospecting licenses at its Virgo
Project. These licences are located within the highly prospective Central
Structural Corridor of the Kalahari Copper Belt ('KCB') in the Republic of
Botswana.

 

Prospecting licenses 135/2017 and 162/2017 have been extended for an
additional two years until 30 September 2026 in accordance with the
notification received from the Department of Mines in Gaborone, Botswana.

 

 

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

 

"This is an excellent outcome for Arc Minerals and reinforces the reputation
of Botswana as a mining friendly jurisdiction.  Critically it maintains our
position in this important and exciting part of the Kalahari Copper Belt.  I
look forward to reporting back on assays in the coming weeks."

 

For further information contact:

 Arc Minerals
 Ltd

                                                                                                                               c/o Benchmark Communications
 Nick von Schirnding (Executive Chairman)

 Zeus Capital Limited (Nominated Adviser & Joint Broker)                                                                         Tel: +44 (0) 20 3829 5000

 Katy Mitchell/Harry Ansell

 Shard Capital Partners LLP (Joint Broker)                                                                                       Tel: +44 (0) 20 7186 9952

 Damon Heath

 Benchmark Communications (Investor Relations)                                                                                   Tel: +44 (0) 7841 67 3210

 Richard Kauffer

 

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

 

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.

Background on the Virgo Licences

 

Licence PL 135/2017

 

The Company's prospecting licence PL135/2017 is surrounded on three sides by
the prospecting licences of Khoemacau Copper Mining Limited ("Khoemacau"), who
have recently been acquired by MMG for c.$1.9 billion.

 

This licence is located towards the south-eastern margin of the Kalahari
Copper Belt occupying a similar geological setting to that recently drilled by
Khoemacau at their recent Mawana Fold Discovery and the Zone 9 exploration
target, where economic grades of copper mineralisation have already been
intersected by drilling. These discoveries are located at the north-western
and south-eastern margins of the Company's prospecting licence, respectively.

 

Khoemacau's Mawana fold discovery has defined a possible economic zone of
copper mineralisation that appears to trend towards and into the Company's
licence PL 135/2017 (Figure 1.). The Company's recent scout drill holes
intersected anomalous grades of copper mineralisation close to this apparent
trend and confirmed an east-west trending DKF-NPF contact position
approximately 5km long running through the licence.

 

 

Fig 1. Image showing Khoemacau licence holding, targets and drilling results
in relation to PL 135/2017.

 

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. Licence PL 135/2017 is approximately 10km
south-east of the large underground Khoemacau Copper mine recently
commissioned by Cupric Canyon Capital LP.

 

A map of the licences is available here:

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 Licences 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.

 

 

**ENDS**

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