REG - Arc Minerals Limited - Drilling Intersects Massive Copper Sulphides

ARC MineralsAnnouncement

22/09/2021 07:00

RNS Number : 5142M
  
Arc Minerals Limited
  
22 September 2021
  
 

22 September 2021
Arc Minerals Ltd
('Arc' or the 'Company')
 Drilling Intersects Massive Copper Sulphide Mineralisation
 
 
Arc is pleased to confirm that its diamond drilling programme on its majority-controlled licenses in north-western Zambia has intersected massive sulphide copper mineralisation at Cheyeza East. The first hole which is currently being drilled, approximately 500 metres to the northwest of the previous oxide drilling campaign, has intersected massive and disseminated copper sulphide mineralisation, confirmed by both visual observations of the core and X-Ray Fluorescence ('XRF') analyses. Images can be viewed in a PDF of this announcement by following this link:
http://www.rns-pdf.londonstockexchange.com/rns/5142M_1-2021-9-21.pdf. Drilling is ongoing and will be accelerated with further holes planned in that target area.



This represents the most significant copper sulphide discovery since the Company's various drilling campaigns started. 
 
Similarly, at Fwiji, the fourth hole out of a four-hole programme testing a coincident soil and magnetic linear anomaly, ~2.5km southwest of last year's drilling, has intersected copper sulphide mineralised quartz veins and associated alteration zones.  
 
The diamond drill holes are currently being processed and will be sent off for assaying imminently once the core has been logged and processed.
 
Nick von Schirnding, Executive Chairman of Arc Minerals, commented:
 
"This is the most significant copper sulphide discovery since we started drilling four years ago.  Initial XRF data indicate significant grades of copper mineralisation - a potential game changer for us. The intersection of massive sulphide copper mineralisation at Cheyeza East provides strong support for big mineralised systems at play and provides a marker horizon for further targeting in the wider Cheyeza area.  As a result of the recent discoveries we are currently reviewing and expanding our drilling and airborne geophysics programmes.
 
"I look forward to an exciting period ahead for Arc's shareholders."
 
 
Background
 
Cheyeza East
The first hole drilled at Cheyeza East, angled and orientated to intersect the interpreted stratigraphy perpendicularly, has been collared approximately 500 metres to the northwest of the 2019 oxide drilling campaign. The massive and disseminated sulphide mineralisation has been intersected at a down hole depth of approximately 275 metres at the contact between the dolomite and underlying mafic schist. 
 
Fig 1. Core tray displaying the massive and disseminated copper sulphide mineralised zone. To view the image, please use the following link http://s2.q4cdn.com/256050873/files/doc_downloads/2021/09/Figure-1.jpg

 
Fig 2. Diamond drill core of massive sulphide mineralisation. To view the image, please click on the following link http://s2.q4cdn.com/256050873/files/doc_downloads/2021/09/Figure-2.png
 
 
Fwiji Target
Four diamond drill holes have been completed at Fwiji this year targeting a coincident soil and magnetic anomaly approximately 2.5km southwest of last year's drilling campaign. 
 
The fourth hole, angled and orientated to intersect the stratigraphy perpendicularly was terminated at a downhole depth of 462 metres. Copper sulphide mineralisation in quartz veins and associated wall rock alteration was observed at around 350 metres down the hole. 
 
Fig 3. Core tray displaying a mineralised quartz vein. To view the image, please click on the following link http://s2.q4cdn.com/256050873/files/doc_downloads/2021/09/Figure-3.jpg
 
Fig 4. Piece of drill core displaying copper sulphide mineralisation in a quartz vein and associated alteration zone (right and middle) hosted by a garnet biotite schist (left). To view the image, please click on the following link http://s2.q4cdn.com/256050873/files/doc_downloads/2021/09/Figure-4.jpg
 
The first hole at Fwiji, effectively a stratigraphic hole, was drilled down to 600 metres to get an understanding of the underlying stratigraphy at this location in the license area. The second hole was stopped due to down-hole technical issues and third hole terminated at sub 100 metres for geological reasons. 
 
Due to vein systems not generally conforming to the general strike of the stratigraphy, it is believed that this drilling is more than likely to have been drilled sub-parallel to the vein directions. The core has been orientated and is currently being logged so that the vein orientations can be established, and future drilling orientated to intersect the veins and mineralisation perpendicularly.
 
Qualified Persons
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.
 
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.
 
Contacts




Arc Minerals Ltd
Nick von Schirnding (Executive Chairman)
 


+44 (0) 20 7917 2942
 




SP Angel (Nominated Adviser & Joint Broker)
Ewan Leggat / Adam Cowl
 


+44 (0) 20 3470 0470
 




WH Ireland Limited (Joint Broker)
Harry Ansell / Katy Mitchell
 


+44 (0) 20 7220 1666
 
 




 
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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