Arc Minerals upbeat on progress at multiple target areas
By Josh White
Date: Tuesday 20 Aug 2019
(Sharecast News) - Arc Minerals announced further drill results from its maiden exploration drill programme at the Cheyeza East target area in Zambia on Tuesday, as well as an update on additional exploration activities at its high-priority West Lunga and Lumbeta targets.
The AIM-traded firm said that at Cheyeza East, the width of the mineralised zone extended to over 300 metres and remained open-ended.
It said the strike length in the north had extended to at least 650 metres, and also remained open-ended.
Hole highlights included CHDDE006, which intersected 19.7 metres at 0.59% copper from 15.30 metres, which included 5.8 metres at 1.00% copper from 27.7 metres.
The company said CHDDE007 intersected 11m at 0.75% copper from 69.4 metres, which included 3.9m at 1.42% copper from 72.1 metres, while CHDDE009 intersected nine metres at 0.63% copper from 11.9 metres, including five metres at 0.92% copper from 14.9 metres.
Arc Minerals said the drilling programme progress was continuing "positively", with the results of several drill holes to follow in the near future.
Looking at its additional targets, Arc said the completed infill soil sampling at the Lumbeta target area had further refined the 11 kilometre-long anomalous feature into three distinct target areas, with the longest being four kilometres long.
At the West Lunga target, access and initial drill pad preparation was underway, with the board reporting that the definition of drill targets and drilling plans were "well-advanced".
"Drill holes six and seven, which were drilled either side of drill holes four and five, have demonstrated that the width of the mineralised zone along this drill profile is now in excess of 300 metres and still open ended," said Arc Minerals executive chairman Nick von Schirnding.
"Drill holes eight, nine, ten and twelve, drilled along strike and to the north east have confirmed that the strike length to the mineralised zone in the north of this target area is at least 650 metres long.
"As the team on the ground continues to probe the Cheyeza East target area with coarse spaced drill holes to test the extent of the mineralised area, I am encouraged to see that the mineralisation encountered to date is still relatively shallow at generally less than 100 metres below surface."
Von Schirnding said the drilling programme thus far at Cheyeza East had been "highly encouraging", and was continuing at pace.
"While we await the results of several new holes at Cheyeza East, investors should also look forward to maiden drilling at Lumbeta and West Lunga - two significant new targets which we are extremely excited by.
"A third drill rig is now mobilising to the Lumbeta target area where over 3,700 infill soil samples have been collected and where soil geochemistry provides encouragement that the target area may be copper bearing."
He said the largest of those zones was the western zone, where the soil analysis could be traced for around four kilometres, and appeared to represent the limbs of an interpreted anticline in that part of the license.
"We look forward to releasing further updates shortly."
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