TIDMARCM
RNS Number : 2533H
Arc Minerals Limited
14 November 2018
Arc Minerals Ltd / Epic: ARCM / Market: AIM / Sector: Mining
& Exploration
14 November 2018
Arc Minerals Ltd
('Arc' or the 'Company')
High Grade Cobalt results from shallow oxide drilling
Arc Minerals is pleased to report reverse circulation drilling
results from the oxide portion of its Kalaba Cobalt-Copper Project
("Zamsort"). These short holes were drilled to confirm the grade of
the oxide material intended for processing through the Commercial
Scale Demonstration plant ('CSD Plant' or the 'Plant').
Significantly higher cobalt grades up to 0.35% have been
intersected together with copper grades up to 1.50%.
Highlights:
-- Cobalt grades averaging over 0.20% over mineable widths
-- Mineralisation hosted in a saprolitic horizon that can be
easily mined without the need for drilling and blasting
-- Low strip ratio to access the near surface ore
Drilling intercept highlights include:
-- KGC003: 23m at 1.16% Cu Eq. from 2m
o including from 13m; 10m at 0.81% Cu and 0.15% Co for 2.00% Cu
Eq.
o including from 17m; 4m @ 1.17% Cu and 0.22% Co for 2.90 Cu
Eq.
-- KGC005: 16m at 1.28% Cu Eq. from 9m
o including from 13m; 9m at 0.83% Cu and 0.11% Co for 1.74% Cu
Eq.
-- KGC012: 15m at 1.29% Cu Eq. from 10m
o Including from 14m; 6m at 0.51% Cu and 0.20% Co for 2.11% Cu
Eq.
Progress at the CSD Plant
Commissioning of the plant is on track for December 2018. Given
the prevalence of cobalt in the oxide ore, the plant is also being
tested to ensure that the plant is able to maximise cobalt recovery
and process a separate cobalt concentrate as well as a separate
copper concentrate. Two cost efficient systems are being tested
with encouraging early results. A further update will be provided
once a decision is taken on the route going forward for the
Plant.
Nick von Schirnding, Executive Chairman of Arc Minerals
commented:
"These results are very encouraging, in particular the
high-grade cobalt mineralisation intersected in this round of
drilling. These results from the pit areas immediately adjacent to
the CSD plant show mineralisation that is near surface and hosted
in weathered material that can be mined without the need to drill
and blast, which should provide for low strip ratios and
correspondingly very low mining costs.
As a result of higher than expected Cobalt grades encountered,
Kalaba is becoming a cobalt project along with copper and as such
work is underway to maximise the cobalt recoveries to ensure that
full value is extracted.
We look forward to further updates soon including further
drilling results as well as results from our recently completed
Airborne Geophysical programme carried out to highlight further
geological structures associated with known zones, potential new
zones of mineralisation and to prioritise areas for further
drilling from our large-scale Zamsort Copper-Cobalt Project."
Investor Conference Call
To discuss these results and to update upon general strategy and
progress to date, an investor conference call is planned for
12:30pm on Wednesday 14 November 2018.
Participants can access the call by dialling the following
number prior to the start of the call.
UK (Local): +44 2036559680
Guest Dial-in Code: 1053446#
For further information or for overseas dial-in numbers, please
email info@arcminerals.com
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
BHID From To Length Cu Co Cu. Eq.
KGC002 0 25 25 0.38 0.09 1.10
----- --- ------- ----- ----- --------
incl. 8 25 17 0.53 0.11 1.44
-------- ----- --- ------- ----- ----- --------
16 25 9 0.73 0.14 1.86
-------- ----- --- ------- ----- ----- --------
18 21 3 0.82 0.20 2.43
-------- ----- --- ------- ----- ----- --------
KGC003 2 25 23 0.41 0.09 1.16
----- --- ------- ----- ----- --------
incl. 10 22 12 0.67 0.15 1.85
-------- ----- --- ------- ----- ----- --------
13 23 10 0.81 0.15 2.00
-------- ----- --- ------- ----- ----- --------
17 21 4 1.17 0.22 2.90
-------- ----- --- ------- ----- ----- --------
KGC004 0 25 25 0.29 0.09 0.99
----- --- ------- ----- ----- --------
incl. 14 23 9 0.66 0.15 1.84
-------- ----- --- ------- ----- ----- --------
17 22 5 0.87 0.18 2.32
-------- ----- --- ------- ----- ----- --------
KGC005 9 25 16 0.56 0.09 1.28
----- --- ------- ----- ----- --------
incl. 13 22 9 0.83 0.11 1.74
----- --- ------- ----- ----- --------
KGC006 0 25 25 0.25 0.07 0.78
----- --- ------- ----- ----- --------
incl. 12 21 9 0.45 0.12 1.39
-------- ----- --- ------- ----- ----- --------
18 25 7 0.66 0.08 1.34
-------- ----- --- ------- ----- ----- --------
KGC008 4 25 21 0.28 0.05 0.71
----- --- ------- ----- ----- --------
KGC012 10 25 15 0.28 0.13 1.29
----- --- ------- ----- ----- --------
incl. 14 20 6 0.51 0.20 2.11
----- --- ------- ----- ----- --------
KGC017 0 15 15 0.36 0.06 0.81
----- --- ------- ----- ----- --------
incl. 0 10 10 0.50 0.08 1.11
-------- ----- --- ------- ----- ----- --------
7 10 3 0.74 0.12 1.71
-------- ----- --- ------- ----- ----- --------
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 $50,000/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.
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 ("CSD 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.
To date, 33 diamond holes have been completed totalling over
5,000 meters and 21 RC holes for over 1,900 meters. Assays for the
remaining drill holes are expected during the coming weeks and
months.
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
DRLBJBRTMBJBBFP
(END) Dow Jones Newswires
November 14, 2018 02:00 ET (07:00 GMT)
Arc Minerals (LSE:ARCM)
Historical Stock Chart
From Apr 2024 to May 2024
Arc Minerals (LSE:ARCM)
Historical Stock Chart
From May 2023 to May 2024