Arc Minerals announces latest copper assays from Cheyeza East

Zambia-focussed copper exploration and development company Arc Minerals announced the receipt of additional near surface, high grade copper assays from its maiden diamond drill exploration programme at the Cheyeza East target on Tuesday.

The AIM-traded firm said hole CHDDE047 intersected 1.44% copper over 20 metres from 34.50 metres, and 1.41% copper over 11 metres from 52 metres.

It said that included 3.67% copper over five metres from 34m, and 2.46% copper over five metres from 52 metres, respectively.

CHDDE049, meanwhile, intersected 1.20% copper over 14 metres from 38 metres, which included 1.78% copper over seven metres from 44 metres, while CHDDE051 intersected 0.93% copper over 14.50 metres from 17.50 metres, which included 1.36% copper over 7.50 metres from 18.50 metres.

At hole CHDDE027, the company said it intersected 0.62% copper over 15.50 metres from 44.50 metres, which included 1.51% copper over three metres from 46.50 metres, while hole CHDDE045 intersected 0.61% copper over 10.74 metres from 74.50 metres.

“I am pleased to report further positive drilling results from Cheyeza East,” said Arc Minerals chairman Nick von Schirnding.

“It is becoming clear that we are sitting on a potentially significant economic prospect - and one that seems to be expanding.

“A number of holes such as 27, 28 and 45 are to the northwest and southwest of the high grade zone already identified and bodes well for delineating a significant resource.”

Von Schirnding said the company had started a study to supply the Kalaba plant with material from Cheyeza East, which he said was “very exciting”.

“To date over 75% of holes drilled at Cheyeza have shown mineralisation.

“In the meantime, we have commenced drilling at the Muswema and West Lunga target areas which we will report back on once we receive assays.”

As at 1125 GMT, shares in Arc Minerals were down 1.69% at 2.9p.