StockMarketWire.com - Mining group Arc Minerals said drilling at the Zamsort and Zaco license areas in north western Zambia had intersected oxide and sulphide mineralisation.

The company said it also had sent off for assay 2,500 soil samples that covered both the Zamsort and Zaco license areas.

Nine holes had been drilled to date at the Fwiji target over an area of more than one square kilometre.

'Unlike the other targets drilled to date, according to the pXRF analyses, the carbonaceous shale unit at Fwiji has been shown to be carrying sulphide copper mineralisation,' Arc Minerals said.

'Due to the ongoing Covid-19 situation the backlog of assay work from the laboratory in Zambia are being processed and the laboratory has indicated the results should be with the company shortly,' it added.

Executive chairman Nick von Schirnding said he was 'very encouraged' by developments at Fwiji.

'Not only is this the first time we have found this area to be mineralised, but more importantly the carbonaceous shale unit is analogous to the host unit at First Quantum's Sentinel Deposit, 50 kilometres to the south east of the Kabompo Dome,' he said.

'Fwiji is the thirteenth target and is the first time significant oxide and sulphide mineralisations have become evident based on our XRF analysis.'

'We are at a very exciting crossroads - and look forward to updating shareholders both on current drilling and the new data from the soil samples as part of the work that Anglo is undertaking.'




At 3:00pm: [LON:ARCM] Arc Minerals Limited Ords Npv Di share price was -0.05p at 4.05p



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