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Arc Minerals commences diamond drill programme in Zambia

Arc Minerals commences diamond drill programme in Zambia

Junior explorer Arc Minerals has announced the commencement of a diamond drill programme on its majority-controlled licences in north-western Zambia. Arc executive chairperson Nick von Schirnding confirmed the report and said the start of works follows completion of extensive work geologists over the past six months.

Diamond drilling activities are under way at the Fwiji target area following further technical work and analysis from last year’s exploration drilling campaign. The programme will initially centre on a linear feature of about 2 km to the south of last year’s drilling at Fwiji, where a coincident magnetic and soil anomaly has been identified.

Geophysical survey

This year’s programme will also focus on the Cheyeza and Muswema target areas where the drill target locations are to be finessed upon the completion of a high resolution airborne geophysical survey over these target areas.

“This year’s drilling programme will aim to drill significantly deeper holes to better understand the stratigraphy of the exciting targets we have identified,” he noted.

Separately, a number of discussions are currently under way with interested third parties about a potential commercial transaction in respect of Arc’s copper exploration licences in Zambia.

Consequently, Arc Mineral’s progress has already got the attention of major companies. To that end, the company has entered into a six-month exclusivity agreement with Anglo American. This means that no other company can approach Arc Minerals to form any working arrangement while the agreement is in place. According to von Schirnding, if test work shows promising results, Anglo American has a variety of options available to it to increase its interest in Zamsort including some sort of commercial agreement or a joint venture.

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