Botswana License Extensions
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Arc Minerals (LSE: ARCM), an exploration company forging partnerships to discover and develop Tier 1 copper deposits, is pleased to announce that, further to its announcement of 2 May 2024, the Company has received notification of the extension of both of its prospecting licenses at its Virgo Project. These licences are located within the highly prospective Central Structural Corridor of the Kalahari Copper Belt ('KCB') in the Republic of Botswana.
Prospecting licenses 135/2017 and 162/2017 have been extended for an additional two years until 30 September 2026 in accordance with the notification received from the Department of Mines in Gaborone, Botswana.
Nick von Schirnding, Executive Chairman of Arc Minerals, commented:
"This is an excellent outcome for Arc Minerals and reinforces the reputation of Botswana as a mining friendly jurisdiction. Critically it maintains our position in this important and exciting part of the Kalahari Copper Belt. I look forward to reporting back on assays in the coming weeks."
Background on the Virgo Licences
Licence PL 135/2017
The Company's prospecting licence PL135/2017 is surrounded on three sides by the prospecting licences of Khoemacau Copper Mining Limited ("Khoemacau"), who have recently been acquired by MMG for c.$1.9 billion.
This licence is located towards the south-eastern margin of the Kalahari Copper Belt occupying a similar geological setting to that recently drilled by Khoemacau at their recent Mawana Fold Discovery and the Zone 9 exploration target, where economic grades of copper mineralisation have already been intersected by drilling. These discoveries are located at the north-western and south-eastern margins of the Company's prospecting licence, respectively.
Khoemacau's Mawana fold discovery has defined a possible economic zone of copper mineralisation that appears to trend towards and into the Company's licence PL 135/2017 (Figure 1.). The Company's recent scout drill holes intersected anomalous grades of copper mineralisation close to this apparent trend and confirmed an east-west trending DKF-NPF contact position approximately 5km long running through the licence.
A map of the licences is available here:
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