Assay Results Extends Copper Mineralisation
In brief · summary, not quotable
Assay results from Anglo American joint venture drilling extend copper mineralisation 1.5km from Cheyeza East oxide occurrence.
- Hole KCDD002 copper intersection 40.60m @ 0.61% Cu from 22.25m
- Higher grade zone within KCDD002 7.70m @ 1.72% Cu from 26.75m
- Total drilling completed 4,016m across six holes
- Deepest hole drilled 977.40m
- Distance from Cheyeza East 1.5km
Full announcement
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Arc Minerals (LSE: ARCM), an exploration company forging partnerships to discover and develop Tier 1 copper deposits, is pleased to provide an update on exploration activities at its Joint Venture with a subsidiary of Anglo American in Zambia.
Highlights
Diamond Drill Hole KCDD002 - 40.60m @ 0.61% Cu from 22.25m
o Incl. 7.70m @ 1.72% Cu from 26.75m, or
o 12.75m @ 1.20% Cu from 22.25m
- Mineralisation confirmed 1.5km from Cheyeza East Oxide Occurrence
- Both Oxide and Sulphide Mineralisation Intersected
- Six holes completed for a total of 4,016m drilled at four targets
- Deepest hole drilled down to 977.40m
- Sulphide Mineralisation confirmed at Nkwazhi
Nick von Schirnding, Executive Chairman of Arc Minerals, commented:
"I am delighted to report that the first assay results of the Anglo JV confirm additional near-surface copper mineralisation at the Cheyeza target. The newly drilled mineralisation is similar to historic assays in terms of both grade and thickness and is over 1.5 km away from Cheyeza. Work is now underway to identify further potential drilling targets at Cheyeza to test the extents of sulphide mineralisation."
Commentary
Following an extensive geological mapping and rock chip and soil sampling program over the Anglo JV license areas (Fig 1.), a diamond drilling campaign commenced in August 2024 with six drill holes completed for 4016 m. Assay results have now been received for three of the six holes.
Figure 1. Anglo JV License Area
Near surface mineralisation observed at a new target approximately one and a half kilometres east of the existing oxide occurrence at Cheyeza (November 7th 2024 announcement, Figure 2.) has been verified by diamond drilling. Assay data from hole KCDD002 includes 40.60m at 0.61% Cu from 22.25m down the hole, including 12.75m @ 1.20% Cu from 22.25m and 7.70m @ 1.72% Cu from 26.75m.
The KCDD002 assay results demonstrate the potential to add to the known extents of the oxide occurrences at Cheyeza, where similar high grade zones have been intersected and reported in the past. Historic hole CHDDE004 intersected 18m @ 2.35% Cu from 30.60m with a higher grade zone of 7.60m @ 4.15% Cu from 39m, and hole CHDDE060 intersected 39m @ 1.47% Cu with a higher grade zone of 10m @ 2.25% Cu from 41m.
Importantly and unlike the previously reported oxide occurrence which is characterised as being a remobilised copper oxide occurrence, the oxide mineralisation intersected in hole KCDD002 may be the result of weathering of sulphide mineralisation at source, which is supported by the presence of sulphide mineralisation below the oxide zone.
Figure 2. Anglo JV Drillhole at Cheyeza East in relation to the Oxide Occurrence
Assay results have also been received for the two holes drilled at the new target Nkwazhi, where low grade sulphide mineralisation was confirmed in the first hole.
Details and a summary of the results received can be viewed in the Table 1. Report in Appendix A.
Qualified Persons
Background on the Anglo American Joint Venture
Arc Minerals has entered into a Joint Venture Agreement with Anglo American on its Zambian Copper Project (ZPC) comprising a number of licenses covering circa 870km2 in the North Western Province, in the Domes region of the Zambian Copperbelt near world-class mines such as First Quantum Minerals' Sentinel and Kansanshi copper mines and Barrick's Lumwana mine.
- Phase 1 - Anglo will pay $14.5M in staged cash payments to Unico Minerals Ltd (67% owned by Arc) and invest up to $24m in exploration expenditures (total $38.5M) within three years and 180 days of the signing of the Agreement (RNS 20.04.23) to secure a 51% interest in ZCP.
- Phase 2 - Anglo may elect to increase its interest in the ZCP to 60% by investing a further $20M (total $58.5M) within two years of the completion of Phase 1.
- Phase 3 - Anglo may elect to increase its interest in the ZCP to 70% by investing a further $30M (total $88.5M) within two years of the completion of Phase 2.
Appendix A
JORC Code, 2012 Edition - Table 1 Report
Section 1 Sampling Techniques and Data
| Criteria | JORC Code explanation | Commentary |
| Sampling techniques | · Nature and quality of sampling (e.g. cut channels, random chips, or specific specialised industry standard measurement tools appropriate to the minerals under investigation, such as down hole gamma sondes, or handheld XRF instruments, etc). These examples should not be taken as limiting the broad meaning of sampling. · Include reference to measures taken to ensure sample representivity and the appropriate calibration of any measurement tools or systems used. · Aspects of the determination of mineralisation that are Material to the Public Report. · In cases where 'industry standard' work has been done this would be relatively simple (eg 'reverse circulation drilling was used to obtain 1 m samples from which 3 kg was pulverised to produce a 30 g charge for fire assay'). In other cases more explanation may be required, such as where there is coarse gold that has inherent sampling problems. Unusual commodities or mineralisation types (eg submarine nodules) may warrant disclosure of detailed information. | Exploration work involved Diamond Drilling ('DD'). Drilling conditions are well understood, and double tube core recovery was used as ground is competent enough for better core recoveries. Half core samples (split core) were taken over the zones of interest, which were confirmed visually as well as by pXRF, in intervals varying 0.50m - 1m from the drill core. Samples were taken consistently from the same side of the core cutting line. Where there was no orientation line, the sampled side was based consistence in structural orientation with those with orientation line. DD Core samples were processed using Industry standard practices of drying, crushing, splitting and pulverization at the ALS Laboratory in Ndola, Zambia. Split core samples received by ALS are dried, weighed, finely crushed to 70% -2mm, following which a 250g split is pulverised to better than 85% passing 75 microns. A total of 1,258 samples were analysed with ALS's CCP-PKG01 analysing Major Elements using ME-ICP06, C and S using ME-IR08, Trace elements ME-MS81, Volatile trace elements ME-MS42 and Base Metals using ME-4ACD81 which is four acid digestion followed by ICP-AES measurement) |
| Drilling techniques | · Drill type (eg core, reverse circulation, open-hole hammer, rotary air blast, auger, Bangka, sonic, etc) and details (eg core diameter, triple or standard tube, depth of diamond tails, face-sampling bit or other type, whether core is oriented and if so, by what method, etc). | Holes were collared commonly with PQ size until competent rock or around 200 m where the size reduced to HQ and then reduced further to NQ at 600m. DD drilling using a double tube core barrel extended the hole with HQ from the PQ diameter coring further into the Grand Conglomerate Formation and down through the Lower Roan Group, where holes exceeded 500 and 600 m NQ was used until end of hole. Core was routinely surveyed using an AXIS Mining Technology core survey tool called Champ Gyro and Reflex Arc tool was used for orientation of the core at every 3m or every run. |
| Drill sample recovery | · Method of recording and assessing core and chip sample recoveries and results assessed. · Measures taken to maximise sample recovery and ensure representative nature of the samples. · Whether a relationship exists between sample recovery and grade and whether sample bias may have occurred due to preferential loss/gain of fine/coarse material. | Core recoveries were measured after each drill run and any losses recorded on a standard log sheet. Core recoveries were generally greater than 95%, with an overall recovery of 98%for the 2024 programme. Samples were taken consistently from the same side of the core cutting line to avoid any bias. During the core cutting process, geologists frequently checked on procedures to ensure the core cutter splits the core correctly in half. Core samples were selected on 1 m lengths from logged core of interest. In homogeneous parts without any economic interest samples were collected on the 2 m intervals for Lith geochemistry Sample recovery was generally very good and as such it is not expected that any bias exists. |
| Logging | · Whether core and chip samples have been geologically and geotechnically logged to a level of detail to support appropriate Mineral Resource estimation, mining studies and metallurgical studies. · Whether logging is qualitative or quantitative in nature. Core (or costean, channel, etc) photography. · The total length and percentage of the relevant intersections logged. | There were no RC chip samples but only drill cores which were analysed with a pXRF and logged from the core trays. Diamond drill core was geologically and geotechnically logged by a suitably qualified geologist using predefined lithological, mineralogical and physical (alteration, weathering, colour etc.) logging codes. Logged intervals are based on both qualitative identifications of geological characteristics and semi-quantitative estimates of mineral abundance. The detail of information captured would be sufficient to support appropriate Mineral Resource Estimation as the geologists on site followed industry best practice and standard operating procedures for diamond drill core processes. All core is photographed as wet and dry and stored as digital records before sampling, and stored in Imago software. Logging intervals are based on geological boundaries and or assigned nominal length of one or one and half metres. The geological log incorporates geotechnical parameters, lithology, weathering, alteration, veining and geophysical magnetic susceptibility. Electronic geological logs are directly entered into acQuire on site-based laptop computers |
| Sub-sampling techniques and sample preparation | · If core, whether cut or sawn and whether quarter, half or all core taken. · If non-core, whether riffled, tube sampled, rotary split, etc and whether sampled wet or dry. · For all sample types, the nature, quality and appropriateness of the sample preparation technique. · Quality control procedures adopted for all sub-sampling stages to maximise representivity of samples. · Measures taken to ensure that the sampling is representative of the in situ material collected, including for instance results for field duplicate/second-half sampling. · Whether sample sizes are appropriate to the grain size of the material being sampled. | Selected intervals of core were cut in half with a core cutting saw, with one half selected for further analysis and the other half place back in the core box at the exact same location that it was taken except for duplicate samples that which were further split into quarter and sampled. Split line is always checked that it is consistent with respect to orientation marks. Samples undergo sample preparation (Drying, crushing, splitting and pulverizing) carried out as per ALS Laboratories protocols. QAQC procedures include the insertion of blanks, a selection of standards, field duplicates along with the insertion of the laboratory's standards and blanks. All QAQC samples (duplicate, standard and blanks) are within every 20 samples. Sampling is deemed appropriate for the type of equipment used. |
| Quality of assay data and laboratory tests | · The nature, quality and appropriateness of the assaying and laboratory procedures used and whether the technique is considered partial or total. · For geophysical tools, spectrometers, handheld XRF instruments, etc, the parameters used in determining the analysis including instrument make and model, reading times, calibrations factors applied and their derivation, etc. · Nature of quality control procedures adopted (eg standards, blanks, duplicates, external laboratory checks) and whether acceptable levels of accuracy (ie lack of bias) and precision have been established. | All DD drill samples were analysed with ALS's CCP-PKG01 analysing · Major Elements using ME-ICP06, C and S using ME-IR08, · Trace elements using ME-MS81 (Lithium borate fusion followed by acid dissolution and ICP-AES measurement), · Volatile trace elements ME-MS42 (Aqua regia digestion followed by ICP-MS measurement) and base Metals and Ag using ME-4ACD81 (four acid digestion followed by ICP-AES measurement) These analytical techniques are considered appropriate for assaying. During sampling Duplicates, Blanks and CRM's were inserted for QAQC protocols. These were inserted on 1:20 samples. The Laboratories have also standard QAQC protocols they employ when processing and analysing the samples. |
| Verification of sampling and assaying | · The verification of significant intersections by either independent or alternative company personnel. · The use of twinned holes. · Documentation of primary data, data entry procedures, data verification, data storage (physical and electronic) protocols. · Discuss any adjustment to assay data. | There are strong visual indications for the presence of minerals in the samples and the general geology in the area has been thoroughly studied to give indications of formations that host mineralization. Mineralisation was verified with pXRF on and visual logs on site to validate the observed mineralisation. To date no twinning of holes has been done All assay data is stored in acQuire database and on Laptops in an as is received basis with no adjustment made to the returned data. Data storage is in an acQuire database which is managed through a Cloud Storage environment. |
| Location of data points | · Accuracy and quality of surveys used to locate drill holes (collar and down-hole surveys), trenches, mine workings and other locations used in Mineral Resource estimation. · Specification of the grid system used. · Quality and adequacy of topographic control. | Core was routinely surveyed using an AXIS Mining Technology core survey tool called Champ Gyro and Reflex Arc tool was used for orientation of the core at every 3m or every run Down hole surveys were done every 20m down and up hole at the same depths for precision considerations. |
| Data spacing and distribution | · Data spacing for reporting of Exploration Results. · Whether the data spacing and distribution is sufficient to establish the degree of geological and grade continuity appropriate for the Mineral Resource and Ore Reserve estimation procedure(s) and classifications applied. · Whether sample compositing has been applied. | Drilling was conducted as scout drilling with few areas on profile lines spaced roughly 600 m apart. Exploration on this license is still in the early stages with the drill hole spacing along the profile line still quite broad as can be expected at this stage of exploration, and not yet at a density sufficient for Mineral Resource Estimation. No compositing of samples is being applied currently. |
| Orientation of data in relation to geological structure | · Whether the orientation of sampling achieves unbiased sampling of possible structures and the extent to which this is known, considering the deposit type. · If the relationship between the drilling orientation and the orientation of key mineralised structures is considered to have introduced a sampling bias, this should be assessed and reported if material. | This was the first phase exploration drilling programme, with broad spaced drilling and hole orientation aimed at intersecting the bedding of the host stratigraphy as perpendicular as practically possible. This is considered appropriate for the geological setting and for the known mineralisation styles in the Central African Copperbelt. Existence, and orientation, of preferentially mineralised structures is not yet fully understood. Structures that are more or less parallel to the bedding planes may be potential conduits for mineralisation. No significant bias is expected, but mineralised intervals are reported as down hole intersection rather than true widths for now. |
| Sample security | · The measures taken to ensure sample security. | Appointed persons are the only ones allowed to access samples, and permission is obtained for anyone wanting to review samples. The sample load is still small for a tighter security currently. Drill core is stored in a locked facility. |
| Audits or reviews | · The results of any audits or reviews of sampling techniques and data. | An inhouse Regional Geochemist has reviewed the sampling techniques and geochemical data with suggested improvements on the sampling density and reviewing the QAQC protocols being implemented. |
Section 2 Reporting of Exploration Results
(Criteria listed in the preceding section also apply to this section.)
| Criteria | JORC Code explanation | Commentary |
| Mineral tenement and land tenure status | · Type, reference name/number, location and ownership including agreements or material issues with third parties such as joint ventures, partnerships, overriding royalties, native title interests, historical sites, wilderness or national park and environmental settings. · The security of the tenure held at the time of reporting along with any known impediments to obtaining a licence to operate in the area. | The 19906-HQ-LEL exploration license is one of four licenses that make up its Zambian Copper Project (ZPC) that have entered into a Joint Venture Agreement with Anglo American, initially covering circa 870km 2 ha in the North Western Province, in the Domes region of the Zambian Copperbelt near world-class mines such as First Quantum Minerals' Sentinel and Kansanshi copper mines and Barrick's Lumwana mine. Under the agreement, Anglo American can an earn-in on the ZCP by making a number of project expenditures and assume operator ship of the project. The details of the agreement are set out below: · Phase 1 - Anglo will pay $14.5M in staged cash payments to Unico Minerals Ltd (67% owned by Arc) and invest up to $24m in exploration expenditures (total $38.5M) within three years and 180 days of the signing of the Agreement (RNS 20.04.23) to secure a 51% interest in ZCP. · Phase 2 - Anglo may elect to increase its interest in the ZCP to 60% by investing a further $20M (total $58.5M) within two years of the completion of Phase 1. · Phase 3 - Anglo may elect to increase its interest in the ZCP to 70% by investing a further $30M (total $88.5M) within two years of the completion of Phase 2. |
| Exploration done by other parties | · Acknowledgment and appraisal of exploration by other parties. | The earliest discovery recorded in the area is that of McKenna's prospect (Kalaba, M.O 564a) in 1913 (Guernsey 1952). Between 1927 and 1940, Rhodesia Congo Border Concession carried out geological and prospecting works, leading to the production of unpublished reports by Brock (1940) and 1 inch to 2 miles' geological maps, smaller areas were mapped in details, between 1958 and 1960 by Roan Selection Trust ('RST') on a 1: 5000 scale and some of the results are given by McGregor (1960). Geomin started mapping and geochemical sampling in 1970 along with AGIP, an Italian energy firm operated a concession in the area with a focus of exploring for Uranium. Thereafter two subsidiaries of Anglo American Corp. operated in the area for the majority of the history of the exploration in the area. The other two operators were a joint venture company operated by Equinox and jointly owned by both Equinox and Anglo American Corp. and Anglo American Corp. itself. The JV dissolved in 1998, and the prospect was returned to Anglo's Zambian operating company ZamAnglo. |
| Geology | · Deposit type, geological setting and style of mineralization.. | The Tenement Area falls in an area called the Dome's region wrapped around to the north by the Lufilian arc which is the Pan African Orogeny hosting millions of tonnes of strata bound sediment Co-Cu deposits and other commodities such as Ni, Au, U, Ag and a number of REE. The licence area occurs within the North-Western trending arm of the Lufilian Ford Belt. It overlies the Palaeo-Proterozoic basement and Neo-Proterozoic Katanga sequence hosting millions of valuable commodities. The core of the Kabompo dome is formed by basement complex gneisses and Migmatites. The basement is overlain unconformably by Katangan rocks, with a prominent ridge forming quartzites-schist sequence, the Wunshungwi formation at the base. This is overlain by biotite schist, psammites and marbles of the Wamikumbi and Luigishi formations that are in turn overlain by a sequence of low-grade meta-arenites, meta-argillite, impure calcareous rocks and Mixtites of the west Lunga formation. |
| Drill hole Information | · A summary of all information material to the understanding of the exploration results including a tabulation of the following information for all Material drill holes: o easting and northing of the drill hole collar o elevation or RL (Reduced Level - elevation above sea level in metres) of the drill hole collar o dip and azimuth of the hole o down hole length and interception depth o hole length. · If the exclusion of this information is justified on the basis that the information is not Material and this exclusion does not detract from the understanding of the report, the Competent Person should clearly explain why this is the case. | Hole Id Easting Northing Depth (m) Grid License KCDD002 281185 8663374 413.77 UTM35S 19906-HQ-LEL KNDD001 273062 8656795 626.64 UTM35S 28700-HQ-LEL KNDD002 273314 8656334 476.54 UTM35S 28700-HQ-LEL KKDD001 261675 8649342 746.45 UTM35S 19906-HQ-LEL KMDD001 273436 8646616 775.49 UTM35S 19906-HQ-LEL KMDD002 270804 8645043 977.4 UTM35S 23005-HQ-LEL Downhole Mineralised Lengths Hole ID From (m) To (m) Interval (m) TCu (%) State KCDD002 22.25 62.85 40.60 0.61 Oxide includes from 22.25 12.75 1.20 Oxide includes from 26.75 7.75 1.72 Includes from 41.50 3.70 0.86 66.50 68.00 1.50 0.47 Sulphide KNDD001 570.58 577.60 7.02 0.20 Sulphide KNDD002 No Mineralisation Intersected KKDD001 Assay Results are still to be received KMDD001 Assay Results are still to be received KMDD002 Assay Results are still to be received |
| Data aggregation methods on methods | · In reporting Exploration Results, weighting averaging techniques, maximum and/or minimum grade truncations (eg cutting of high grades) and cut-off grades are usually Material and should be stated. · Where aggregate intercepts incorporate short lengths of high grade results and longer lengths of low grade results, the procedure used for such aggregation should be stated and some typical examples of such aggregations should be shown in detail. · The assumptions used for any reporting of metal equivalent values should be clearly stated.grade truncations (grades) and cut-off grades are usually Material and should be stated. · Where aggregate intercepts incorporate short lengths of high grade results and longer lengths of low grade results, the procedure used for such aggregation should be stated and some typical examples of such aggregations should be shown in detail. · The assumptions used for any reporting of metal equivalent values should be clearly stated. | Results > 0.2% Cu average and with downhole lengths averaged and length weighted to determine the percent of Copper for the downhole length reported. Aggregation of short lengths of high grade and longer lengths of low grade has been summarised in the table above. The value of 0.61% includes 2.5m @0% to simulate core loss due to cavities within the reported interval. |
| Relationship between mineralisation widths and intercept lengths | · These relationships are particularly important in the reporting of Exploration Results. · If the geometry of the mineralisation with respect to the drill hole angle is known, its nature should be reported. · If it is not known and only the down hole lengths are reported, there should be a clear statement to this effect (eg 'down hole length, true width not known'). | Drill intercepts are reported as downhole length. As much as is practical, holes are and will be designed to intersect veins or mineralized horizons at around 60 degrees to the mineralized unit. This will allow a better conversion to true width of the horizon. All measurements state that downhole lengths have been used, as the true width has not been suitably established by the current drilling and down hole survey. |
| Diagrams | · Appropriate maps and sections (with scales) and tabulations of intercepts should be included for any significant discovery being reported These should include, but not be limited to a plan view of drill hole collar locations and appropriate sectional views. | Refer to figures and tables in the body of the release. |
| Balanced reporting | · Where comprehensive reporting of all Exploration Results is not practicable, representative reporting of both low and high grades and/or widths should be practiced to avoid misleading reporting of Exploration Results. | Refer to the drill hole information tabulated above |
| Other substantive exploration data | · Other exploration data, if meaningful and material, should be reported including (but not limited to): geological observations; geophysical survey results; geochemical survey results; bulk samples - size and method of treatment; metallurgical test results; bulk density, groundwater, geotechnical and rock characteristics; potential deleterious or contaminating substances. | None. |
| Further work | · The nature and scale of planned further work (eg tests for lateral extensions or depth extensions or large-scale step-out drilling). · Diagrams clearly highlighting the areas of possible extensions, including the main geological interpretations and future drilling areas, provided this information is not commercially sensitive. | Based upon these announced results, further drilling will be planned as the first phase drill programme appears has intersected economic grades of copper. Further detail is in the accompanying announcement. All the data is being assessed following which planning will be put in place for a second phase drill programme. |
Section 3 Estimation and Reporting of Mineral Resources
Not Applicable
Section 4 Estimation and Reporting of Ore Reserves
Not Applicable
Appendix B - Glossary of Technical Terms
| "geochemical" | Refers to geological information using measurements derived from chemical analysis |
| "gossan" | is an iron-bearing weathered product that usually overlies a sulphide deposit |
| "g/t" | grams per tonne; equivalent to parts per million ('ppm') |
| "K" | The element potassium, abundance on surface can be inferred from radiometric surveys |
| "Pyrrhotite" | Pyrrhotite is an iron sulphide mineral with the formula Fe(1-x)S (x = 0 to 0.2). It is a nonstoichiometric variant of FeS, the mineral known as troilite . Pyrrhotite is also called magnetic pyrite |
| "syncline" | a trough of stratified rock in which the beds dip toward each other from either side. |
| "Th" | The element thorium, abundance on surface can be inferred from radiometric surveys |
| "U" | The element uranium, abundance on surface can be inferred from radiometric surveys |
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