POSITIVE IP SURVEY RESULTS-ARC MINERALS LIMITED

POSITIVE IP SURVEY RESULTS-ARC MINERALS LIMITED

Positive IP Survey Results

 

Arc Minerals (LSE: ARCM), an exploration company forging partnerships to discover and develop Tier 1 copper deposits, is pleased to announce encouraging results from the Induced Polarisation ('IP') geophysical survey over its PL135/2017 licence at its Virgo Project within the highly prospective Central Structural Corridor of the Kalahari Copper Belt ('KCB') in the Republic of Botswana.

 

Highlights

 

·    The IP Survey has confirmed drilling targets along two distinct trends of high chargeability close to the interpreted redox contact

·    A large, previously unidentified anomaly of high chargeability and low resistivity has been detected at depth

·    The Drilling Programme is being modified to test this previously unidentified IP anomaly

·    As part of the renewal process of the Company's Botswana licences, the Botswanan Department of Mines has accepted the Company's applications to extend the term of its PL135/2017 and PL162/2017 licences. Further updates will be provided as these licence extension applications progress.

 

Nick von Schirnding, Executive Chairman of Arc Minerals, commented:

 

"The IP survey has delivered very encouraging results. We are incorporating these results into our modified drilling programme which is to commence w/c 17 June 2024, with the contractor mobilising next week. We're also expanding our drilling programme to test a large, previously unknown, deep anomaly of high chargeability and low resistivity that was identified by the survey."

 

Geophysical Survey and Results

3D Earth Exploration (Pty) Ltd ('3D') was contracted to conduct the IP Survey with a total of 42.7 line kilometres ('km') surveyed made up of 38.7km of Gradient IP and 4km of insight Section IP. The survey employed a pole-dipole array with 25m electrode spacing, a Walcer TX KW10 transmitter and a IPR-12 IP receiver. The survey lines were designed to cover the full extent of the D'Kar and Ngwako Pan contact across the licence and interpreted redox boundary.

 

The gradient array apparent chargeability defines two distinct high trends running NW-SE (Figure 1). The more prominent chargeability high to the NE exhibited readings peaking at 19.9 millivots per volt (mV/V) on a background of c.8mV/V. The moderate chargeability high to the SE exhibited readings peaking at 13.3mV/V.

 

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Figure 1. Apparent chargeability faded contoured image

 

 

Drilling Programme

The recently completed IP geophysical survey identified two types of targets. The first target being the interpreted redox boundary close to the contact between the D'Kar - Ngwako Pan contact. The second target is a deeper, previously unknown anomaly of intense high chargeability and coincident low resistivity.

 

As a result of these developments, the Company has expanded its drill programme to include diamond drilling to test the deeper anomaly (Figure 2). The drilling contractor will mobilise next week with drilling to commence w/c 17 June 2024.

 

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Figure 2. Insight section showing apparent chargeability with gradient chargeability and profile of soil copper geochemistry plotted above.

 

Botswana Licence Extension Applications

As part of the renewal process for the Company's Botswana licences, the Directors can confirm that the Botswanan Department of Mines has accepted the extension applications filed by the Company's Botswana subsidiary for both the PL135/2017 and PL162/2017 licences which are due to expire later this year. For the next stage, a meeting will be held at the Botswanan Department of Mines this week to present the progress the Company has made on these licences. Once granted the extension renewals will enable the Company to continue exploring the Virgo Project licences for a further two years (until Q3 2026). This is an administrative process and the Directors see no reason why the licences will not be renewed in accordance with their terms. Further updates will be provided as the applications progress, and more detail on the Virgo Project licences is set out at the end of this announcement.

 

Qualified Persons

Mr Vassilios Carellas (BSc (Hons), MAusIMM) is the Chief Operating Officer for Arc Minerals and has sufficient experience relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking to qualify as a Competent Person as defined under the JORC Code (2012). Mr Carellas consents to the inclusion in this announcement of the technical matters based on his information in the form and context in which it appears.

 

Market Abuse Regulation (MAR) Disclosure

This announcement contains inside information for the purposes of Article 7 of the Market Abuse Regulation (EU) 596/2014 as it forms part of UK domestic law by virtue of the European Union (Withdrawal) Act 2018 ("MAR"), and is disclosed in accordance with the Company's obligations under Article 17 of MAR.

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