Arc Minerals Plc (LON:ARCM), an exploration company focused on developing Tier 1 copper deposits, has announced the following updates.
Joint Venture with a subsidiary of Anglo American in Zambia
The technical review of the 2024 results and future targeting options for the 2025 field season are being evaluated. Additional targets being reviewed include Fwiji and Nyambwezu that have not been previously tested by the JV Company, and the Cheyeza prospect, where drilling in November 2024 last year confirmed both oxide and sulphide mineralisation within 1.5 km from the Cheyeza East oxide occurrence (with Copper (Cu) grades of between 2-4%). Results from the most recent drilling by the JV at Cheyeza (see announcement dated 4 February 2025) included 40.60m @ 0.61% Cu including 12.75m @ 1.2% Cu from 22.25m. The Company confirms that the remaining assay results for the last three holes from this 2024 drilling campaign identified no significant intercepts.
Nick von Schirnding, Executive Chairman of Arc Minerals, commented:
“I look forward to reporting back to shareholders over the coming months in respect of our various drilling plans as the rainy season comes to an end.”
Acquisition of Chingola Project
The Company confirms that, further to the announcement on 7 April 2025, the Company is in the process of progressing the outstanding acquisition conditions including the completion of satisfactory due diligence and the receipt of necessary consents and approvals for the transfer. Further updates will be provided in due course.
Virgo Project in Botswana
The Company has completed its drilling plans in respect of license PL135/2017 and, depending on the timing of the proposed acquisition of the Chingola Project and associated scope of work, will either commence drilling in Botswana or progress its work programme at Chingola. The Company can confirm that the assay results from the remaining drill hole from the 2024 exploration season in respect of license PL162/2017 (see announcement dated 25 September 2024) have identified no significant intercepts.
Background on the Joint Venture with a subsidiary of Anglo American
Arc Minerals has entered into a Joint Venture Agreement with a subsidiary of Anglo American on its Zambian Copper Project (ZPC) comprising a number of licenses covering circa 870km2 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.
The license areas are located approximately 900 km from Lusaka, in Mwinilunga, North Western Province, and is well within the trending arm of the major geological structure known as the Lufilian Arc (Copperbelt), on the western flank of the Kabompo Dome.
The Copperbelt is home to all the major copper mines in Zambia and these licenses represent one of the last dome-related areas in Zambia yet to be explored in any detail.
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.
