Arc Minerals on Monday hailed two new discoveries at its Zamsort copper-cobalt project, 10 times the size of its Kalaba mine, as a 'game changer'.
The initial results from the airborne survey and soil sampling programme had identified two large new targets, Cheyeza West and Lumbeta, indicating several new large anomalies, a number of which stretch for many kilometres.
Cheyeza West, the 'most exciting' of the new targets, moved to the top of the company's internal ranking of its exploration targets, with a core 3km times 3km anomaly outlined by very high copper values in the soils enclosed by the wider 10km x 8km Cheyeza anomaly.
The Lumbeta target, the company's second ranked and stretching for 11km, was associated with the crest of a fold. These hinge points in a folded environment can 'act as mineralisation traps and form high grade deposits,' the company added.
Arc Minerals said it continued to assess the results with its external exploration consultants and a more detailed update was expected shortly.
'The initial results from the airborne survey and soil sampling programme are extremely exciting and have exceeded all our expectations. It is clear that our licences lie in a very prospective mineral belt adjacent to Zambia's largest copper mines and we believe have the potential to host not one but multiple large new copper deposits,' said Nick von Schirnding, Executive Chairman of Arc Minerals.
'The two new target discoveries, which are close to 10 times the size of Kalaba, with strong soil geochem and geophysical properties/grades, is a potential game changer for Arc Minerals. We have been approached by some very large industry players and are in discussions.'
At 10:10am: (LON:ARC) Arcontech Group PLC share price was +10p at 135p