Arc Minerals Africa focussed copper company is pleased to report the commencement of its maiden exploration programme at its Virgo Project in Botswana, with a soil geochemistry survey currently underway to be followed by an exploratory drill programme.
Highlights
· Re-interpretation of the geology in license PL 135/2017 suggests the existence of a fold crest that presents a good opportunity to extend the previous soil sampling grid along the fold limb to this crest
· Both PL 135/2017 & PL 162/2017 license areas host the contact between Ngwako Pan (“NPF”) and D’Kar (“DKF”) Formations that are favourable for hosting Cu-Ag mineralisation
· The historically sampled areas within the two licenses indicate DKF-NPF contact and further sampling will assist to zone in on this contact
· Exploration drilling to follow and test DKF-NPF contact zone areas as well as interpreted fold crest targeting the known and any new anomalies that may be generated from the soil geochemistry survey
Nick von Schirnding, Executive Chairman of Arc Minerals, commented:
“Following the acquisition of Alvis-Crest (Propriety) Limited late last year the team has reviewed the previous work carried out in the respective license areas and put forward our maiden exploration programme to further refine our geological understanding before commencing with an exploratory drill programme.
These licenses lie within and adjacent to the highly prospective Central Structural Corridor of the Kalahari Copper Belt (“KCB”) and within 10km and 50km of Khomecau’s Zone 5 and Banana Zone copper projects respectively, known as the two largest copper projects on the KCB.
Further these licenses already host two known copper-nickel anomalies, both 2-3km in length overlying the favourable interpreted DKF-NPF contact that have yet to be drill tested and now potentially may have further targets. This is an extremely exciting time for the Company and these license areas.”
Background to the Soil Geochemistry Survey
The previous soil geochemistry survey across the Virgo Project (“Virgo”) that consists of PL 135/2017 & PL 162/2017 license areas, provided encouraging results for potential mineralisation along the DKF-NPF contact.
Figure 1. Historical and Recent Soil Geochemistry Sampling – Virgo Project Area
http://www.rns-pdf.londonstockexchange.com/rns/8921O_1-2022-6-14.pdf
PL135/2017 License Area
At the PL 135/2017 license area, the reinterpretation of the geology, mostly under cover of the Kalahari Sands, suggests the existence of a fold crest running through the middle of the license area, with favourable soil geochemistry that itself is already a target of interest.
Furthermore, the southern limb to this interpreted crest runs adjacent to Khomecau’s Zone 9 exploration target, which is located on the edge of the Virgo license boundary, which supports extending the soil geochemistry survey along this interpreted limb towards Zone 9.
A total of nine lines averaging 1,000m long are being sampled at 25m intervals along the survey line and samples collected sent off for analysis.
Figure 2. Soil geochemistry survey across the interpreted fold limb
http://www.rns-pdf.londonstockexchange.com/rns/8921O_2-2022-6-14.pdf
PL162/2017 License Area
Similarly, at this license area, reinterpretation of the geology has refined geological understanding and position of the DKF-NPF contact, indicating the need complete a soil geochemistry survey in the south-eastern margin of the license area.
A total of seven lines averaging 500m long will be sampled at 25m intervals along the survey line and sampled collected sent off for analysis.
Figure 3. Proposed area for soil sampling within PL162/2017
http://www.rns-pdf.londonstockexchange.com/rns/8921O_3-2022-6-14.pdf
About the Virgo Project
In November 2021, Arc Minerals Limited acquired a 75% interest in Alvis-Crest (Proprietary) Limited, the holder of two prospecting licences (PL 135/2017 & PL 162/2017) in Botswana’s Kalahari Copper Belt (“KCB”), colloquially called the Virgo Project/Licences. These licenses, cover and area of over 210km2, with PL 135/2017 approximately 10km south east of the large underground Khoemacau Copper mine recently commissioned by Cupric Canyon Capital LP.
Please see the below link to a map of the licences:
http://www.rns-pdf.londonstockexchange.com/rns/8921O_4-2022-6-14.pdf
The Virgo Licenses cover an area of over 210km2 and lie within (PL 165/2017) and adjacent (PL 135/2017) to the highly prospective Central Structural Corridor and within 10km and 50km of the Zone 5 and Banana Zone copper projects respectively, known as the two largest copper projects on the KCB.
Historically, two copper-nickel soil anomalies have already been recorded on PL 135/2017 and PL 162/2017 and are approximately 3km and 2.5km in strike length respectively. The largest of the two anomalies, located on PL 135/2017, overlays an interpreted DKF-NPF contact, while a second more intermittent anomaly may be linked to extensional faulting around the dome edge. The large coherent anomaly on PL 162/2017, also appears to overlay the interpreted DKF-NPF contact on the northern limb of a syncline.
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.
