Arc Minerals surges on latest drilling in Zambia

The AIM-traded firm said the first hole, which was currently being drilled about 500 metres to the north west of the previous oxide drilling campaign, had intersected “massive and disseminated” copper sulphide mineralisation, confirmed by both visual observations of the core and x-ray fluorescence (XRF) analyses.

It said that represented the most significant copper sulphide discovery since the company's various drilling campaigns started.

Similarly, at Fwiji, the fourth hole out of a four-hole programme testing a coincident soil and magnetic linear anomaly, 2.5 kilometres southwest of last year's drilling, had intersected copper sulphide mineralised quartz veins and associated alteration zones.

The company said the diamond drill holes were currently being processed, and would be sent off for assaying imminently, once the core was logged and processed.

“This is the most significant copper sulphide discovery since we started drilling four years ago,” said executive chairman Nick von Schirnding.

“Initial XRF data indicate significant grades of copper mineralisation - a potential game changer for us.”

Von Schirnding said the intersection of massive sulphide copper mineralisation at Cheyeza East provided “strong support” for big mineralised systems at play, and provided a marker horizon for further targeting in the wider Cheyeza area.

“As a result of the recent discoveries we are currently reviewing and expanding our drilling and airborne geophysics programmes.”

At 1244 BST, shares in Arc Minerals were up 23.53% at 4.11p.