Arc Minerals launches Zamsort drilling programme
Arc Minerals said it had kicked off its 11,000-metre drilling programme at the Zamsort copper-cobalt project in Zambia.
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The AIM-listed firm's programme consists of a 6,600m diamond drill and a 4,400m reverse circulation drill aimed at delineating a shallow oxide resource for its commercial-scale demonstration plant, currently being optimised, as well as establishing a maiden mineral resource estimate at the Kalaba site.
Elsewhere, Arc acquired a further 5% stake in Zamsort as part of a share exchange which will increase the group's holding in the project from 61% to 66% and leave just one remaining shareholder, Kopara Investments.
The UK-based firm will issue 10m new ordinary shares as consideration for the acquisition on or around 17 July.
Arc has agreed with Kopara to fund all future expenditure at Zamsort pro-rata to the firm's shareholdings.
Nick von Schirnding, executive chairman of Arc Minerals, said, "This is a yet another step forward in consolidating our ownership in Zamsort and to increase Arc's exposure to this large and exciting copper-cobalt asset. I am also pleased to note that we have agreed a funding structure with our joint venture partners."
As of 1240 BST, Arc shares were up 2.37% to 4.33p.