Arc Minerals has announced the start of its 11,000-metre drilling programme at the Zamsort copper cobalt project (Zamsort).
Image: Cobalt, fraction of a cathode, 2 x 2 cm. Photo courtesy of Jurii/Wikipedia.
Aimed at delineating a shallow oxide resource for the commercial scale demonstration plant, the drilling programme consists of 6,600m diamond drill and 4,400m RC drilling.
The drilling programme is also aimed at establishing a maiden mineral resource estimate at Kalaba.
Besides, Arc Minerals has acquired 5% stake in Zamsort, increasing its total interest in the project to 66%.
In June, the company increased its ownership of Zamsort to 61% following the acquisition of an additional 6% interest from two separate shareholders of Zamsort.
The remaining stake of 34% in the project is owned by Kopara Investments (Kopara).
In addition, Arc Minerals has agreed with Kopara to fund all future expenditure at Zamsort pro-rata to their stakes.
Arc Minerals executive chairman Nick von Schirnding 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.
“We look forward to a period of strong news flow as we report results from our drilling programme.”
For the acquisition of the stake in Zamsort, exploration and mine development company Arc Minerals will issue 10,000,000 new ordinary shares of no par value in the company to the vendor.
Arc Minerals has a diversified portfolio of mining projects with interests in Slovakia, Eritrea, the Democratic Republic of the Congo and Zambia.
It has 100% stake in CASA Mining, a private company that has a 71.25% stake in the 3-million-ounce inferred Resource Akyanga gold deposit in the DRC.
In June, the company signed a sale and purchase agreement to sell its 18.48% stake in Andiamo Exploration to AMED Funds.