Aim-listed Arc Minerals has acquired a further 6% interest in Zamsort, which is developing a copper/cobalt project in Zambia, from two separate shareholders.
It now holds a 61% interest in Zamsort.
Arc, which raised its stake in Zamsort to 55% earlier this month, has also appointed a highly experienced Zambia-based drilling contractor with significant experience in the Zambian Copperbelt.
The first of three drill rigs is due to arrive on site this week and the remaining two drill rigs are expected to arrive shortly thereafter.
“We are continuing to follow through on our promise to rapidly deliver value for shareholders at the Zamsort copper/cobalt project both at a corporate level and on the ground. The acquisition of this additional stake in Zamsort takes Arc's total ownership in Zamsort to 61% and it is pleasing to see the rapid mobilisation of drilling rigs on site.
“A comprehensive drilling programme at Zamsort is due to begin imminently and we are extremely excited at the prospect of unlocking the significant value which we believe to be inherent within this highly sought after Zambian copper/cobalt asset,” Arc chairperson Nick von Schirnding commented on Monday.