Aim-listed Arc Minerals has announced the start of its maiden exploration drilling programme at its Virgo project, in Botswana.
This maiden drill programme is designed to test geochemical anomalies identified in the Virgo licences located within the highly prospective Central Structural Corridor of the Kalahari Copper Belt (KCB).
The initial programme will start off with shallow percussion holes that will be followed up by reverse circulation and diamond core drill holes targeting the interpreted Ngwako Pan / D'Kar Formation contacts in these licences.
Anomalies extend for 3 km and 2.5 km along the interpreted contact, respectively.
Relatively shallow Kalahari Sands cover is expected.
“The KCB is increasingly becoming one of the most prospective copper belts and I am delighted that we have now commenced with our maiden drill programme.
“The initial percussion holes will be used to define the location of the interpreted Ngwako Pan and D'Kar Formation contact, following which this contact will be drill tested,” says executive chairperson Nick von Schirnding.
Meanwhile, he informs that with respect to the Anglo American transaction in Zambia, considerable progress has been made with providing the requested information as part of the due diligence process.
Arc in May entered into an agreement with a subsidiary of Anglo American, which formalises the parties’ intention to form a joint venture with respect to Arc’s copper/cobalt project in the North-Western province of Zambia.
“However, this is ongoing, in part impacted due to recent temporary closures of the Mining Cadastre by the Zambian Ministry of Mines and the confirmation of certain information relating to the exploration licences,” he outlines.
Accordingly, a second 90-day exclusivity period will begin to allow sufficient time for the conclusion of the due diligence and the negotiation and execution of the joint venture documents as contemplated in the original announcement in May relating to the transaction.