Arc Minerals (“Arc” or “the Company”) is pleased to report an update of the Mineral Resource Estimate for the Akyanga deposit, part of its Casa project, located in the eastern part of the Democratic Republic of Congo (“DRC”). The statement of Mineral Resources (Table 1) was prepared by Denny Jones Pty Ltd (“Denny Jones”), a specialised Australian based Resource Consultancy and is reported in accordance with the requirements of the 2012 JORC Code.
Highlights – Akyanga Mineral Resource (100%)
· 3 million ounces of gold averaging 2.16 grams per tonne
· Near-term exploration target of a further 200,000 to 600,000 ounces of gold in the Akyanga East Area
· Further exploration targets along the 55km gold belt within its 133km² mining license
· Commencement of a Scoping Study
Nick von Schirnding, ARC’s Executive Chairman, commented:
“The increase in Akyanga’s JORC mineral resource from 1.6m ozs to 3m ozs is a game-changer for us and has exceeded our most optimistic expectations. The increased ounces and grade has the potential to significantly enhance the economics of developing the mine. We shall now commence with a scoping study, targeting a 150koz-200koz per annum low cost gold operation, to be completed by year end.
Our ability to upgrade this significant, near-surface gold deposit in such a short timeframe clearly demonstrates the largely untapped potential of both the Akyanga project and the 55km long gold belt within our 133km2 mining license area.
We look forward to updating shareholders on further developments at Casa as well as at our Zamsort copper/cobalt project where drilling is about to commence and completion work on the plant is underway.”
Mineral Resource Estimate
The Akyanga deposit is located near the town of Misisi located 250km south of Bukavu, the provincial capital of the South Kivu Province in the Democratic Republic of the Congo. The Akyanga deposit currently has an Inferred Mineral Resource of 44.4 million tonnes at 2.16 grams per tonne containing 3 million ounces. The statement of Mineral Resources (Table 1) completed by Denny Jones Pty Ltd (“Denny Jones”), a leading Australian based Resource Consultancy is reported in accordance with the requirements of the 2012 JORC Code.
Arc Minerals is an AIM listed exploration and mine development company focused on a diversified portfolio of mining projects with interests in Slovakia, Eritrea, the Democratic Republic of the Congo and Zambia.
ARC Minerals current holdings include:
· 99% interest in CASA Mining Limited, a private company that has a 71.25% interest in the 3 million-ounce inferred Mineral Resource at the Akyanga gold deposit in the DRC.
· A 61% equity interest in Zamsort Limited (“Zamsort”), a private company focused on a prospective copper and cobalt licence in the Zambia Copperbelt, together with a convertible loan to Zamsort which converts into approximately a five percent additional equity interest in Zamsort, with interest on the convertible note being rolled forward to the end of 2018;
· 100% ownership of the Kremnica Mining Licence Area in Slovakia which host the 1.3Moz AuEq pre-feasibility stage Ṧturec Gold Project;
For more information visit www.arcminerals.com
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