Arc Minerals Limited (ARCM.L) Drilling and Assay update

Arc Minerals (“Arc” or “the Company”) is pleased to provide an update on its exploration activities over the Zamsort and Zaco license areas in northwestern Zambia where a maiden diamond drilling programme at the Fwiji Target (‘Fwiji’).

Has intersected oxide and sulphide mineralisation. In addition to the drilling programme and as part of the Anglo American Exclusivity Agreement entered into in July 2020, the Company has sent off for assay 2,500 soil samples that cover both the Zamsort and Zaco license areas.

Figures referred to in this release can be viewed in the PDF version available via this link: http://www.rns-pdf.londonstockexchange.com/rns/5053Z_1-2020-9-20.pdf

Drilling Summary

Nine holes have been drilled to date at Fwiji over an area of more than 1km2, with these initial holes confirming the interpreted anticlinal feature and intersecting both oxide and sulphide mineralisation (Figure 1) (according to the visuals and on-site pXRF analyses). Unlike the other targets drilled to date, according to the pXRF analyses, the carbonaceous shale (Figure 2 & 3) unit at Fwiji has been shown to be carrying sulphide copper mineralisation.

Due to the ongoing Covid-19 situation the backlog of assay work from the laboratory in Zambia are being processed and the laboratory has indicated the results should be with the Company shortly.

Soil Sample Assays – Anglo American

The Company sent 2,500 soil samples that were selected by Anglo American for laboratory assay, to ALS in South Africa. The samples selected cover all license areas and were collected during the 2015 – 2019 soil sampling programmes. The results from the laboratory assays (as opposed to the historic pXRF work done by the Company in 2015 – 2019) will enable the mapping of the multiple components of a hydrothermal mineral system. The components defined include lithology, stratigraphy and redox boundaries as well as zones of metal depletion and metal enrichment.

The Company has received all the assays from ALS and is completing its interpretation of this new data. As a result of the above the Company is reassessing its drilling priorities.

Nick von Schirnding, Executive Chairman of Arc Minerals commented:

I am very encouraged by the developments at Fwiji – not only is this the first time we have found this area to be mineralised, but more importantly the carbonaceous shale unit is analogous to the host unit at First Quantum’s Sentinel Deposit, 50km to the south east of the Kabompo Dome. Fwiji is the thirteenth target and is the first time significant oxide and sulphide mineralisations have become evident based on our XRF analysis. We are at a very exciting crossroads – and look forward to updating shareholders both on current drilling and the new data from the soil samples as part of the work that Anglo is undertaking.”

Figure 1. Half core of high grade copper mineralisation, mostly chalcocite with lesser malachite

Figure 2. Carbonaceous shale containing sulphides

Figure 3. Carbonaceous shale intruded by a vein, realigning the sulphides to the margin of the vein

Background

Fwiji

The Fwiji target area has been confirmed by both the soil sampling and airborne geophysical programmes and is situated on the northern limb of the Nyembwezu Syncline. The area is dominated by an open, south westerly plunging anticline, as defined by the Lower Roan quartzite ridge.

The pXRF analysis of the soil samples collected over the target area defined an arc-shaped low order copper (“Cu”) anomaly (>100 ppm) extending for circa 4km, within which a core, high order Cu anomaly (>200 ppm) was traced for circa 2km.

The current interpretation for Fwiji postulates that the copper mineralization is hosted in the hinge of plunging south westerly anticline. Near surface oxide mineralization is expected to be intersected with the primary sulphide mineralization down plunge.

Anglo American

In July 2020, Arc two subsidiaries in Zambia entered into a six month exclusivity agreement with a subsidiary of Anglo American in respect to its copper exploration license in Zambia.

During the exclusivity period, Anglo American will be permitted to conduct a technical review which, if satisfactory, may result in an extension of the exclusivity and the negotiation of a commercial transaction.

Qualified Persons

The technical information in this press release is based on information provided by Zamsort Limited on behalf of Arc Minerals. Mr Vassilios Carellas (BSc (Hons), MAusIMM) is the Chief Operating Officer for Arc Minerals and has sufficient experience relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking to qualify as a Competent Person as defined under the JORC Code (2012). Mr Carellas consents to the inclusion in this announcement of the matters based on his information in the form and context in which it appears.

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