The share price of Arc Minerals (LON: ARCM) climbed before falling Monday after the company announced that a sample from the first hole drilled at its Cheyeza East target sent for assaying has confirmed the presence of copper sulphide mineralisation.
“The first hole at Cheyeza East intersected massive and disseminated copper sulphide mineralisation and represents the most significant copper sulphide discovery since the company's drilling campaign started,” stated Arc.Â
The sulphide copper mineralisation was found throughout the 4.3m sample assayed, including 2 intervals that delivered assays of over 1%.
There was also the confirmation of a copper mineralisation system, which, combined with the airborne geophysical survey data, will provide Arc with enhanced targeting for drilling.
A second hole drilled crosses further copper sulphide mineralisation, the company added.Â
Nick von Schirnding, Executive Chairman of Arc Minerals, said: “This is the first result from what will be an extensive drilling programme going forward to determine the scale of massive sulphide mineralisation at Cheyeza East and provides support for a large mineralised system at play.Â
“This is the first time that the Arc team has targeted the anomalies generated by multielement geochemical characterisation study carried out last year, targeting Muswema and Cheyeza East as the first and second priorities respectively with Muswema still to be drilled. The immediate success in intersecting sulphide copper mineralisation is extremely encouraging given the number and re-ranking of targets that have arisen as a result of this study.”
The news has seen Arc Minerals shares fall 0.8% to 3.72p. However, they initially rallied, climbing to a high of 4.09p, but eventually submitted to the recent trend, which has seen it fall over 38% in the last 6 months.Â
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