Sam is a professional trader and the lead stock market news writer at AskTraders. After starting his career in the forex market, Sam now focuses on gold and stocks with a preference for fundamental and macroeconomic analysis.
Arc Minerals (LON: ARCM) shares have surged Wednesday after it said that its diamond drilling programme on its majority-controlled licenses in north-western Zambia has intersected massive sulphide copper mineralisation at Cheyeza East.
The company said it represents “the most significant copper sulphide discovery” since its various drilling campaigns started.
The first hole, which is still being drilled, has intersected “massive and disseminated copper sulphide mineralisation,” which Arc said has been confirmed by both visual observations of the core and X-Ray Fluorescence analyses.
The drilling will be accelerated with further holes planned in that target area.
In addition, at the Fwiji target, the fourth hole out of a four-hole programme has intersected copper sulphide mineralised quartz veins and associated alteration zones.
The diamond drill holes will be processed and sent off for assaying imminently.
Nick von Schirnding, Executive Chairman of Arc Minerals, commented: “This is the most significant copper sulphide discovery since we started drilling four years ago. Initial XRF data indicate significant grades of copper mineralisation – a potential game-changer for us.
“The intersection of massive sulphide copper mineralisation at Cheyeza East provides strong support for big mineralised systems at play and provides a marker horizon for further targeting in the wider Cheyeza area. As a result of the recent discoveries we are currently reviewing and expanding our drilling and airborne geophysics programmes.”
The discoveries have seen Arc Minerals shares surge, currently trading at 4.04p, up 21.5%, making it one of the biggest movers in London on Wednesday. Earlier in the session, it reached a high of 4.85p.
Arc Minerals shares are traded on the London stock exchange's AIM market (the alternative investment market), which is the submarket specifically for smaller companies. AIM stocks are attractive to investors as they have tax advantages and smaller companies have the potential to benefit from rapid growth. But are ARCM shares the best buy? Our stock market analysts regularly review the market and share their picks for high growth companies
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