- Arc Minerals shares barely moved on an update about its Botswana project.
- The company is set to begging exploratory drilling at its Virgo project.
- However, the firm is a long way away from making commercial sales.
The ARC Minerals Ltd (LON: ARCM) share price barely moved despite today’s update regarding the maiden exploration program at its Virgo project in Botswana. The mining company is currently doing a soil geochemistry survey, after which it will start an exploratory drilling program.
Investors muted reaction to the update is understandable given that the mining and exploration company is still in the early stages of developing the Virgo project and has a long way to go before it can start producing minerals from the project.
ARC Minerals told investors that the license areas associated with the project are known to host two copper-nickel anomalies, which are 2-3km in length. The two anomalies overlie the favourably interpreted DKF-NPF contact and are yet to be drill tested. Therefore, there is potential for other targets.
Nick von Schirnding, Arc Minerals Executive Chairman, commented: “Following the acquisition of Alvis-Crest (Propriety) Limited late last year, the team has reviewed the previous work carried out in the respective license areas and put forward our maiden exploration programme to further refine our geological understanding before commencing with an exploratory drill programme.”
“These licenses lie within and adjacent to the highly prospective Central Structural Corridor of the Kalahari Copper Belt (“KCB”) and within 10km and 50km of Khomecau’s Zone 5 and Banana Zone copper projects, respectively, known as the two largest copper projects on the KCB.”
Investors interested in buying ARC Minerals shares should remember that the company is still far from producing minerals on a commercial scale at its different projects. For example, the mining company has a copper-cobalt project in Zambia that is still developing.
Hence, an investment in ARCM must be viewed from a long-term perspective.
*This is not investment advice. Always do your due diligence before making investment decisions.
Arc Minerals share price.
The Arc Minerals share price barely moved despite today’s update.