Arc Minerals upbeat on survey results from Virgo

(Sharecast News) - Arc Minerals said on Friday that a geophysical survey at its Virgo copper project in Botswana had extended the inferred contact between the D'Kar and Ngwako Pan formations to 18km, more than four times longer than previously expected. It said the survey also identified several high-priority targets with strong induced polarisation anomalies and areas of structural complexity considered favourable for copper mineralisation.

The AIM-traded explorer said drilling contractor selection was nearing completion, with drilling expected to begin in early August.

Chief executive Remy Welschinger said the newly identified contact lies close to the Mawana Fold and Zone 9 discoveries within MMG's Khoemacau mining project, adding that the survey results had exceeded the company's expectations.

At 1115 BST, shares in Arc Minerals were up 4% at 0.65p.

Reporting by Josh White for Sharecast.com.

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