Arc Minerals gets extensions for Virgo Project licences

9th Oct 2024 10:05

(Sharecast News) - Arc Minerals announced on Wednesday that it has received extensions for both of its prospecting licences at the Virgo Project in Botswana's highly prospective Kalahari Copper Belt.

The AIM-traded firm said the licences, 135/2017 and 162/2017, were extended for an additional two years, now valid until 30 September 2026.

It said the extension followed its previous update in May, and supported its continued exploration efforts within the Central Structural Corridor of the Kalahari Copper Belt - an area known for its potential to host tier-one copper deposits.

The renewals would allow Arc to further pursue its objective of discovering and developing significant copper resources in the promising region of Botswana.

"This is an excellent outcome for Arc Minerals and reinforces the reputation of Botswana as a mining friendly jurisdiction," said executive chairman Nick von Schirnding.

"Critically it maintains our position in this important and exciting part of the Kalahari Copper Belt.

"I look forward to reporting back on assays in the coming weeks."

At 0938 BST, shares in Arc Minerals were up 2.58% at 1.67p.

Reporting by Josh White for Sharecast.com.