In November 2021, Arc Minerals acquired a 75% interest in Alvis-Crest (Proprietary) Limited, which holds two prospecting licences (PL 135/2017 & PL 162/2017) in Botswana's Kalahari Copper Belt (“KCB”), known as the Virgo Project.
Licence PL 135/2017 lies approximately 10km south-east of the large underground Khoemacau Copper mine, which was recently commissioned by Cupric Canyon Capital LP. Collectively, the Virgo Project covers an area of over 210km2 and lie within (PL 165/2017) and adjacent to (PL 135/2017) the highly prospective Central Structural Corridor and within 10km and 50km, respectively, of the Zone 5 and Banana Zone copper projects, which are regarded as the two largest copper projects on the KCB.
The Company’s prospecting licence PL135/2017 is surrounded on three sides by the prospecting licences of Khoemacau Copper Mining Limited (“Khoemacau”), which has recently been acquired by MMG for approximately $1.9 billion. This licence is situated along the south-eastern margin of the Kalahari Copper Belt, occupying a similar geological setting to areas recently drilled by Khoemacau at their recent Mawana Fold Discovery and the Zone 9 exploration target and where economic grades of copper mineralisation have already been intersected by drilling. These discoveries are located along the north-western and south-eastern margins of the Company’s prospecting licence, respectively.