Arkle Resources PLC (LON:ARK)

Arkle Resources PLC (LON:ARK)


Share Price
1.15 p
Change
-0.05 (-4.17 %)
Market Cap
£1.52 m
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Arkle Resources PLC RNS Release

Change of Name and Update


RNS Number : 6392T
Connemara Mining Company plc
21 March 2019
 

21 March 2019

 

Connemara Mining Company plc

("Connemara" or the "Company")

 

Change of Name and Update on Current Activities

 

Connemara Mining Company plc (LON: CON), the Irish gold and zinc exploration and development company, is pleased to announce that, pursuant to the special resolution passed at its recent EGM, it has changed its name to Arkle Resources PLC ("Arkle").

 

New share certificates issued for ordinary shares will reflect the new name.  Shareholders should retain their existing share certificates, which will remain valid.

 

Trading in the Company's ordinary shares under the name Arkle Resources PLC will commence at 8.00 a.m. on 22 March 2019 under the TIDM: ARK.

 

The Company will also, tomorrow, launch its new corporate website, which will be available at www.arkleresources.com.

 

Shareholders and interested parties will be able to follow Arkle on social media by searching for the Company's twitter account @ArkleResources.

 

Patrick Cullen, Chief Executive Officer, commented, "Connemara Mining Company plc was originally established to develop Irish zinc assets, we believe our rebranding will allow us to better represent the Company's diversified position in both gold and zinc exploration and resource development and our geographical spread across Ireland.

 

"The Company's recent capital raising was very strongly supported by existing shareholders.  We look forward to focussing our attention on the Mine River Gold Project in the near term, while our joint venture partners advance our interests at our the two key zinc assets."

 

Update on Current Activities

 

The Mine River Gold Project (100% interest) is comprised of eight licences, covering approximately 340 square kilometres, in counties Wicklow and Wexford in south-east Ireland.  The block is focussed around a 15 kilometre-long trend of known historic and recently established gold mineralisation.

 

The Company has been very active across the central area of the block since late 2017.  Planning is underway for further exploration activities expected to commence soon.  The Company looks forward to updating shareholders in due course.

 

The Stonepark Zinc Project joint venture (23.44% interest) with Group Eleven Resources Corp. (76.56% interest) in Limerick, contains a maiden Inferred Mineral Resource totalling 5.1 million tonnes at 11.3% zinc and lead combined (8.7% Zn and 2.6% Pb), occurring at depths from 190m to 395m below surface.  The project lies adjacent to Glencore's Pallas Green deposit.

 

The current drilling phase is nearing completion and we look forward to reporting to shareholders as soon as our joint venture partner provides an update.  The Tellus Airborne Geophysics Survey over the Limerick and Silvermines Basins, which will cover the entire Stonepark Zinc Project, is now 84% complete and data is expected to be available in Q2/Q3 2019.

 

The Oldcastle Zinc Project joint venture between the Company (25% interest) and Teck Ireland Ltd. ("Teck") is comprised of a block of five contiguous licences covering 172 square kilometres in counties Meath and Cavan.  Teck has carried out extensive exploration on the Oldcastle Block since its acquisition in mid-2012, and now holds a 75% stake in the project.  Three further holes were drilled in the latest reporting period, for a total of 2,003.8m.

 

Minor Zn-Pb mineralisation was intersected throughout units within the target Pale Beds with the highest value in the Pale Beds being 1m @ 0.4% Zn and 0.05% Pb at 532m in hole TC-1991-004.  The units within which this mineralisation has been encountered is also host to the U-lens orebody at the Navan Deposit.

 

Teck will continue to review the data and assess the potential and options following evaluation of the historic data and work carried out in this reporting period.

 

Information for Editors

Connemara is a diversified exploration company with principal assets in gold and zinc exploration licences across Ireland.  Connemara currently holds interests in a total of 37 licences, including joint ventures with Teck Ireland Ltd. at the Oldcastle Zinc Project and with Group Eleven Resources Corp. at the Stonepark Zinc Project.

ENDS

 

Enquiries:

 

Connemara Mining Company Plc

 

 

John Teeling, Chairman

+353 (0) 1 833 2833

 

Patrick Cullen, CEO

+353 (0) 87 272 1748

 

 

+44 (0) 755 237 8208

 

 

SP Angel Corporate Finance LLP

 

 

Matthew Johnson/Jamie Spotswood

+44 (0) 203 470 0470

 

 

   

First Equity Limited

 

 

Jason Robertson

+44 (0) 207 374 2212

 

 

 

 

 

Blytheweigh

+44 (0) 207 138 3204

 

Julia Tilley

+44 (0) 781 506 8387

 

Jane Lenton

+44 (0) 742 756 1762

 

 

 

 

Teneo

 

Luke Hogg

+353 (0) 1 661 4055

 

Alan Tyrrell

+353 (0) 1 661 4055

 

         

 


This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact [email protected] or visit www.rns.com.
 
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