Arkle Resources PLC (LON:ARK)

Arkle Resources PLC (LON:ARK)


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Arkle Resources PLC RNS Release

New Mineralisation at Stonepark Zinc Project


RNS Number : 2500Y
Arkle Resources PLC
07 May 2019
 

7 May 2019

 

Arkle Resources PLC

("Arkle" or the "Company")

 

Significant New Mineralisation along Pallas Green Corridor at Stonepark Zinc Project

 

Arkle Resources PLC (LON: ARK), the Irish gold and zinc exploration and development company, is pleased to report results from the preliminary drill program at the Stonepark Zinc Project located in Limerick, Ireland. The Stonepark Zinc Project is a joint venture with Group Eleven Resources Corp. ("Group Eleven"). Arkle holds a 23.44% interest.

 

Highlights:

 

-     The outer margin of a potential new Irish-Type zinc system has been identified 10 kilometres southeast of Glencore's Pallas Green deposit, along the Pallas Green corridor;

 

-     Hole G11-450-02 ('Kilteely') intersected a 230 metre thick hydrothermal system displaying abundant sulphide mineralisation with elevated zinc;

 

-     Acquisition of the Tellus airborne geophysical data over the Limerick Basin now complete

 

Patrick Cullen, Chief Executive Officer of Arkle, commented, "This area of Limerick hosts the two largest undeveloped zinc deposits in Ireland, at Stonepark and at Pallas Green, in a region recognised for its world class zinc mines and zinc grades.

 

"The identification of a new hydrothermal system of the scale observed in the southern part of the Stonepark Zinc Project is very exciting news.

 

"Evidence of the mineralised corridor extending south-eastwards from Pallas Green continues to build. Technical work is ongoing and we look forward to combining data from the Tellus airborne geophysical survey data as it becomes available.

 

"The ground at Kilteely is completely open to the north and, with only one historic drill hole in the area, the potential for a further major discovery is significant."

 

Arkle supports Group Eleven's 'Big Think' approach which has led to the concept of a mineralised trend called the 'Pallas Green Corridor'. The recent drilling, location of the historic Carrickittle deposit and review of existing data supports this interpretation. An additional drillhole by Group Eleven at the Ballywire prospect on their 100% PG West Project, further supports this trend.

 

The Stonepark Zinc Project also hosts a previously reported Inferred Mineral Resource Estimate of 5.1 million tonnes grading at 8.7% zinc and 2.6% lead. The Resource, situated in the northern area of the Stonepark Zinc Project, lies adjacent to Glencore's Pallas Green zinc-lead deposit which contains 45.1 million tonnes grading 7% zinc and 1% lead (Inferred Category Glencore; Dec 31, 2018). The Pallas Green and Stonepark deposits are the largest and second largest undeveloped zinc-lead deposits in Ireland, in one of the world's best mineralised zinc provinces.

 

 

 

Preliminary Drill Program:

Four diamond drill holes, totalling approximately 1,900m, were completed on the Stonepark Zinc Project from November 2018 to April 2019; see Table 1 below and Figure 1 of the Supplemental Information (link below). Group Eleven drilled an additional 794m drill hole at Ballywire to the south of the Stonepark joint venture. The primary aim of this drill program was to advance Group Eleven's ongoing 'Big Think' exploration strategy by providing important 3D geological information ahead of an anticipated 'Big Drill' exploration program later this year.

 

Hole ID

Azimuth (deg)

Dip (deg)

Depth (m)

Project Area

Location

Pallas Green Corridor

G11-450-02

180

-80

504

Stonepark

Kilteely - 1.5km north of Carrickittle prospect

Resource Expansion Vectoring

G11-2638-02

270

-80

471

Stonepark

Stonepark West resource - 200m step-out

G11-2638-03

270

-80

345

Stonepark

Stonepark North resource - 1.1km step-out

Limerick South Regional

G11-450-01

180

-80

585

Stonepark

Limerick South prospect - 400m step-out

Table 1. Drill Holes Completed in Latest Phase of Exploration at the Stonepark Zinc Project

 

Additional explanatory figures are available on the Company website here: Supplemental Information.

 

Kilteely Hole:

G11-450-02 hole aimed at testing an area 1.4 kilometres northwest of known high-grade zinc mineralisation at the Carrickittle prospect where high historic intercepts are known (e.g. 2.4m of 26.8% zinc + lead and 61 g/t silver; see Figures 3 and 4 of the supplemental information), along the Pallas Green Corridor.

 

The hole intersected a vertically extensive (230 metre) zone (downhole depth of 200-430 metres) containing varying amounts of extensive iron-sulphide (pyrite and possible marcasite), chert (suspected to be either volcanogenic and/or hydrothermal) and brecciation (mostly hydrothermal) - within a package of predominantly flat-flying and interlayered volcanics and limestones. Black cherts near the top of the Waulsortian unit contain local elevated zinc and other metals. This sequence is interpreted to represent the peripheral part of a hydrothermal system typical of southern Irish-Type zinc deposits.

 

A historic (1998) hole 2840/4 drilled 1.6 kilometres to the east-northeast, reported similar stratigraphy, brecciation and widespread iron-sulphide mineralisation. The significance of this hole was not recognised at the time, given it was drilled years before the discovery of the Pallas Green zinc deposit (2002).

 

Group Eleven drilled three other holes within the Stonepark project. No high grade zinc intersections were intercepted however each of these holes, including G11-2638-02 described on Table 2 (below), provided strong vectors towards further exploration within the Limerick basin. A full discussion on these and the above described holes is available on the Company's website under Supplemental Information.

 

Hole ID

From

(m)

To

(m)

Interval

(m)

Zinc

(%)

G11-2638-02

305.7

310.0

4.3

0.27

G11-450-02*

305.7

307.4

1.7

> 0.05

Table 2. Zinc mineralisation in holes G11-2638-02 and G11-450-02

*Note: Assays are ongoing for G11-450-02

 

This announcement has been reviewed and approved by Gavin Berkenheger (CGeol) in his capacity as the Qualified Person for the purposes of the AIM Note for Mining, Oil and Gas Companies issued by the London Stock Exchange.

 

This announcement contains inside information for the purposes of Article 7 of Regulation (EU) 596/2014.

 

Further information can be sourced from the Company website: www.arkleresources.com 

 

ENDS

Enquiries:

 

Arkle Resources 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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