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New Gold Target at Inishowen

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RNS Number : 5133M
Arkle Resources PLC
17 September 2019
 

17 September 2019

 

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

 

Arkle Resources PLC

 

("Arkle" or the "Company")

 

New Gold Target at Inishowen

 

Recent field mapping and data review outlines an untested target lying between the Meeneragh drilling discovery site and the historic Glentogher Mine

Arkle Resources PLC (LON: ARK), formerly Connemara Mining Company plc, the Irish gold and zinc exploration and development company, is pleased to announce that a new gold target has been identified at the Company's 100% owned Inishowen Gold Project.

 

Highlights

 

-      Highly prospective target at intersection between newly identified shear zone and Glentogher Fault

 

-      Target lies between Arkle's Meeneragh gold discovery drill site and the historic Glentogher Lead-Silver mine

 

-      Combined strike length between historic mine and Meeneragh discovery site is 5kms

 

 

Patrick Cullen, Chief Executive Officer of Arkle, commented, "We are pleased to report on progress and on a new target at Inishowen.  Earlier this summer we made a decision to take a new approach and we have brought a fresh, but very experienced, set of eyes to the project. 

 

"Arkle's 2016-17 drilling intersected high grade gold at Meeneragh which establishes the Glentogher Fault as a fertile structure. We believe that the base metal mineralisation at Glentogher is related to the same fault.

 

"Our recent fieldwork has identified a previously unknown structure which intersects the Glentogher Fault 3kms northwest of Meeneragh.  This is now a priority target."

 

Further Information

A Location map, 3D model and photos may be accessed on the Company website here.

 

Overview of Inishowen Gold Project

The Company's 100% owned Inishowen Gold Project is located on the Inishowen peninsula in County Donegal, Ireland.  It comprises two licences that are considered by Arkle to be highly prospective for mesothermal, vein-hosted gold mineralisation similar to that found at the Curraghinalt Project developed by Dalradian Resources Inc. in neighbouring County Tyrone.

 

Arkle is the first company to drill for gold in the area and has had encouraging results.  The initial discovery at the Meeneragh discovery site comprised 3.05m grading at 5.8g/t Au (hole 16-MR-03 from 23.05m).  A further high-grade zone was intercepted in hole 16-MR-07 at 8.13m, grading 4.82m at 5.48g/t Au.  Drilling in September 2017 intercepted gold mineralisation in hole 17-MR-08 from 21.5m grading at 14.25g/t gold over 0.5m.

 

The focus of the project has recently shifted to targets along the Glentogher Fault which runs between the Meeneragh discovery site and the early 1900s Glentogher base metal mine.

 

Competent Person

This announcement has been reviewed and approved by John Arthurs (CGeol, EurGeol, PGeo, MIMMM), who has sufficient experience relevant to the div of mineralisation under consideration and to the activities undertaken to qualify as Qualified Person for the purposes of the AIM Note for Mining, Oil and Gas Companies issued by the London Stock Exchange. 

 

Information for Editors

Arkle is a diversified exploration company with principal assets in gold and zinc exploration licences across Ireland.  The Company currently has two 100% owned gold projects and is in joint venture with Teck Ireland Ltd. at the Oldcastle Zinc Project and with Group Eleven Resources Corp. at the Stonepark Zinc Project.

 

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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Price: 1.15

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