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New Prospective Features Identified at Stonepark

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RNS Number : 2958T
Arkle Resources PLC
13 November 2019
 

13 November 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 Prospective Features Identified at Stonepark 

 

Newly released Tellus airborne geophysical survey data identifies new geological features and adds significant refinement to established targets  

Arkle Resources PLC (LON: ARK), the Irish gold and zinc exploration and development company, is pleased to announce that preliminary analysis of data from the Geological Survey of Ireland's 'Tellus' airborne geophysical survey has revealed previously unknown and prospective geological features at the Company's Stonepark Zinc Project.    Preliminary analysis has been undertaken by joint venture partner Group Eleven Resources Corp. ("Group Eleven").  Arkle holds a 23.44% interest in the Stonepark Zinc Project.

 

Highlights

 

-      The Limerick Volcanic cover rocks are shown in much clearer detail than on any previous survey

 

-      The key exploration concept the 'Pallas Green Corridor' and cross-fault north of Kilteely is better refined

 

-      New and prospective features, likely representing buried volcanic centres or intrusions, have been identified in the south west of the project

 

 

Patrick Cullen, Chief Executive Officer of Arkle, commented, "Our partners continue to build evidence supporting new and exciting exploration targets to the south of the project along the 'Pallas Green Corridor'.

 

"Very few exploratory holes have been drilled through the cover rocks that lie above these targets.  We expect further holes to be drilled in the vicinity of Kilteely, where we had exciting drilling results earlier this year.  The detail visible in the new data will assist with refining these decisions.

 

"In addition, new features, which appear to be buried intrusives, have been identified in the south west of the project. These are prospective targets.  We look forward to further updates."

 

Further Information

An image of the magnetic data from the survey is available here.  A link to the Group Eleven announcement can be found here.

 

Overview of Stonepark Zinc Project

The Stonepark Zinc Project is a joint venture with Group Eleven in County 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 which contains 45.1 million tonnes at 8% zinc and lead combined (Glencore; Resources and Reserves as at 31 December 2018).

 

 

 

Competent Person

This announcement has been reviewed and approved by Gavin Berkenheger (CGeol), 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 (Mine River and Inishowen) 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 (Nominated Adviser and Joint Broker)

 

Matthew Johnson/Soltan Tagiev

+44 (0) 203 470 0470

 

 

 

 

First Equity Limited

 

Jason Robertson

+44 (0) 207 374 2212

 

 

Blytheweigh

+44 (0) 207 138 3204

Megan Ray

 

Jane Lenton

 

 

 

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.
 
END
 
 
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Price: 1.175

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Market Cap: £1.55 m
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