viewArkle Resources PLC

Arkle Resources sees shares soar as JV partner Group Eleven secures further funding from Glencore

The Arkle team has decades of mining experience to its name

Arkle Resources PLC -

Arkle Resources PLC (LON:ARK) saw its shares more than double in value on Friday, rising 104% to 1.12p, after the company’s joint venture partner at the Stonepark zinc project, Canadian firm Group Eleven Resources Ltd. (CVE:ZNG) secured funding from mining giant and near neighbour Glencore (LON:GLEN).

This follows an investment by Glencore in Group Eleven in October 2019, of which a portion was covenanted to be spent on the project.  

Arkle is maintaining its 23.44% stake in the project.

"We believe this transaction is a strong endorsement of the project,” Arkle’s chief executive Patrick Cullen said in a statement. 

“It is established that the Stonepark deposit, while smaller, is higher grade and lies at shallower depths than Glencore's adjacent Pallas Green deposit. We also believe that there is interest in the exploration potential in the south of the project, where the Kilteely hole intersected the outer margin of potential new Irish-Type zinc system. As recently announced, we look forward drilling recommencing in August subject to (coronavirus) COVID-19 restrictions," he added.

Stonepark contains a maiden inferred resource totalling 5.1mln tonnes at 11.3% zinc and lead combined. The project lies adjacent to Glencore's Pallas Green deposit which contains 45.4mln tonnes at 8% zinc and lead combined.

Quick facts: Arkle Resources PLC

Price: 0.95 GBX

Market: AIM
Market Cap: £2.76 m

Add related topics to MyProactive

Create your account: sign up and get ahead on news and events


The Company is a publisher. You understand and agree that no content published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is...

In exchange for publishing services rendered by the Company on behalf of Arkle Resources PLC named herein, including the promotion by the Company of Arkle Resources PLC in any Content on the Site, the Company...


Arkle Resources PLC's John Teeling discusses gold exploration plans and...

Arkle Resources PLC's (LON:ARK) John Teeling speaks to Proactive London's Andrew Scott about restarting their gold exploration fieldwork at Mine River and Inishowen. He explains that Irish gold is found in veins - so precise location is key. The sample results have been really positive and the...

on 11/8/20

2 min read