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Arkle Resources raises £250,000 to move ahead with Irish zinc and gold projects

Arkle's joint venture partner Group Eleven recently received an endorsement from Glencore

Arkle Resources PLC -

Arkle Resources PLC (LON: ARK) has raised £250,000 via the issue of 33.3mln shares at 0.75p each.  

The proceeds will be used for further exploration activities at the Stonepark zinc project in County Limerick, Ireland, and to fund other exploration activities, including on the company's 100% owned gold exploration projects.

"The high grade of the Stonepark deposit, its relatively shallow depth and its strategic location next door to Glencore's Pallas Green deposit have generated significant interest leading to the transaction, which significantly strengthens Arkle's balance sheet going forward,” Arkle chief executive Patrick Cullen said in a statement.

"We believe this investment and confirmation that our joint venture partner has received further funding from Glencore is a strong endorsement of the Stonepark project. Furthermore, there is exciting exploration potential in the south of the project along the 'Pallas Corridor'.  We look forward to drilling recommencing as planned in August, subject to (coronavirus) COVID-19 restrictions."

The Stonepark zinc project is a joint venture with Group Eleven Resources. Arkle holds a 23.44% stake in the project, free from encumbrances. The project contains a maiden inferred mineral resource totalling 5.1mln tonnes at 11.3% zinc and lead combined.

Arkle shares soared higher last Friday following news that FTSE 100-listed mining giant Glencore PLC (LON:GLEN) had invested in Group Eleven Resources, the group's Canadian partner in Stonepark.

 

Quick facts: Arkle Resources PLC

Price: 0.95 GBX

AIM:ARK
Market: AIM
Market Cap: £2.05 m
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Arkle Resources welcomes closer relationship with Glencore following partner...

Arkle Resources PLC's (LON:ARK) Patrick Cullen speaks to Proactive London's Andrew Scott after the news that FTSE 100-listed mining giant Glencore PLC (LON:GLEN) invested in Group Eleven Resources, the group's Canadian partner in Stonepark. He says the investment and confirmation of further...

1 week, 2 days ago

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