Arkle holds a 23.44% interest in the Stonepark project with Group Eleven holding the remaining interest.
The two hole step-out programme intersected strong mineralisation beyond the boundary of the existing resource estimate, including 0.5 metres of 12% combined zinc and lead.
There is now significant potential to expand the resource estimate at Stonepark North and good guidance for follow up drilling on Stonepark West.
Stonepark is already known to contain 5.1mln tonnes grading 8.7% zinc and 2.6% lead, or 11.3% combined.
The resource is located a few kilometres to the west of Glencore's Pallas Green zinc deposit.
Broker First Equity re-iterated its buy recommendation for the company.
The current market capitalisation of only £5.2mln significantly understates the potential upside value of Arkle's strategically held 23.44% stake in the zinc-lead Stonepark discovery project and also overlooks the early-stage success being achieved on the 100% owned gold exploration interests at Mine River and Inishowen,” the broker noted.
“To this end, we continue to recommend the shares as a ‘Buy’, with the strong belief that investors should be more attentive to potential future near term developments at this junior exploration play."
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