Arkle Resources PLC (AIM:ARK) shares soared 26% higher on Thursday after revealing exploration results which were described as “compelling indications” of potential lithium deposits in Ireland.
The small-cap explorer, in a statement, reported results from early stage reconnaissance work in the Wexford and Wicklow, in an area referred to as ‘Mine River’.
It confirmed the presence of all three targeted rock types (granite, pegmatite and aplite) in the licence area, and, said that a total of five target areas were investigated for the initial reconnaissance work.
"This is a positive development for the Mine River project,” Arkle chair John Teeling said. “We have found some compelling indications that lithium bearing pegmatites may be present within the block. While our focus to date has been on gold it is long known that indications of lithium were present.
“The successful discoveries on licences close to our ground and the massive demand for lithium to drive the electric vehicle revolution led to this review. It is early days but positive news."
In London, Arkle shares were changing hands at 0.6p.