REG - Arkle Resources PLC - Donegal Gold Drilling Update

Arkle ResourcesAnnouncement

01/02/2024 07:00

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RNS Number : 5916B  Arkle Resources PLC  01 February 2024

1 February 2024

 

Arkle Resources PLC

 

("Arkle" or the "Company")

 

Donegal Gold Drilling Update

 

Arkle Resources reports results from Inishowen Co. Donegal drilling programme

 

Highlights

·    Results up to 0.8m at 1.65g/t gold including 0.25m at 2.94g/t gold

·    Strike length extended for gold-bearing structure

Arkle Resources (AIM:ARK) is pleased to announce the results from the
Company's December 2023 drilling programme at the Inishowen Co. Donegal gold
prospect. These results expand the strike length of the known gold bearing
structure with grades of up to 1.65 g/t gold over 0.8m gold from split core
samples.

Assay results include:

 

 Hole ID     From (metres)  To (metres)  Length (metres)  Gold grade (g/t)
 23-MR-13    23.50          24.70        1.20             0.52
 23-MR-14*   33.00          41.00        8.00             0.30
 *including  33.00          35.05        2.05             0.51
 *including  39.45          41.00        1.55             0.65
 23-MR-15    33.00          33.80        0.80             1.65
 23-MR-16    53.20          53.80        0.60             0.31

 

Table 1: Highlights of drill results.  Vein was drilled perpendicular to vein
strike.  Vein estimated to dip at around 80 degrees.  All lengths reported
as downhole widths not true width.

Gold grades were found within both quartz veins but also within fault gouge
and surrounding wall rock. Core loss was encountered within 23-MR-14 and if
fault gouge had washed out, grade may have been reduced. In future, drilling
is expected to use triple-tube in order to limit the core-loss.

 

John Teeling, Chairman of Arkle Resources, commented: "We are encouraged by
the results of our drilling programme at Inishowen. The discovery of gold
mineralisation in multiple holes along strike demonstrates that the main vein
continues northwards as predicted but will now require further drilling to
truly evaluate its potential.  We are not deterred by the lower grades in
this recent drilling campaign as this is typical in these types of systems and
we expect grades and widths to fluctuate along strike. We look forward to
further exploration and development of this project."

 

Further Information

Four drill holes were completed during this phase of drilling totalling 220.4
metres.  The first two drill holes, 23-MR-13 and 23-MR-14 were drilled from
the same drill pad at 45 and 70 degrees respectively, targeting the main vein
at the Meeneragh target which was found during the previous trenching
campaign.  Hole 23-MR-13 intercepted the vein from 23.50m and returned
0.52g/t gold over 1.2 metres.  Hole 23-MR-14 incepted the vein at 33 metres
returning a grade 0.3g/t over an interval of 8 metres, including 2.05 metres
at 0.51g/t gold.  Due to significant core loss, the directors believe that
the grade is under represented.  23-MR-15 and 23-MR-16 were drilled 50 metres
along strike, also from one drill pad at 45 and 70 degrees respectively.
23-MR-15 intercepted the vein at 33 metres and returned a grade of 1.65g/t
gold over 0.8 metres.  23-MR-16 intercepted the vein at 53.20 metres grading
0.31g/t gold over 0.6 metres.  All core was drilled at NQ size.  Half core
was sent for analysis to ALS Laboratories in Loughrea, Ireland. Regular blanks
and standards were inserted in the sample stream for QA/QC purposes.  Samples
were prepared using PREP-31B crush to 70% less than 2mm, riffle split off 1kg
and pulverize split to better than 85% passing 75 microns. Multi-element
analysis was conducted using ME-ICP61 a four acid digestion with ICP-AES
finish. Gold was analysed using Au-AA26 ore grade fire assay.

 

This announcement has been reviewed and approved by Gavin Berkenheger (CGeol)
in his capacity as the Qualified Person for the purposes of the AIM Note for
Mining, Oil and Gas Companies issued by the London Stock Exchange.

 

This announcement contains inside information for the purposes of Article 7 of
the Market Abuse Regulation (EU) 596/2014 as it forms part of UK domestic law
by virtue of the European Union (Withdrawal) Act 2018 ("MAR"), and is
disclosed in accordance with the Company's obligations under Article 17 of
MAR.

 

 

Enquiries:

 

 Arkle Resources PLC
 John Teeling, Chairman                 +353 (0) 1 833 2833
 Jim Finn, Finance Director             +353 (0) 1 833 2833

 SP Angel Corporate Finance LLP

Nominated Adviser & Joint Broker
 Matthew Johnson                          +44 (0) 203 470 0470
 Adam Cowl
 Kasia Brzozowska

 First Equity Limited
 Joint Broker
 Jason Robertson                          +44 (0) 207 374 2212

 BlytheRay                                +44 (0) 207 138 3204
 Megan Ray

 Teneo
 Luke Hogg                                +353 (0) 1 661 4055
 Alan Tyrrell
 Fia Long
 Alan Reynolds

 

Information for Editors

Arkle is a diversified exploration company with lithium exploration licences
in Ireland, Zimbabwe and Botswana and gold and zinc projects in Ireland.

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