REG - Arkle Resources PLC - Drilling to start on the Inishowen gold project

Arkle ResourcesAnnouncement

30/11/2023 07:00

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RNS Number : 1244V  Arkle Resources PLC  30 November 2023

30 November 2023

 

Arkle Resources PLC

 

Drilling to start on the Inishowen gold project in Donegal

 

 

Arkle Resources (AIM:ARK) is pleased to announce that a drilling programme at
Inishowen Co. Donegal will begin this week.  The drilling is follow up to
work completed at the Meeneragh target and will aim to test the main gold
bearing outcrop.

 

Four holes are planned in this phase from two drill pads drilling at minus 45
and minus 70 degrees. The focus of this drilling programme will be on the main
vein target that was discovered in earlier work.  The vein that was
discovered produced intercepts of 3.05 metres at 5.8g/t gold and 4.82 metres
at 5.48g/t gold. Drilling will aim to intercept this vein at different depths
and along strike to determine vein continuity.  Further drill holes have been
permitted but will be results dependant.

 

John Teeling, Chairman, commented. "It is good to get back on the ground again
at Inishowen.  This new round of drilling will test to see if we can trace
the main vein along strike and at depth.  We found high grade gold in the
area and we now aim to expand this."

 

Background

The Inishowen gold project is located on the Inishowen peninsula in north
County Donegal and comprises a prospecting licence totalling 46km squared.
Initial drilling success was achieved in 2016, with Arkle Resources being the
first company known to drill specifically for gold in the area.  Drilling by
Arkle at the Meeneragh prospect gave intercepts of 3.05m grading at 5.8g/t
gold and 4.82m at 5.48g/t gold.  The targets are similar (mesothermal veins)
and hosted in similar geology (Dalradian) to the gold deposits at Cavanacaw
and Curraghinalt in Tyrone over 40km away to the south.   The main target
area at Meeneragh now extends over 750m.  The historic high grade boulders in
the surrounding fields demonstrates that there may be more unidentified veins
which would be expected in this type of geological setting.

 

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/Adam Cowl                +44 (0) 203 470 0470

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

 BlytheRay
 Megan Ray                                +44 (0) 207 138 3204

 Teneo
 Luke Hogg                                +353 (0) 1 661 4055

 

Information for Editors

Arkle is a diversified exploration company with principal assets in gold, zinc
and now lithium exploration licences in Ireland.  The Company currently has
two 100% owned gold projects (Mine River and Inishowen) and is in joint
venture with Group Eleven Resources Corp. at the Stonepark Zinc Project.

 

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