REG - Arkle Resources PLC - Lithium pegmatites discovered at Mine River

Arkle ResourcesAnnouncement

12/01/2023 07:01

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RNS Number : 4458M  Arkle Resources PLC  12 January 2023

 

12 January 2023

 

Arkle Resources PLC

 

("Arkle" or the "Company")

 

Lithium bearing pegmatites discovered at Mine River

 

Arkle (AIM: ARK) is delighted to announce the discovery of lithium (Li(2)O)
bearing pegmatites in its Mine River Block on the Wexford/Wicklow border in
Ireland.  Of the 34 rock chip samples collected late last year, six returned
lithium grades over 0.02% Li(2)O with one sample assaying 0.09% Li(2)O from
the Bunclody area.  Elevated lithium also correlated with enriched levels of
Caesium (Cs) Rubidium (Rb) and Tantalum (Ta), which are known pathfinder
elements for Lithium.  The Directors believe these results are compelling as
it suggests the Mine River Block is fertile for Lithium Caesium Tantalum (LCT)
pegmatite deposits.

 

John Teeling, Chairman of Arkle, commented: "These are exciting results. We
have discovered lithium on our licences.  We found the rock type needed,
pegmatites, and in the pegmatites found lithium and other indicator minerals.
 This opens compelling new opportunities for our Mine River Block.
 Prospecting will resume in the near future".

 

                                  Table 1
Highlights of results for lithium as well as pathfinder elements

 SAMPLE    Li ppm  % Li2O  Cs ppm  Rb ppm  Ta ppm
 AA-01104  100     0.022   26      434     1
 AA-01118  100     0.022   7       81      2
 AA-01120  100     0.022   15      239     13
 AA-01122  150     0.032   47      379     1
 AA-01123  100     0.022   10      301     1
 AA-01131  420     0.090   35      273     1

 

 

The six samples that returned elevated lithium were all pegmatite rock
boulders collected around mapped granite bodies.  The geochemical results
demonstrate clear pathfinder elements, which can be used in the targeting of
pegmatites in future soil surveys.  The results also show a correlation
between the lithium bearing pegmatites and north-west south-east trending
faults.  These fault structures, as well as newly identified mafic and
ultramafic bodies to the south-east, have been selected as target areas for
the coming months.  Once the main areas of interest have been identified,
follow up soil surveys will aim to locate areas for trenching and drilling.

 

The recent results follow on from the initial prospecting work over mapped
granite bodies in the Company's Mine River licence block.  Although the
Company has been focused on gold until now, the markets and work of companies
in neighbouring licences have driven a revaluation of the ground for other
elements.

 

The aim of the reconnaissance work at Mine River was to locate and collect
specimens of granite, pegmatite, and aplite for geochemical analysis.  All
three rock types were discovered and 34 samples were sent to ALS Life Sciences
in Loughrea, Ireland for geochemical analysis.  All samples were analysed for
trace elements using lithium borate fusion prior to acid dissolution followed
by ICP-MS and ICP-AES for a full suite of 44 elements.  Conversion of lithium
parts per million ("ppm") results to percent Li(2)O involved dividing the ppm
results by 10,000 to give a percentage and then multiplying by 2.153 to obtain
Li(2)O equivalent.

 

Background

 

The Mine River Block is proximal to the known lithium bearing Leinster
Granite, lying to the west and contiguous with the International Lithium Corp.
- Ganfeng Lithium Co. Ltd joint venture where a large zone of lithium bearing
pegmatites and aplites has been discovered.

 

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                                +44 (0) 207 138 3204
 Megan Ray
 Rachael Brooks

 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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