REG - Arkle Resources PLC - Significant Zinc Target Discovered

Arkle ResourcesAnnouncement

16/06/2022 11:00

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RNS Number : 1447P  Arkle Resources PLC  16 June 2022

 

 

16 June 2022

 

Arkle Resources PLC

 

("Arkle" or the "Company")

 

Significant Zinc Target Discovered during Stonepark Drilling

 

Arkle Resources plc (AIM: ARK) is pleased to provide an update on drilling
progress at its Stonepark licence block. Stonepark with an inferred resource
of 5.1 million tonnes of 8.7% zinc and 2.6% lead (11.3% combined) is a joint
venture between Arkle which has a 23.44% interest and Group Eleven Resources
Corp. ("Group Eleven") which has a 76.56% interest. Group Eleven is the
operator. Today's Group Eleven detailed press release on the Stonepark
drilling can be viewed by following this link:
http://www.groupelevenresources.com/news/news/2022/
(http://www.groupelevenresources.com/news/news/2022/)

 

Highlights:

 

§ A major fault structure has been discovered in the drilling.

§ Hole G11-1253-01 showed a vertical displacement of the fault of at least
150 metres from 544 metres.

§ Hole G11-450-03 intersected a thick package of extensive brecciation and
pyrite.

§ Holes G11-450-03 and G11-1253-01 are 3.7km apart.

§ The results may point to a large and compelling zinc target a few hundred
metres to the north of hole G11-450-03.

§ The third hole, G11-2638-06, was drilled as a 150m step-out from the
historic drilling near the Stonepark West portion of the Stonepark MRE
(mineral resource estimate) and returned 6.0m of 0.626% Zn+Pb, starting at
409m including 0.15m of 10.62% Zn+Pb, 0.25m of 3.73% Zn+Pb, as well as, a
number of other lower grade intervals.

 

John Teeling commented: "This is the first time that drilling at Stonepark has
found the fault system which is a vital part of Irish zinc discoveries. It is
very big with traces of zinc. This might well be the best target discovered on
the block. It needs to be drilled and will be. I strongly encourage
shareholders to look at the detailed results provided by Group Eleven in the
link above."

 

 

Details

 

Two holes out of the three drilled so far of the six hole drilling programme
being undertaken by Group Eleven have identified substantial structures that
are typically associated with large scale zinc deposits in Ireland. The
intense pyrite-mineralised breccia is similar to that found 5-10km away
associated with the Pallas Green zinc deposit. The major fault that cuts the
Waulsortian limestone will be the focus of future exploration as these
structures are highly prospective in Irish Style Zinc deposits.

 

The current six hole, 2,300-metre drill hole programme is 82% complete. The
first two holes were located in an area of the Stonepark block almost totally
undrilled, with the third hole near the Stonepark resource. The holes
completed so far were drilled to depths of 650m (Hole G11-450-03), 642m (Hole
G11-2531-01) and 519m (Hole G11-2638-06).

Summary of Best Results from Recent Drilling at Stonepark Project, Ireland

 Hole ID      From    To      Interval  Zn      Pb     Zn + Pb
              m       m       m         %       %      %
 G11-2531-01  539.13  540.10  0.97      0.142   0.027  0.169
 "            540.10  541.28  1.18      0.094   0.020  0.114
 "            541.28  542.03  0.75      0.102   0.005  0.106
 "            542.03  542.57  0.54      0.172   0.005  0.177
 Total        539.13  542.57  3.44      0.121   0.016  0.137
 and          590.85  591.04  0.19      0.556   0.002  0.558

 G11-2638-06  409.15  415.15  6.00      0.625   0.001  0.626
 Incl.        409.15  409.40  0.25      3.720   0.005  3.725
 Incl.        414.60  414.75  0.15      10.600  0.015  10.615
 and          422.30  423.20  0.90      0.142   0.011  0.153
 and          425.80  426.20  0.40      0.677   0.002  0.679

Hole G11-450-03 did not yield any significant zinc or lead intervals.

The remaining three holes of the programme will be drilled after Group Eleven
completes its ongoing drilling on their adjacent licences and will be testing
other key regional targets at Stonepark.

 

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.

 

ENDS

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
 Ciara Wylie                              +353 (0) 1 661 4055

Information for Editors

Arkle is a diversified exploration company with principal assets in gold and
zinc exploration licences across 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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