REG - Arkle Resources PLC - Update at Mine River

Arkle ResourcesAnnouncement

24/11/2021 07:00

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RNS Number : 3285T  Arkle Resources PLC  24 November 2021

 

 

24 November 2021

 

Arkle Resources PLC

 

("Arkle" or the "Company")

 

Update at Mine River

 

Arkle Resources plc (AIM: ARK) announces further results from its recent
exploration programme at Mine River on the Wexford/Wicklow border in Ireland.

 

Highlights:

 

·    Tombreen target has now grown to a 1.5km long, 750 metres wide gold
corridor

·    Trenching has discovered gold in rock at two new locations

·    Further drilling finds gold at Tombreen, Tombreen West and soil
anomaly A

·    Trenching of the B and C soil anomalies has identified further gold
mineralisation

·    Results of trenching include 2.15g/t Au and 1.47g/t Au in blue quartz

·    Drilling at Tombreen West identified 0.5 metres at 2.58g/t Au from
119.9 metres

·    Drill testing of soil anomaly A identified 0.5 metres at 0.9g/t Au
from 143.5 metres

·    Step out hole at Tombreen identified 2.0 metres @ 1.24g/t Au from 188
metres

·    Drilling has now ceased for 2021.  Results from the last hole are
expected within the coming weeks

 

 

Trenching was undertaken at soil anomaly B and C located South of Tombreen
West.  An excavator dug down to approximately 1.0-1.5 metres depth in a
straight line perpendicular to the anomalous trend.  Bedrock was discovered
in each trench and orientations were obtained.  Observations confirmed an
approximate 50 degree strike of the bedrock in Anomaly C which would link up
750 metres north-eastwards to Tombreen West.

 

Rock obtained from the trenches which exhibited elevated gold were considered
to be sub crop and were roughly 3kg grab samples.  Trenches 1 and 2 were
orientated over soil anomaly C and identified 1.47g/t Au and 0.83g/t Au
respectively in blue quartz and oxidised shale.  Trenches 3 and 4 were
orientated over soil anomaly B and identified 2.15g/t Au and 0.5g/t Au
respectively in blue quartz.

 

Results from drill hole 21-TB-12 at Tombreen West discovered 0.5 metres @
2.58g/t Au at 119.9 metres.  Drill results from hole 21-TB-13 discovered 0.5
metres @ 0.9g/t Au and hole 21-TB-14 retrieved 0.5 metres at 0.19g/t Au.
21-TB-13 and 21-TB-14 were both drilled within soil anomaly A south of
Tombreen Main.  Results from hole 21-TB-15 included 1 metre at 0.92g/t Au
from 180.6 metres and 2.0 metres at 1.24g/t Au from 188 metres.  21-TB-15 was
a step out hole from 21-TB-11 which intercepted 0.5 metres at 51.6g/t Au from
37.50 metres.  Results from 21-TB-16 remain outstanding.  Below is a table
of highlights from the recent drilling.

 

 Hole ID    From (metres)  To (metres)  Width (metres)  Au g/t
 21-TB-12   95.10          95.60        0.50            0.59
 21-TB-12   119.90         120.40       0.50            2.58
 21-TB-12   169.60         170.10       0.50            0.78
 21-TB-13   83.50          84.00        0.50            0.54
 21-TB-13   134.00         134.50       0.50            0.22
 21-TB-13   136.00         137.00       0.50            0.17
 21-TB-13   143.50         144.00       0.50            0.90
 21-TB-13   160.50         161.00       0.50            0.10
 21-TB-13   162.80         163.30       0.50            0.12
 21-TB-14   70.50          71.50        1.00            0.11
 21-TB-14   110.00         110.50       0.50            0.19
 21-TB-15   180.60         181.60       1.00            0.92
 including  180.60         181.10       0.50            1.47
 21-TB-15   186.00         186.50       0.50            1.02
 21-TB-15   188.00         190.00       2.00            1.24
 including  188.00         188.50       0.50            2.53
 21-TB-15   192.80         193.30       0.50            0.49

 

Exploration has finished for the season and results from the programme will
now be assessed to decide follow up action.

 

John Teeling, Chairman commented: "The Tombreen target continues to grow in
size.  Gold has been discovered in new areas along strike and at depth.
 Recent drilling has hit gold but not at the high grade of hole 21-TB-11
which contained 51.6g/t gold over 0.5 metres.

 

"Drilling has ceased for 2021 with the last results due in the coming weeks.
We will now analyse and evaluate what we have found. The gold system at
Tombreen is big and has multiple narrow veins.  The gold is "nuggety", making
it very hard to get consistent drilling results."

 

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

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

 Teneo
 Luke Hogg                              +353 (0) 1 661 4055
 Ciara Wylie                            +353 (0) 1 661 4055

 

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