REG - Unicorn Mineral Res. - Commencement of Gravity Geophysical Survey

Unicorn Mineral Resources Public CoAnnouncement

15/07/2024 07:00

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RNS Number : 3144W  Unicorn Mineral Resources plc  15 July 2024

Unicorn Mineral Resources

("Unicorn" or "the Company")

15 July 2024

 

Commencement of Gravity Geophysical Survey at the Kilmallock Block Project

 

Unicorn Mineral Resources Plc (LSE: UMR), a mineral exploration and
development company based in Ireland, is pleased to announce that gravity
geophysical survey work is set to commence this week on its wholly owned
Kilmallock Block Project located in southern County Limerick ("Kilmallock").

Kilmallock extends over an area of 136.65km(2) and consists of three
contiguous Prospecting Licences (PL's 1945, 3249 and 3582), which are also
contiguous with, and located approx. 15km along strike to the west, from TSX-V
listed Group Eleven Resources Corporation's ("Group Eleven") newly discovered
Ballywire Zinc-Lead-Silver Deposit. Recent diamond drilling exploration by
Group Eleven, which followed similar gravity geophysical work programs,
confirmed "robust mineralisation at Ballywire over a strike length of over
2.6km" and followed up on previously identified gravity-high anomalies "over a
strike-length of 6km and some of the highest silver values ever attained in
Ireland" (as per Group Eleven news releases dated 11 June 2024 and 4 April
2024).

Whilst the Company advances its review of additional near-term mining
production opportunities in East and Southern Africa, it is also continuing to
advance exploration activities on its base metals projects in Ireland. The
gravity geophysical survey work to now commence at Kilmallock is targeting a
Lisheen / Pallas Green style, Waulsortian Reef hosted zinc-lead-silver deposit
to depths of between 100m and 350m. This work follows successful historical
exploration work at Bulgaden and Ballycullane which discovered high grade
mineralisation and the presence of the well-developed Waulsortian Reef, that
extends across almost the entire block at Kilmallock.

Historic, widely spaced, regional scale, gravity survey work at Kilmallock has
already identified a strong regional gradient dipping to the south. However,
this data is not detailed enough for the Company to develop drill targets or
plan the next stage of its drilling programs. This new work to now commence,
will both extend and enhance the gravity coverage to survey the area of
subcropping Waulsortian Reef result in gravity coverage to a nominal density
of 250 x 250m. This will allow for detailed modelling, enabling the Company's
technical team to generate drill targets for the next phase of its planned
exploration at Kilmallock.

Gravity surveying and associated 3D modelling has proven to be a very
successful exploration tool used by Group Eleven to identify anomalous areas
that are spatially coincident with sulphide mineralisation and alteration.
Based on the anomalies identified by Group Eleven's gravity survey, they were
able to establish drill targets which led to the discovery of the neighbouring
Ballywire Zinc-Lead-Silver Deposit and where the best drill intersection to
date has been reported as 29.6m of 10.6% Zn+Pb (4.0% Zn and 6.6% Pb), 78
g/t Ag and 0.15% Cu  including  12.9m of 16.6% Zn+Pb (5.8% Zn and 10.8%
Pb), 123 g/t Ag and 0.19% Cu, and 5.2m of 24.1% Zn+Pb (2.8% Zn and 21.3%
Pb), 76 g/t Ag and 0.10% Cu.

The Company expects to be able to announce the results of the survey at
Kilmallock by the end of July, along with its audited accounts for the year to
31 March 2024.

 

Patrick Doherty, Chairman Unicorn Mineral Resources, said:

"We are excited about this phase of exploration work to now commence at
Kilmallock.

Our neighbours, Group Eleven, have demonstrated how effective this geophysical
survey work can be as an exploration tool and in generating drill targets. The
results from their Ballywire Zinc-Lead-Silver Deposit, which is contiguous to
and just 15km along strike from Kilmallock, have clearly demonstrated the
high-grade mineralisation in the Waulsortian Reef.

Whilst this work is ongoing the Board continues to complete due diligence work
and evaluate a number of advanced mining project opportunities in East and
Southern Africa and we are aiming to update on these in the near future.

I look forward to providing further updates on the progress and results from
this work at Kilmallock."

 

This announcement contains information which, prior to its disclosure, was
inside information as stipulated under Regulation 11 of the Market Abuse
(Amendment) (EU Exit) Regulations 2019/310 (as amended).

 

For further information, please visit www.UnicornMineralResources.com
(http://www.UnicornMineralResources.com)  or contact:

 

 Unicorn Mineral Resources Plc                     Novum Securities Limited - Financial Adviser and Broker

 John O'Connor, CFO                                David Coffman / George Duxberry

 Tel: +353 86 259 5123                             Colin Rowbury

 Email: John.OConnor@UnicornMineralResources.com   Tel: +44 (0)207 399 9400

 Gathoni Muchai Investments
 Faith Kinyanjui Mumbi

 info@gathonimuchaiinvestments.com

 

 

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