REG - Unicorn Mineral Res. - Results of drilling on Kilmallock Property

Unicorn Mineral Resources Public CoAnnouncement

27/09/2023 07:00

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RNS Number : 7353N  Unicorn Mineral Resources plc  27 September 2023

 

 

 

Unicorn Mineral Resources Plc

 

("Unicorn" or the "Company")

 

Results of exploration drilling on Kilmallock Property

 

Unicorn Mineral Resources Plc (LSE:UMR), a mineral exploration and development
company based in Ireland and exploring for zinc, lead, copper and silver, is
pleased to announce the results of the exploration drilling programme
conducted in the summer of 2023 on its flagship project "Kilmallock ", in the
"Limerick Basin" in Ireland and  situated 20km south of Glencore's "Pallas
Green Lead and Zinc" prospect.

Highlights

Ø The exploration drilling programme consisted of seven holes for a total of
1,532.7m of coring, designed to extend the mineralised body, assess ground
conditions, and define the geological / structural setting.

 

Ø This phase of drilling has confirmed the presence of prospective basal
Waulsortian Reef hosted, Pallas Green style, Black Matrix (BMB) / Polymictic
(PMB) breccias that are mineralised with low to medium grade zinc lead
sulphides and oxides, UMK-004 intersected 2.8m grading 4.25% Zn / 0.47% Pb /
3.6g/t Ag.

 

Ø The drilling at the Bulgaden Target UMK-003 => 008 confirmed that the
region is structurally complex with NNW striking, enechelon, ramp-relay normal
faults with a throw of between 60 - 80m to the east. It also established that
oxidation of the basal Waulsortian Reef and the breccia hosted sulphide
mineralisation is developing from the north and is more extensive than
previously thought.

 

Ø Drilling at the shallow Ballycullane deposit (UMK-002A) was affected by
recovery issues in a technically challenging drilling environment. However,
material recovered (including sludge samples) contained unexpectedly high
grade Silver assay results, 8.0m at a grade of 59.69g/t Ag, with a peak value
of 85g/t Ag.

 

Ø Previous drilling on the Kilmallock Property has intersected significant,
high-grade zinc, lead, and silver mineralisation at a number of zones,
including one 3.8m intercept with 14.66% zinc, 4.8% lead and 133.79 g/t silver
at a depth of 325m, leading Unicorn continues to believe that a major,
undiscovered, mineralising system is located in this region.

 

Paddy Doherty, Chairman of Unicorn Mineral Resources Plc, commented:

"The recent drilling programme on Unicorn's Kilmallock property in the
Limerick Basin has produced some positive results confirming the ground
preparation and alteration is analogous to that seen at the Pallas Green
Deposit some 20km to the north. This clearly confirms the area is part of a
significant mineralising system and has been interpreted to be located along
the northern margin of this system.

 

The region to the south and southeast is relatively untested by historic
drilling and remains highly prospective. In addition, recent drilling by
another operator on the Ballywire prospect 10km to the east of Kilmallock has
produced some excellent results which are highly encouraging for the southern
part of the Limerick Basin.

 

The exploration programme over the coming months will be designed to develop
and refine targeting for the next phase of drilling on this exciting project."

 

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

John O'Connor, CFO

Tel: +353 86 259 5123

Email: John.OConnor@UnicornMineralResources.com
(mailto:John.OConnor@UnicornMineralResources.com)

 

Novum Securities Limited - Financial Adviser and Broker

David Coffman / George Duxberry

Colin Rowbury

Tel: +44 (0)207 399 9400

 

 

About Unicorn Mineral Resources plc:

Unicorn Mineral Resources is an Irish mineral exploration company with a
strategic focus on the exploration for economic deposits of "Irish Type"
carbonate hosted copper / lead / zinc and silver mineral deposits in the Irish
Midlands Orefield. Unicorn have acquired a high-class land package using the
latest geological, structural, and mineralogical models to drive the target
generation programme. Unicorn has in house experience and expertise to run
exploration programmes and explore sole venture licences. Unicorn is dedicated
to creating shareholder value and will assess exploration and / or development
opportunities going forward including potential joint venture partners.

 

Summary of 2023 Drilling Results

 

Unicorn's first phase drilling programme at the Kilmallock project was
designed to follow up on historic high-grade zinc, lead, copper and silver
mineralisation discovered at Kilmallock. In this phase of work seven
exploration drill holes were planned to test for Waulsortian Reef hosted zinc,
lead, copper and silver mineralisation. The drilling was located in a region
where historic exploration had discovered, but left undefined and
undelineated, two high-grade mineralised bodies at Ballycullane and Bulgaden.
The Ballycullane mineralisation is dominated by shallow, sub-outcropping
oxides, probably related to a weathered massive sulphide body. The Bulgaden
zone is located 1.2km to the southeast and consists of primary and secondary
zinc / lead mineralisation, with a significant silver endowment.

 

The 2023 drilling programme tested the nature of the high-grade zinc / lead
rich oxide mineralisation at the Ballycullane zone with a single hole and the
Bulgaden, sulphide dominant target with six holes, designed to test for
extensions to the historic high-grade intersections and confirm the geological
/ structural context of the area. At Bulgaden hole depths ranged from 203 -
353m and the core was orientated so that structural measurements could be
obtained to allow for more effective structural modelling.

 

Drill collar location map with the recent UMR drilling, historic drilling
results and the geological setting are presented as Figure 1.

 

Figure 1: Kilmallock Historic Drilling Results and 2023 UMR drillhole
locations

 

 Hole ID            From    To      Thickness (m)  Zn %  Pb %  Ag g/t
 UMK-002A (Sludge)  0.00    8.00    8              0.15  0.03  59.69
 UMK-004            207.50  210.30  2.8            4.25  0.47  3.6
 UMK-007            192.90  193.60  0.7            0.72  0.04  2
 UMK-008            167.30  179.00  11.70          0.28  0.14  1

Table 1: Significant Assay Results

 

The significant drilling results from the 2023 drilling programme are
presented as Table 1. The location of the significant results from the recent
Bulgaden drilling is presented as Figure 2.

 

Figure 2: Bulgaden drill collars and 2023 significant results

Drillholes UMK-007 and 008 intersected oxidised and karstic Waulsortian Reef
with relic sulphide textures, in particular, collomorphic banding and
lamination. The primary sulphides have mostly been replaced by carbonates and
only minor relic zinc and lead mineralisation remains. It is considered likely
that the oxidation has replaced a sequence of high grade sulphides hosted by
basal Waulsortian Reef breccia bodies. The relatively shallow nature of the
northern part of the Bulgaden zone has facilitated the development of
oxidation and karstic dissolution, the southern part of the deposit is
dominated by primary sulphide mineralisation. Hole UMK-007 intersected a zone
of partially oxidised, massive sulphides that are dominated by pyrite (FeS)
with minor amounts of fine grained grey sphalerite (ZnS).

 

UMK-004 was drilled to the southeast and intersected well developed Pallas
Green style, BMB and PBM style brecciation and alteration over the basal 15m
of the Waulsortian Reef. The brecciation hosts disseminated and stringer style
sphalerite and galena (PbS). A zone of pyrite dominant breccias approximately
8m thick overlies the base metal rich sulphide zone.

 

Drilling along the western side of the Bulgaden zone between historic
mineralised holes 3249-14 and 3249-19 intersected a series of NNW striking and
easterly dipping Normal Faults with an enechelon, right stepping, ramp-relay
structure. The UMR drilling in holes UMK-003 and 005 intersected the relay
ramp offsets between the mineralising normal faults and drilled through the
faults from the prospective hangingwall to the unprospective footwall side.

 

Figure 3: Bulgaden Geology and Diamond Drilling

(Colour coded icons representing metal content simplified to: Zn+Pb Grade x
thickness - see table 2)

 

 HistoricHole_ID  East       North      Thickness  Zn%    Pb %  Zn+Pbm%
 3249-14          163022.00  129637.00  6          10.43  1.78  73.26
 3249-16          163003.00  129814.00  12         4.29   0.91  62.40
 3249-18          163155.00  129714.00  2.4        12.76  2     35.42
 3249-19          163022.99  129450.21  6          3.06   0.91  23.82
 3249-19          163022.99  129450.21  5.3        9.55   2.09  61.69
 3249-24          163068.98  129470.05  10.5       8.34   1.52  103.53
 3249-25          163020.00  129500.00  4.5        16.53  1.25  80.01

Table 2: Historical Assay Composites - Bulgaden

 

Section A - A' (Figure 4) is a West to East section through the southern part
of the Bulgaden Zone. The mineralisation is focused within the basal part of
the Waulsortian Reef hosted by breccias, and developed along the eastern,
hangingwall side of the NNW striking Normal Fault. This fault has a throw of
approximately 60m to the east and controls the emplacement of the
mineralisation. The mineralisation is located at a depth of approximately 300m
and consists of a series of high grade lenses. UMR drilled hole UMK-006
approximately 70m to the east, this hole intersected a fault zone close to the
base of the Waulsortian Reef, drilling through the fault into the underlying
Argillaceous Bioclastic Limestone Formation and failed to test the critical
basal 30m of the Reef succession.

 

 

Figure 4: West - East Drill Section A - A'

 

Figure 5: North - South Drill Section B - B'

 

Section B - B' is a north-south section across the Bulgaden Zone. The base of
Waulsortian Reef contact can be seen to shallow to the north, stepping up
through a series of Relay ramp structures. The UMR drillholes are extrapolated
onto the line of section and can be clearly seen to have drilled through the
fault zone (black hatching on drill UMR drill traces) and finished at a much
shallower depth on the footwall side of the structure.

 

 

Competent Person Statement

The information in this release that relates to exploration results is based
upon information reviewed, assessed and compiled by EurGeol Dave Blaney,
B.Sc., M.Sc., P.Geo. who is a Professional Geologist accredited by the
Institute of Geologists of Ireland. Mr Blaney is a Director, COO and
shareholder of Unicorn Mineral Resources Plc. Mr Blaney has sufficient
relevant experience with the style of mineralisation and types of deposit
under consideration and to the activity which has been undertaken, to qualify
as a Competent Person as defined by the Pan-European Standard for Reporting of
Exploration Results, Mineral Resources and Reserves (The PERC Reporting
Standard).

 

 

- ENDS -

 

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