REG - Unicorn Mineral Res. - Results of Gravity Surveying at Kilmallock

Unicorn Mineral Resources Public CoAnnouncement

30/07/2024 07:00

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RNS Number : 2824Y  Unicorn Mineral Resources plc  30 July 2024

 

 

30 July 2024

Unicorn Mineral Resources Plc

 

("Unicorn" or the "Company")

 

Gravity Survey Results Identifies Five Strong and High-Priority Drill Target
Anomalies at Kilmallock

 

Unicorn Mineral Resources Plc (LSE:UMR), a mineral exploration and development
company exploring for zinc, lead, copper and silver, with its main focus at
present being the "Limerick Basin" in Ireland, is pleased to provide an update
on the key findings from the recently conducted gravity geophysical survey at
the Kilmallock Block Project located in southern County
Limerick ("Kilmallock").

 

Ø Kilmallock is situated 20km south of Glencore's "Pallas Green lead and
zinc" prospect and contiguous with, and 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

Ø The gravity geophysical survey was undertaken by geophysical contractors
BRG and has been completed over the past two weeks

Ø A total of 174  gravity stations survey points were established across the
Kilmallock licence block

Ø Data was collected using a LaCoste and Romberg gravimeter and corrected for
various factors including instrument drift, elevation latitude, Bouguer and
Free Air

Ø These results have been combined with the historic regional data to
generate a detailed grid across the subcrop of the main target horizon, the
Waulsortian Reef

Ø The results from the gravity survey have undergone detailed modelling and a
number of high-priority drill targets have now been generated from the five
main gravity anomalies identified from Bouguer Anomaly, Residual, 1st Vertical
Derivative, and Analytic Signal modelling

Ø The five high-priority potential drill targets are all located on discrete,
strongly anomalous zones with marked positive gravity responses located in
regions underlain by prospective stratigraphy and structure

Ø A comparison of the Kilmallock gravity survey with that of Group Eleven's
2023 gravity  survey at the adjoining Ballywire Zinc-Lead-Silver Deposit
confirms that they are strongly analogous

Ø Group Eleven has been using their gravity model to help target drill
targets which led to the discovery of the 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

 

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

"The recent gravity geophysical programme on Unicorn's Kilmallock property in
the Limerick Basin has produced some very positive results and identified a
series of high-priority drill target anomalies in areas underlain by
prospective geology and structure.

 

Our technical team led by Dave Blaney are highly encouraged by these results,
particularly given the progress made by our neighbours, Group Eleven, who own
licences contiguous and immediately along strike from ours, and where similar
survey work led to a drill programme that confirmed robust lead and zinc
mineralisation, including some of the highest silver values ever attained in
Ireland.  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."

 

Gravity Surveying Update

Unicorn Mineral Resources has just completed a 174 station gravity survey
designed to test the region of subcropping Waulsortian Reef at the Kilmallock
licence block in County Limerick. The Gravity surveying was carried out by
geophysical contractors, BRG Ltd., and the data was acquired using a LaCoste
and Romberg gravimeter, with each measurement point surveyed using a Trimble
R10 RTK unit with a TSC5 controller. The data was merged with the historic,
widely spaced dataset to produce a grid with a nominal spacing of 250 x 250m.
The newly acquired data was levelled to tie in with the historical gravity
dataset. The data was then gridded, a third order regional trend was removed,
then filtered by calculation of the first vertical derivative and the Analytic
Signal, to supplement the target generation process.

 

The rationale for gravity surveying was two-fold. Firstly, the 2023 drilling
by Unicorn Mineral Resources at the Bulgaden and Ballycullane mineral
occurrences intersected zinc, lead rich sulphide mineralisation and ground
preparation in the form of well developed brecciation. Interpretation of the
drilling results indicate that the Bulgaden / Ballycullane mineralisation
could possibly be the distal part of a much larger mineralising system. The
prospective target, a basal Waulsortian Reef, Pallas Green type analogy, lies
at depths of less than 250m across a large tract of the Kilmallock Block along
strike to the east and west of the Bulgaden / Ballycullane deposits. This is a
depth range where gravity surveying as an effective exploration tool.
Secondly, Group Eleven Resources have been using gravity surveying to assist
with the targeting of their recent drilling campaign at the Ballywire deposit,
located just 15km along strike to the east. The most up to date published
results from this drilling programme are highly encouraging, with their best
hole so far being recently announced.

 

The location of the recent gravity survey, the regional licence position and
geological setting are presented as Figure 1.

 

Figure 1: Kilmallock Gravity Survey and Regional Context

The combined Unicorn Mineral Resources and regional historic gravity data was
used to generate a gravity model for the entire the Kilmallock Block. From
this data a core area of interest was identified straddling the three licences
and centred on the Bulgaden area on PL3249 (Figure 2).

 

Figure 2: Kilmallock Gravity - Residual - black polygon zoom in Figure 3

 

Figure 3: Kilmallock Gravity - Residual Zoomed in

 

The residual gravity map shown in Figures 2 and 3 exhibits several blocks of
elevated gravity that are well constrained by the combined 2024 gravity data
and the historical data. These anomalous zones are labelled "A" to "E" in
white on Figure 3. The zones of elevated gravity outlined in Figure 3 extend
along strike over a length of approximately 7 km and are 1 to 1.5 km wide.
Anomaly "E" is not as prominent as anomalies "A" to "D" after filtering. The
north-eastern portion of PL 3582 is underlain by prospective Waulsortian Reef
but is not as well covered by gravity data so the eastern end of the series of
gravity highs remains open. Also of interest, is that the south-western area
from the 2024 data is not associated with a strong gravity high

 

First vertical derivative modelling (Figure 4) highlights the locations of the
edges of bodies that give rise to the observed residual gravity anomalies.
Where the first vertical derivative changes sharply from negative to positive
(or from positive to negative) it indicates the location of the edge of a
density anomalous body. At the exact locations of residual gravity highs "A",
"B" and "D", a bullseye high of the first vertical derivative with steeply
dropping edges is observed. The residual gravity high marked "C" does not have
a corresponding bullseye on the first vertical derivative, and gravity high
"E" is present but less prominent.

 

Figure 4: Kilmallock Gravity First Vertical Derivative

 

The Analytic Signal of the Bouguer Anomaly data (Figure 5) is generated by
advanced modelling of three directional derivatives (in the x, y and z
directions).  Similar to the first vertical derivative, the Analytic Signal
is significantly elevated at the locations of residual gravity highs "A", "B"
and "D", but is less prominent at "E" and very subdued at "C".

 

Figure 5: Kilmallock Gravity Analytic Signal

 

 

The recent gravity survey has been focused on the region where the target
horizon, the Waulsortian Reef, sub-crops, and the modelled target depth is
<250m. Within this target depth range gravity surveying has the potential
to define anomalies that are related to density contrasts within the
underlying bedrock. These anomalies may be caused by zones of thick sulphide
mineralisation that have a high specific gravity and contrast strongly with
the surrounding rock mass. Further work is required to ground truth and define
these anomalies before diamond drilling can commence.

 

 

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).

 

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).

 

- ENDS -

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

                                                                                David Coffman / George Duxberry

 John O'Connor, CFO                                                             Colin Rowbury

                                                                                Tel: +44 (0)207 399 9400

 Tel: +353 86 259 5123

 Email: John.OConnor@umr.ie

 Gathoni Muchai Investments

 Faith Kinyanjui Mumbi

 info@gathonimuchaiinvestments.com (mailto:info@gathonimuchaiinvestments.com)

 

 

 

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