Discovery of Gold Bearing Vein at Mine River

RNS Number : 6457G

Arkle Resources PLC

26 November 2020

 

26 November 2020

Arkle Resources PLC

("Arkle" or the "Company")

Discovery of Gold Bearing Vein at Mine River

-  Visible gold mineralisation discovered during recent trenching programme

-  New discovery hosts gold within bedrock and is 750m along strike from Tombreen drillhole (8m at 4.5g/t gold)

-  Gold soil anomaly measuring 250m long by 150m wide identified for follow up exploration

Arkle Resources PLC (AIM:ARK) is pleased to announce the discovery of a new gold bearing vein during their recent trenching programme.  The site is located 750m along strike from the Tombreen target at their wholly owned Mine River Project in county Wicklow/Wexford, Ireland.  

John Teeling, Chairman, commented:  

"We are delighted with the discovery of a new gold bearing vein in an area near our Tombreen target which has had little historic exploration, this discovery is why Arkle continues to believe in the potential of Gold in Ireland.

"Given these results, we intend to quickly move forward with our exploration efforts.  Our key priority now is to further test the extent and orientation of the mineralised zone and progress towards a fully funded drilling programme.  We look forward to providing further updates to the market as work progresses."

The recent trenching programme at Mine River was conducted following the results of a large scale soil sampling programme which identified multiple areas for potential gold discoveries.  The first trench was a great success with visible gold noted within a vein found in bedrock.  Analysis of the vein revealed high grade gold at 5.5g/t.  The area that was trenched focused on a gold soil anomaly measuring 250m long by 150m wide.  Further areas of interest are yet to be trenched.

The November trenching programme was conducted at seven of the proposed ten sites with four of the seven trenches locating partial bedrock within 1.5m depth using a back hoe excavator.  A total of 62 rock chip grab samples were taken which included bedrock and float located within the over lying soil.  Samples averaging 3kg in weight were assayed at ALS Laboratories using fire assay and ICP spectrometry.

Of the 62 samples, four revealed gold grades of significance, this included 5.5g/t within a blue quartz vein measuring around 25cm wide, 0.19g/t in blue quartz and 0.05g/t also in blue quartz rock.  All three samples were located in bedrock in Trench 1.  The fourth significant sample returned 0.14g/t gold in an oxidised black shale boulder found within the soil above trench location 8.  Structural measurements were also obtained which will help the follow up drilling.

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.

Market Abuse Regulation (MAR) Disclosure

Certain information contained in this announcement would have been deemed inside information for the purposes of Article 7 of Regulation (EU) No 596/2014 until the release of this announcement.

ENDS

Enquiries:

Arkle Resources PLC
John Teeling, Chairman	[phone]
Jim Finn, Finance Director	[phone]
SP Angel Corporate Finance LLP Nominated Adviser & Joint Broker
Matthew Johnson/Adam Cowl	[phone]
First Equity Limited
Joint Broker
Jason Robertson	[phone]
Blytheweigh	[phone]
Megan Ray
Rachael Brooks
Teneo
Luke Hogg	[phone]
Ross Murphy	[phone]

 

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