Drilling Started on Stonepark Licence Block

Arkle Resources PLC

12 September 2024

 

12 September 2024

Arkle Resources PLC

("Arkle" or the "Company")

Drilling Started on Stonepark Licence Block in Limerick, Ireland

Arkle Resources PLC (AIM:ARK), has been informed by Group Eleven Resources Corp ("Group Eleven"), its partner on the Stonepark licence block (held 23.44% by Arkle and 76.56% by Group Eleven), that Group Eleven as the operator on the block, has begun a drilling campaign. The targets were identified in previous work and the programme intends on drilling 4-5 holes totalling 1,700m, focusing on the Carrickittle West area in the southern part of the block of 7 licences.

Highlights

•           A drill programme of 4-5 holes at Carrickittle West, Stonepark block, totalling approx. 1,700m (hole depths of 350m to 550m) testing the southern margin of the Limerick Volcanic Complex ("LVC"), a prospective area of approximately 11km in strike-length

•           Targets include areas of brecciation and mineralisation seen in previous drilling, the Kilteely volcanic centre and the SW extensions of the Coonagh Castle Fault first intersected by Group Eleven, in 2022

•           The volcanic centre at Kilteely, covering 2km x 6km, is the focus of renewed attention by the joint venture given its potential association with zinc mineralization - the only other interpreted volcanic centre in the LVC is located adjacent to the Glencore owned Pallas Green deposit which is 5km north of Carrickittle West which contains over 45 million tonnes of zinc/lead ore

Link to the Group Eleven press release can be found here:

https://www.groupelevenresources.com/news/news/2024/

John Teeling, Chairman of Arkle, commented, "Renewed drilling on the Stonepark block is very welcome news. Though down from recent highs, the price of zinc is very attractive. The target zones in the south of the 7 licence block were discovered by our partner Group Eleven in earlier drilling. 1,700m of drilling will be completed on 4 or 5 holes depending on the depths of the targets. The zones lie 5km from the large Pallas Green zinc discovery owned by Glencore."

Market Abuse Regulation (MAR) Disclosure

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	[phone]
Jim Finn, Finance Director	[phone]
SP Angel Corporate Finance LLP Nominated Adviser & Joint Broker
Matthew Johnson	[phone]
Adam Cowl
First Equity Limited
Joint Broker
Jason Robertson	[phone]
BlytheRay	[phone]
Megan Ray
Teneo
Luke Hogg	[phone]
Alan Tyrrell
Fia Long
Alan Reynolds

 

END