Exploration Update on Arkle Gold Projects

RNS Number : 8267D

Arkle Resources PLC

02 November 2020

 

2nd November 2020

Arkle Resources PLC

Please follow link to full announcement including Figures: 

http://www.rns-pdf.londonstockexchange.com/rns/8267D_1-2020-10-30.pdf

Exploration Update on Arkle Gold Projects

Arkle Resources PLC (LON: ARK), the Irish gold and zinc exploration and development company, is pleased to provide an update on the Company's wholly owned Mine River and Inishowen gold projects in Ireland.

Exploration in Donegal identifies new gold targets

The Company is pleased to  announce positive results from the extended soil sampling programme at the Inishowen gold project in County Donegal, Ireland. A programme for trenching and drilling is planned to commence shortly.

The results of the soil sampling at Inishowen (Figure 1 and 2) have identified new areas with similar geochemical signatures to the known Meeneragh gold discovery previously made by Arkle.

The soil sampling was conducted every 20 metres on 100 metre spaced lines over the area around Meeneragh, which is known to contain gold. A total of 803 samples were collected. Each sample weighed roughly 120g each and was obtained between 10 and 20cm below the surface. The Olympus Delta Standard XRF unit was used to assay the soil samples. QA/QC involved duplicate samples every 50 with unit calibration every 20. The gold indicators used were zinc and lead as determined from the previous rock and drill results. Grades can be observed in the attached exhibits and are in parts per million (ppm).

Figure 1 (Zinc Value Indicator)

Figure 2 (Lead Value Indicator)

Trenching commences on identified gold targets in Wexford / Wicklow

The Company is also pleased to announce that trenching has commenced on our Mine River Gold Project located on the Wicklow / Wexford county border. Arkle geologists are currently undertaking a trenching programme at 10 sites, previously identified as having gold indicator anomalies. The trenching work aims to identify new gold bearing structures and to retrieve structural and geochemical information before drilling takes place. This work follows on from the extensive soil sampling programme conducted during the past 2 years over the gold trend.

John Teeling, Arkle Chairman, commented:

"We are pleased to have received positive results from our Donegal gold exploration.  Strong gold indicators were discovered in a number of areas.

These results are encouraging and we have a programme of trenching and drilling planned which will begin shortly.

In addition, following extensive soil sampling already carried out, we have also commenced trenching multiple gold targets previously identified on our Mine River licence in Wexford / Wicklow."

Competent Person Statement

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]

 

END

 

 

UPDMMBFTMTJJBFM