Significant Zinc Target Discovered

RNS Number : 1447P

Arkle Resources PLC

16 June 2022

 

16 June 2022

Arkle Resources PLC

("Arkle" or the "Company")

Significant Zinc Target Discovered during Stonepark Drilling

Arkle Resources plc (AIM: ARK) is pleased to provide an update on drilling progress at its Stonepark licence block. Stonepark with an inferred resource of 5.1 million tonnes of 8.7% zinc and 2.6% lead (11.3% combined) is a joint venture between Arkle which has a 23.44% interest and Group Eleven Resources Corp. ("Group Eleven") which has a 76.56% interest. Group Eleven is the operator. Today's Group Eleven detailed press release on the Stonepark drilling can be viewed by following this link: http://www.groupelevenresources.com/news/news/2022/

Highlights:

§ A major fault structure has been discovered in the drilling.

§ Hole G11-1253-01 showed a vertical displacement of the fault of at least 150 metres from 544 metres.

§ Hole G11-450-03 intersected a thick package of extensive brecciation and pyrite.

§ Holes G11-450-03 and G11-1253-01 are 3.7km apart.

§ The results may point to a large and compelling zinc target a few hundred metres to the north of hole G11-450-03.

§ The third hole, G11-2638-06, was drilled as a 150m step-out from the historic drilling near the Stonepark West portion of the Stonepark MRE (mineral resource estimate) and returned 6.0m of 0.626% Zn+Pb, starting at 409m including 0.15m of 10.62% Zn+Pb, 0.25m of 3.73% Zn+Pb, as well as, a number of other lower grade intervals.

John Teeling commented: "This is the first time that drilling at Stonepark has found the fault system which is a vital part of Irish zinc discoveries. It is very big with traces of zinc. This might well be the best target discovered on the block. It needs to be drilled and will be. I strongly encourage shareholders to look at the detailed results provided by Group Eleven in the link above."

Details

Two holes out of the three drilled so far of the six hole drilling programme being undertaken by Group Eleven have identified substantial structures that are typically associated with large scale zinc deposits in Ireland. The intense pyrite-mineralised breccia is similar to that found 5-10km away associated with the Pallas Green zinc deposit. The major fault that cuts the Waulsortian limestone will be the focus of future exploration as these structures are highly prospective in Irish Style Zinc deposits.

The current six hole, 2,300-metre drill hole programme is 82% complete. The first two holes were located in an area of the Stonepark block almost totally undrilled, with the third hole near the Stonepark resource. The holes completed so far were drilled to depths of 650m (Hole G11-450-03), 642m (Hole G11-2531-01) and 519m (Hole G11-2638-06).

Summary of Best Results from Recent Drilling at Stonepark Project, Ireland

Hole ID	From	To	Interval	Zn	Pb	Zn + Pb
	m	m	m	%	%	%
G11-2531-01	539.13	540.10	0.97	0.142	0.027	0.169
"	540.10	541.28	1.18	0.094	0.020	0.114
"	541.28	542.03	0.75	0.102	0.005	0.106
"	542.03	542.57	0.54	0.172	0.005	0.177
Total	539.13	542.57	3.44	0.121	0.016	0.137
and	590.85	591.04	0.19	0.556	0.002	0.558
G11-2638-06	409.15	415.15	6.00	0.625	0.001	0.626
Incl.	409.15	409.40	0.25	3.720	0.005	3.725
Incl.	414.60	414.75	0.15	10.600	0.015	10.615
and	422.30	423.20	0.90	0.142	0.011	0.153
and	425.80	426.20	0.40	0.677	0.002	0.679

Hole G11-450-03 did not yield any significant zinc or lead intervals.

The remaining three holes of the programme will be drilled after Group Eleven completes its ongoing drilling on their adjacent licences and will be testing other key regional targets at Stonepark.

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.

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/Adam Cowl	[phone]
First Equity Limited
Joint Broker
Jason Robertson	[phone]
BlytheRay	[phone]
Megan Ray
Rachael Brooks
Teneo
Luke Hogg	[phone]
Ciara Wylie	[phone]

Information for Editors

Arkle is a diversified exploration company with principal assets in gold and zinc exploration licences across Ireland. The Company currently has two 100% owned gold projects (Mine River and Inishowen) and is in joint venture with Group Eleven Resources Corp. at the Stonepark Zinc Project.

 

END

 

 

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