Drilling planned at Stonepark

RNS Number : 3627K

Arkle Resources PLC

21 April 2020

 

This announcement contains inside information for the purposes of Article 7 of Regulation (EU) 596/2014.

21 April 2020

Arkle Resources PLC

("Arkle" or the "Company")

Drilling planned at Stonepark

Drill program planned for August 2020 subject to Covid-19 restrictions

Arkle Resources PLC (LON: ARK), the Irish gold and zinc exploration and development company, is pleased to provide an update on planning and permitting underway at the Stonepark Zinc Project in Co. Limerick, Ireland.  Project operator, Group Eleven Resources Corp. ("Group Eleven"), has indicated its intention to recommence drilling in August 2020, subject to Covid-19 restrictions.  Arkle will maintain its 23.44% stake in the Stonepark project.

Patrick Cullen, Chief Executive Officer of Arkle, commented,  " Understandably, there have been delays to progress during current Covid-19 restrictions, but planning for drilling is underway and discussions continue with third parties regarding the future of Stonepark.

"We are pleased to see our partner's continued focus at Stonepark as a key project in the Limerick Basin, which Group Eleven believes has the potential to host a Tier-1 discovery such as the Navan zinc deposit.

"We're excited to continue to investigate the highly prospective target area around Kilteely as well as the options for resource expansion and look forward to updating shareholders once activities recommence."

Overview of Stonepark Zinc Project

This joint venture with Group Eleven in County Limerick, contains a maiden Inferred Mineral Resource totalling 5.1 million tonnes at 8.7% zinc and 2.6% lead, occurring at depths from 190m to 395m below surface.  The project lies adjacent to Glencore's Pallas Green deposit which contains 45.4 million tonnes at 7% zinc and 1% lead, from   300m to 1,300m below surface (Glencore; Resources and Reserves as at 31 December 2019).

Drilling results announced on 7 May 2019 identified the outer margin of a potential new Irish-Type zinc system 10 kilometres southeast of Glencore's Pallas Green deposit, along the postulated 'Pallas Green corridor'.  Drill hole G11-450-02 ('the Kilteely hole') intersected a 230m thick hydrothermal system displaying abundant sulphide mineralisation with elevated zinc.  This two-by-five-kilometre swath of prime ground in the Kilteely area, represents a geological mirror image of the Pallas Green system on the opposite side of the volcanic complex that lies between.

Competent Person

This announcement has been reviewed and approved by Gavin Berkenheger (CGeol), who has sufficient experience relevant to the style of mineralisation under consideration and to the activities undertaken to qualify as Qualified Person for the purposes of the AIM Note for Mining, Oil and Gas Companies issued by the London Stock Exchange.

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 Teck Ireland Ltd. at the Oldcastle Zinc Project and with Group Eleven Resources Corp. at the Stonepark Zinc Project.

ENDS

Enquiries:

Arkle Resources PLC
John Teeling, Chairman	[phone]
Patrick Cullen, CEO	[phone]
	[phone]
SP Angel Corporate Finance LLP
(Nominated Adviser and Joint Broker)
Matthew Johnson/Soltan Tagiev	[phone]
First Equity Limited	[phone]
Jason Robertson
Blytheweigh
Megan Ray	[phone]
Teneo	[phone]
Luke Hogg	[phone]
Alan Tyrrell

 

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