Stonepark partner receives funding from Glencore

RNS Number : 9972P

Arkle Resources PLC

16 October 2019

 

16 October 2019

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

Arkle Resources PLC

("Arkle" or the "Company")

Joint Venture Partner Receives Funding from Glencore

Partner on the Stonepark Zinc Project, Group Eleven Resources Corp., has received funding from Glencore Canada Corporation

Arkle Resources PLC (LON: ARK), formerly Connemara Mining Company plc, the Irish gold and zinc exploration and development company, is pleased to note the agreement between Glencore Canada Corporation ("Glencore") and our partner at the Stonepark Zinc Project, Group Eleven Resources Corp. ("Group Eleven").  Arkle holds a 23.44% stake in the project.

Highlights

-      CAD 1,008,000 has been invested by Glencore (implying an equity interest of 11.58% in Group Eleven) of which 70% of the net proceeds has been covenanted to be spent between the Stonepark Zinc Project and Group Eleven's PG West licences

-      Glencore's Pallas Green deposit lies adjacent to the deposit located in the north of Stonepark

Patrick Cullen, Chief Executive Officer of Arkle, commented, "As we have said in the recent interim report, there is significant interest in the Stonepark Zinc Project.  The established Resource is higher grade and lies at shallower depths than the adjacent Pallas Green deposit.

"The recently drilled 'Kilteely hole' intersected the outer margin of potential new Irish-Type zinc system and there is a compelling case for further deep drilling in that area.  We look forward to further updates."

Further Information

A link to the Group Eleven announcement can be found here.

An updated presentation describing Arkle's current activities has been uploaded to the Company website and may be accessed here.

Overview of Stonepark Zinc Project

This joint venture with Group Eleven Resources Corp. in County Limerick, contains a maiden Inferred Mineral Resource totalling 5.1 million tonnes at 11.3% zinc and lead combined (8.7% Zn and 2.6% Pb), occurring at depths from 190m to 395m below surface. The project lies adjacent to Glencore's Pallas Green deposit which contains 45.1 million tonnes at 8% zinc and lead combined (Glencore; Resources and Reserves as at December 31, 2018).

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
Matthew Johnson/Soltan Tagiev	[phone]
First Equity Limited
Jason Robertson	[phone]
Blytheweigh	[phone]
Julia Tilley	[phone]
Jane Lenton	[phone]
Teneo
Luke Hogg	[phone]
Alan Tyrrell	[phone]

 

END

 

 

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