Commencement of drilling

Unicorn Mineral Resources plc

04 May 2023

 

Unicorn Mineral Resources Plc

("Unicorn" or the "Company")

Unicorn is to commence an exploration drilling programme on its Kilmallock Property in the week commencing 8 May 2023

Unicorn Mineral Resources Plc (LSE:UMR), a mineral exploration and development company based in Ireland and exploring for zinc, lead, copper and silver, with its main focus at present being the "Limerick Basin" in Ireland, where Unicorn's flagship project "Kilmallock " is situated 20km south of Glencore's "Pallas Green Lead and Zinc" prospect.

Ø Following on from confirmation from the Geoscience Regulation Office of the Department of Environment, Climate and Communications that drilling may proceed, Unicorn is planning to mobilise a drilling rig to its Kilmallock property in the week commencing 8 May 2023

Ø This phase of work will consist of an initial 6-hole drilling programme, using a single drilling rig, and comprising of approximately 1,250m of drilling, which is be expected to take approximately 12 weeks to complete.

Ø Five holes have been targeted in the areas of high-grade zinc, lead and copper mineralisation at the Ballycullane and Bulgaden Zones, with an additional  hole targeting a separate significant geochemical and geophysical anomaly delineated by recent surveying.

Ø Previous drilling on the Kilmallock Property has intersected significant, high-grade zinc, lead, and silver mineralisation at a number of zones, including one 3.8m intercept with 14.66% zinc, 4.8% lead and 133.79 g/t silver at a depth of 325m, leading Unicorn to believe that a major, undiscovered, mineralising system is located in this area.

Unicorn's first phase drilling programme at Kilmallock is designed to follow up on historic high-grade zinc, lead, copper and silver mineralisation discovered at Kilmallock. In this phase of work six exploration drill holes are planned to test for Waulsortian Reef hosted zinc, lead, copper and silver mineralisation. The proposed drilling is located in a region where historic exploration has discovered, but left undefined and undelineated, two high-grade mineralised bodies at Ballycullane and Bulgaden. The Ballycullane mineralisation is dominated by shallow, sub-outcropping oxides, probably related to a weathered massive sulphide body. The Bulgaden zone is located 1.2km to the southeast and consists of primary, massive sulphide mineralisation, rich in zinc and lead, with a significant silver endowment.

The proposal is to drill six holes to test the base of the Waulsortian Reef target zone for additional zinc and lead mineralisation. The drilling will be divided into three stages:

Stage 1 is designed to test the nature of the high-grade zinc / lead rich oxide mineralisation at Ballycullane with a single hole. This hole will be drilled using modern core recovery techniques to obtain representative samples from poorly consolidated, high-grade, oxide material. The material will then be sampled, analysed, and examined in detail to place it in geological context.

Stage 2 is a single, shallow hole targeted on a significant, untested zinc / lead deep overburden geochemical anomaly that is coincident with an Induced Polarisation geophysical anomaly and located at the critical Waulsortian Reef / Argillaceous Bioclastic Limestone (ABL) contact some 400m northeast of Bulgaden. It is anticipated that the first two phases will involve approximately 150m of drilling .

Stage 3 will be focused on the main Bulgaden target and will consist of c. 90% of the planned meterage. Four holes are proposed, and they are designed to test for extensions to the historic high-grade intersections made by Boliden in this area. Hole depths range from 225 - 350m and the holes will be drilled at an angle of -80^o to the north, allowing the core to be orientated so that Unicorn can take structural measurements and more effectively model the geological setting.

The planned drilling, placed into context with the historic drilling results and the geological setting are presented as Figure 1.

Figure 1: Kilmallock Historic Drilling Results and Proposed 2023 Drilling Targets

Target ID	East (Irish Grid)	North (Irish Grid)	RL	Dip	Azimuth	Total Depth
P_KK-001	161,616	129,970	95	-90	000	40
P_KK-002	163,423	130,024	97	-80	000	110
P_KK-003	162,952	129,636	98	-80	000	225
P_KK-004	163,093	129,638	98	-80	000	250
P_KK-005	163,022	129,562	100	-80	000	275
P_KK-006	163,142	129,472	102	-80	000	350

Table 1: Proposed Drill Collar Details

Stage 1

Stage 1 of the drilling programme has been developed following a detailed review and evaluation of the historic data acquired from the Open Files of the Geological Survey of Ireland (GSI) and the GeoScience Regulatory Office (GSRO). The historic work in this area involved extensive geochemical surveying, supported by ground geophysics, airborne geophysics, and diamond drilling.

The historic geochemical surveying, carried out by Syngenore and Billiton, defined a large and extremely high-grade Zn/Pb anomaly at Ballycullane. The zinc heat map of this survey overlain on the geology map is presented as Figure 2 clearly showing the scale of the anomaly, which has dimensions of 600 x 400m and peak zinc values of >100,000ppm (>10% Zn). The anomaly is located immediately above the sub-outcrop of the important Waulsortian Reef / ABL contact.

Figure 2: Ballycullane Zinc Deep Overburden Sampling Results Overlain on the Geological Map

The Ballycullane DOB anomaly has had limited historic drill testing and a shallow, sub-outcropping zone of unconsolidated zinc / lead rich oxides was intersected (Figure 3). Sludge samples of this material were recovered and assayed; six holes, drilled within the footprint of the high-grade DOB anomaly, returned highly elevated Zn grades (Table 2).

Figure 3: Ballycullane Geology and Historic Drilling Results

(Colour coded icons representing metal content simplified to: Zn+Pb Grade x thickness - see table 2)

Hole_ID	East	North	Thickness	Zn%	Pb %	Zn+Pbm%
BC-3	161475.10	130053.40	1.5	13		19.50
BC-4	161692.90	129961.80	5	20		100.00
BC-5	161483.20	130054.00	3	11		33.00
BC-6	161484.30	129983.90	3	13		39.00

Table 2: Historical Assay Composites - Ballycullane

Proposed drillhole, P_KK-001, is targeted on some of the highest-grade historic deep overburden sampling results and is located on a >10% Zn sample. It is located 63m west of hole 3249-9, which intersected 6m grading 16.33% Zn and 0.28% Pb, and 78m west of hole BC4 that intersected 5m grading 20% Zn. This hole is designed to drill approximately 20m of unconsolidated oxide material and then continue c.20m into the underlying bedrock to ascertain the nature of underlying facies and any alteration / mineralisation that may be present.

Stage 2

Stage 2 of the drilling programme is also a single hole (P_KK-002), which is a large scale step out designed to test a discrete, coincident zinc / lead deep overburden anomaly of 310ppm Zn and 265ppm Pb. The proposed target is located 140m south of the mapped Waulsortian Reef / ABL contact in an area that is underlain by Waulsortian Reef that is dipping gently to the south. The closest hole is 3249-35 located c.350m northwest -- this hole intersected dolomitised Waulsortian Reef before faulting out into the ABL. It should be noted that 3249-35 did not test the base of the Reef target zone and the nature of the base of Waulsortian reef in this region is unknown. Target P_KK-002 is designed to intersect and test the base of the Waulsortian Reef contact at a depth of 90 - 100m, drilling a total of 110m.

Stage 3

Stage 3 of the drilling programme will consist of most of the proposed drilling meterage, with 4 holes drilling approximately 1,100m, and it will be focused on the main target area for the licence block, the Bulgaden Zone. This is where the bulk of the high-grade, primary zinc / lead rich, massive sulphide mineralisation at the Kilmallock property has been intersected to date (Table 3). The plan is to extend the drilling coverage with a series of 70m step out holes. The programme is designed to test for extensions to the mineralisation to develop a better understanding of the Bulgaden Zone by commencing the definition and delineation of the mineralisation. This will allow for detailed modelling of the controls and limits of the mineralising system.

The mineralisation intersected by the historic drilling at Bulgaden consists of high-grade zinc / lead rich, massive sulphide mineralisation that is located within the basal part of the Waulsortian Reef succession, above the important Waulsortian Reef / ABL contact. The style and stratigraphic position of the mineralisation is analogous to the Pallas Green, Lisheen and Silvermines deposits. Extensive regions of untested Waulsortian Reef are located proximal and around the known mineralisation and are considered by Unicorn to be a highly prospective exploration target.

Figure 5: Greater Bulgaden region, historic drilling, and results

(Colour coded icons representing metal content simplified to: Zn+Pb Grade x thickness - see table 3)

Historic Hole_ID	East	North	Thickness	Zn%	Pb %	Zn+Pbm%
3249-14	163022.00	129637.00	6	10.43	1.78	73.26
3249-16	163003.00	129814.00	12	4.29	0.91	62.40
3249-18	163155.00	129714.00	2.4	12.76	2	35.42
3249-19	163022.99	129450.21	6	3.06	0.91	23.82
3249-19	163022.99	129450.21	5.3	9.55	2.09	61.69
3249-24	163068.98	129470.05	10.5	8.34	1.52	103.53
3249-25	163020.00	129500.00	4.5	16.53	1.25	80.01

Table 3: Historical Assay Composites - Bulgaden

The planned Unicorn drilling programme at Bulgaden consists of four proposed drill holes (P_KK-003 to 006). Proposed hole P_KK-003 is a c. 70m step out to the west of the mineralised intersection in historic hole 3249-14, that returned 6.0m grading 10.43% Zn / 1.78% Pb. Modelling indicates that the mineralisation is located 17 - 30m above the Waulsortian Reef / ABL contact, hosted within a zone of dolomitised breccia and forming a quazi-continuous, flat lying horizon between holes 324914 and 18. The hole is designed to intersect the base of the Waulsortian Reef contact at a depth of 205-215m, and drill a total depth of 225m.

Proposed hole P_KK-004 is a mirror image of P_KK-003 and is a c. 70m step out to the east of the mineralised intersection in historic hole 3249-14, that intersected 6.0m grading 10.43% Zn / 1.78% Pb. The hole is designed to intersect the base of the Waulsortian Reef contact at a depth of 230-240m, and drill a total depth of 250m

Proposed hole P_KK-005 is an infill hole designed to test the region between the mineralised intersections in historic holes 3249-14, which intersected 6.0m grading 10.43% Zn / 1.78% Pb and hole 3249-25, which intersected 4 4.5m grading 16.53% Zn / 1.25% Pb. The planned hole is located exactly between the two historic holes, approximately 70m from each. The hole is designed to intersect the base of the Waulsortian Reef contact at a depth of 255-265m, and drill a total depth of 275m.

Proposed hole P_KK-006 is a c. 70m step out to the east of the mineralised intersection in historic hole 3249-24, that intersected 10.5m grading 8.34% Zn / 1.52% Pb. The mineralisation occurs in two discrete lenses and extends down almost to the contact with the ABL. Mineralisation is developed over a vertical extent of c.40m with high-grade lenses at the top and base and low grade, stringer / disseminated sulphides between. This hole is designed to intersect the base of the Waulsortian Reef contact at a depth of 330-340m, and drill a total depth of 350m.

Programme Logistics

The drilling will be carried out by the highly experienced diamond drilling contractor, Priority Drilling Ltd. of Kilimor Co. Galway, and will be under the supervision of geological consultants BRG Ltd. of Athy, Co. Kildare.

Hole P_KK-001 will be a vertical hole drilled in HQ diameter and using a "finger spring" system in order to maximise the recovery of the poorly consolidated oxidised mineralisation.

All the remaining drill holes are planned to be drilled at -80° towards 000° (N) so as to intersect base of Waulsortian Reef hosted mineralisation at an angle designed to give a true thickness and also allowing any normal fault and transfer fault structures to be intersected at a more appropriate angle.

Drilling will commence with tri-cone, open hole drilling through the glacial till, followed by NQ3 diamond drilling to end of hole.

End of hole will be determined as approximately 10m into unmineralized and unaltered sub-reef ABL.

All drill core will be oriented using a Reflex orientation tool.

Sample analysis will be carried out at the ALS - OMAC laboratory in Loughrea Co. Galway. Unicorn will insert Certified Reference Materials (CRM'S), duplicates and blanks into the laboratory sample stream as part of its industry standard QA/QC, and the Company follows strict chain of custody protocols.

All drilling activity will be subject to Unicorns Health & Safety and Environmental Standard Operating Procedures, and will conform with guidance issued by the regulator, the Geoscience Regulation of Office of the Department of Environment, Climate and Communication.

Richard O'Shea, CEO of Unicorn Mineral Resources Plc, commented:

"I am looking forward to an active drilling programme on Unicorn's Kilmallock property in the Limerick Basin and I am delighted that we can now commence a drill programme. The property has had some positive results from previous drilling and is located 20km south of the Pallas Green project owned by Glencore. In addition, drilling by another operator on the Ballywire prospect 10km to the east of Kilmallock has recently produced some good results which is encouraging for the Limerick Basin in general. I look forward to an active exploration programme and some good news for shareholders over the coming months."

This announcement contains information which, prior to its disclosure, was inside information as stipulated under Regulation 11 of the Market Abuse (Amendment) (EU Exit) Regulations 2019/310 (as amended).

- ENDS -

For further information, please visit www.UnicornMineralResources.com or contact:

Unicorn mineral Resources Plc

Richard O'Shea, CEO

Tel: [phone]

Email: [e-mail]

John O'Connor, CFO

Tel: [phone]

Email: [e-mail]

Novum Securities Limited - Financial Adviser and Broker

David Coffman / George Duxberry

Colin Rowbury

Tel: [phone]

About Unicorn Mineral Resources plc:

Unicorn Mineral Resources is an Irish mineral exploration company with a strategic focus on the exploration for economic deposits of "Irish Type" carbonate hosted copper / lead / zinc and silver mineral deposits in the Irish Midlands Orefield. Unicorn have acquired a high-class land package using the latest geological, structural, and mineralogical models to drive the target generation programme. Unicorn has in house experience and expertise to run exploration programmes and explore sole venture licences. Unicorn is dedicated to creating shareholder value and will assess exploration and / or development opportunities going forward including potential joint venture partners.

 

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