Information  X 
Enter a valid email address

Arcon Int.Resources (AIN)

  Print      Mail a friend

Thursday 17 October, 2002

Arcon Int.Resources

Exploration Success

Arcon International Resources PLC
17 October 2002

                          ARCON's Exploration Success

                 New drilling at Galmoy strikes high grade zinc

ARCON International Resources Plc is pleased to announce today (Thursday, 17th
October 2002) the first set of results from the exploration drilling programme
focussed on the first of three gravity anomalies, previously identified in 2001
within the mining area of the Galmoy zinc mine in Ireland. This drilling
programme commenced in September 2002. This gravity anomaly lies 330m to the
east of the current CW South mine zone, allowing easy access for future mining.

These intersections represent the best group of drill intersections ever
achieved by ARCON on the Galmoy Block.:

        * The average thickness of 12.4 metres of these intersections compares
          with the average width of 5.6 metres (approximately double) of the
          adjacent CW orebody.

        * The weighted average intersection zinc grade at 23.5% is approximately
          double the average grade on the CW ore body of 12.8% Zn.

        * These results contain significantly higher average levels of Ag
          (Silver) than has previously been identified in the Galmoy Block.

The drill intersections and assays are tabulated below:

Hole No   From       To       Mineral        Zn       Pb  Ag g/t    Comment
           (m)      (m)    Intersection       %        %
   99    126.1    136.8        10.7        19.5      3.7    28  Discovery Hole
  100    129.2    133.2         4.0         3.9      0.2     1  50m N of #99
  101    122.2    143.0        20.8        23.4      7.5    70  50m S of #99
  102    131.6    143.6        12.0        25.1      5.3    12  25m W of #99
  103    132.4    142.8        10.4        27.4      7.9    77  25m S of #101
  104    136.6    150.1        14.4        32.3     12.8        93 25m W of #103
  105    135.3    149.7        14.5        19.2      3.0        18 25m W of #102

Speaking today, ARCON's Chief Executive, Mr Kevin Ross, said: 'These are truly
exceptional results and underpin the Company's exploration strategy to increase
significantly its reserve base over the next two years. We expect these to be
the first in a series of results which will provide further indication of the
geological potential around the Galmoy mine.'

These results, which validate the use of gravity surveys to identify prospective
drilling targets, demonstrate the high geological prospectivity of the area.
This gravity anomaly is open and drilling continues.

Editor's Note

ARCON carried out a detailed gravity survey in 2001, covering an area of 25 km2,
from an area adjacent to the Galmoy Mine site to the Rapla area some 6 kms to
the north east. Drill hole information and the gravity survey have been
interpreted as identifying a geological fault pattern linking the source 'G'
fault at the Galmoy Mine to the Rapla area.

In addition, the Company initially identified three gravity anomalies, which
justify drilling. Further, this interpretation also indicates a large area of
potential between Galmoy and Rapla. It is ARCON's intention to further extend
this style of gravity survey over other areas on its Galmoy exploration licence
area and around the Galmoy Mine area to identify additional drilling targets.

The objectives of this exploration programme are:

(i) to increase the mineral resources in the vicinity of the Galmoy Mine by
drilling areas where the mineralisation remains open and drilling of recently
identified gravity anomalies;

(ii) to further explore the potential identified at Rapla through drilling;

(iii) to continue exploring the prospective geological area stretching 13kms
from Rapla in the northeast, through Galmoy, towards the Lisheen mine in the
southwest, which is held by ARCON under exclusive prospecting licence, through
drilling and geophysical methods; and

(iv) to continue work on all its other prospecting licences by data collection,
geophysical methods and drilling programmes as required.

The exploration programme is being funded from the proceeds of the Rights Issue.


Thursday, 17th October 2002

For further information

Pauline McAlester
Murray Consultants
+353 (1) 498 0300

Keith Irons
Bankside Consultants Ltd
+44 (207) 444 4155

Kevin Ross
+353 (56) 37100

                      This information is provided by RNS
            The company news service from the London Stock Exchange                                                                                     

a d v e r t i s e m e n t