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Arkle Resources PLC (ARK)

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Friday 21 May, 2021

Arkle Resources PLC

First Drillhole at Mine River Intersects Gold

RNS Number : 3467Z
Arkle Resources PLC
21 May 2021
 

21 May 2021

 

Arkle Resources PLC

 

("Arkle" or the "Company")

 

First Drillhole at Mine River Intersects Gold

 

Five intersections, best 4.69 g/t from 12.60 to 14.40 metres

 

Arkle Resources (AIM: ARK) is pleased to announce results from the first hole of the twelve hole diamond drilling programme being undertaken at the Company's 100% owned Mine River Gold Project in Wicklow / Wexford.

 

The 1,000 metre drilling programme has been designed to follow up the Company's recent visible gold find at Mine River. The drilling programme is fully funded and included in the 2021 budget.

 

This drilling programme forms part of the Company's work along the target trend, over 15 kilometres, following magnetic anomalies delineated from airborne geophysical data, which are interpreted to be associated with sulphide mineralisation tied to the known gold trend.

 

The first three holes are in a new area approximately 750 metres west of the known Tombreen gold discovery. Results from the first hole drilled to a total depth of 100 metres intersected gold at five intervals as follows:

 

· 0.25 g/t from 5.20 to 6.00m

· 4.69 g/t from 12.60 to 14.40m

· 0.52 g/t from 20.30 to 22.35m

· 0.18 g/t from 34.30 to 35.90m

· 0.18 g/t from 78.30 to 79.30m

Two further holes have been completed at 50 metres spacing in the new area. Samples have been sent for analysis with results expected in mid-June.

 

The rig has now been moved along strike toward Tombreen, which has demonstrated substantial mineralised thickness and where previous Arkle drilling indicated significant strata-bound gold mineralisation associated with the contacts between Ordovician volcanic rocks and metasedimentary rocks.

 

John Teeling, Chairman commented : "This is a significant result which further strengthens our confidence in the Mine River project. The first hole intersected the vein at depth and shows it to carry gold. The following two holes were targeted to intersect the vein along strike. Visual inspection of the core in these two holes indicates that the vein has been intersected. Analyses of the core from these holes will take about three weeks and we expect regular newsflow as we now move toward the Tombreen discovery".

 

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

+353 (0) 1 833 2833

Jim Finn, Finance Director

+353 (0) 1 833 2833



SP Angel Corporate Finance LLP
Nominated Adviser & Joint Broker


Matthew Johnson/Adam Cowl

+44 (0) 203 470 0470



First Equity Limited


Joint Broker


Jason Robertson

+44 (0) 207 374 2212



Blytheweigh

+44 (0) 207 138 3204

Megan Ray


Rachael Brooks




Teneo

 

Luke Hogg

+353 (0) 1 661 4055

Ciara Wylie

+353 (0) 1 661 4055

 

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