LONDON (Alliance News) - Irish gold and zinc explorer Arkle Resources PLC said Tuesday it has discovered a potential new zinc system in Limerick, Ireland.
Arkle's preliminary drilling programme at its Stonepark zinc project - in which it holds a 23% interest - identified the outer margin of a new system, within the Pallas Green corridor.
Four diamond drill holes, totalling about 1,900 metres, were completed between - with hole G11-450-02, also known as Kilteely, intersecting a 230 metre thick hydrothermal system "displaying abundant sulphide mineralisation with elevated zinc".
"This area of Limerick hosts the two largest undeveloped zinc deposits in Ireland, at Stonepark and at Pallas Green, in a region recognised for its world class zinc mines and zinc grades," said Chief Executive Patrick Cullen. "The identification of a new hydrothermal system of the scale observed in the southern part of the Stonepark zinc project is very exciting news."
Cullen continued: "Evidence of the mineralised corridor extending south-eastwards from Pallas Green continues to build. Technical work is ongoing and we look forward to combining data from the Tellus airborne geophysical survey data as it becomes available. The ground at Kilteely is completely open to the north and, with only one historic drill hole in the area, the potential for a further major discovery is significant."
Shares in Arkle Resources were up 4.4% Tuesday at 1.20 pence each.
Arkle Res (ARK)