(Sharecast News) - Arkle Resources updated the market on the Stonepark group of licences in Limerick on Tuesday - a joint venture with Group Eleven Resources.
The AIM-traded firm said Group Eleven holds a 76.56% interest in the project, and Arkle the remaining 23.44%.
It said Group Eleven had started planning a follow-up drill hole "several hundred metres" north of hole G-11-2531-01, reported in June.
That was the Carrickittle West hole, which was drilled to 642 metres, targeting a "significant sized" zinc deposit.
A further three holes would be drilled on the Stonepark licences beginning in September, meanwhile, with two holes on the western side of the licence block, and one to the south of the block.
"Progress is being made in exploring the Stonepark block," said Arkle chairman John Teeling.
"The Carrickittle West hole discovered a major fault structure with significant vertical displacement.
"These structures are highly prospective in Irish style zinc deposits."
At 1139 BST, shares in Arkle Resources were down 4.61% at 0.79p.
Reporting by Josh White at Sharecast.com.
Arkle Res (ARK)