(Alliance News) - Arkle Resources PLC on Wednesday said its partner at the Stonepark zinc project has received funding from commodities giant Glencore PLC.
Arkle, which was formerly called Connemara Mining Co PLC, holds a 23% stake in Stonepark, which is located in central Ireland.
Swiss firm Glencore's Canada arm has invested CAD1.0 million, or GBP594,380, into Arkle partner Group Eleven Resources Corp for a 12% stake in Group Eleven.
From the funding, Group Eleven must spend 70% on the Stonepark project.
Arkle Chief Executive Patrick Cullen said: "As we have said in the recent interim report, there is significant interest in the Stonepark zinc project. The established resource is higher grade and lies at shallower depths than the adjacent Pallas Green deposit.
"The recently drilled 'Kilteely hole' intersected the outer margin of potential new Irish-type zinc system and there is a compelling case for further deep drilling in that area. We look forward to further updates."
Arkle shares were flat on Wednesday morning at a price of 1.20 pence each, though reached 1.50p earlier.
By George Collard; georgecollard@alliancenews.com
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