Arkle Resources PLC - gold explorer with assets in Ireland - Raises GBP600,000 in an oversubscribed placing of 75 million shares at 0.8 pence each. Says new cash will be used to fully support its planned sampling and drilling campaigns through to the end of 2021 on its gold properties at Mine River and Donegal. It added that the funds will also be used for the anticipated 2021 drilling programme for zinc in Limerick at the Stonepark Joint Venture and in surrounding areas, as well as for general corporate activities.
Stonepark contains a maiden inferred mineral resource totalling 5.1 million tonnes at 8.7% zinc and 2.6% lead, occurring at depths from 190 metres to 395 metres below the surface.
"This cash raise funds our ongoing gold and zinc exploration programmes until the end of 2021. We have crews working at both Mine River and Donegal targeting gold while drilling will commence this month on the Stonepark zinc project. Follow up drilling is anticipated on all three projects," said Arkle Chair & Chief Executive John Teeling.
Current stock price: 0.92 pence
Year-to-date change: down 22%
By Ife Taiwo; ifetaiwo@alliancenews.com
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Arkle Res (ARK)