Last checked at 30 Nov 2023 07:00
30 November 2023
Arkle Resources PLC
Drilling to start on the Inishowen gold project in Donegal
Arkle Resources (AIM:ARK) is pleased to announce that a drilling programme at Inishowen Co. Donegal will begin this week. The drilling is follow up to work completed at the Meeneragh target and will aim to test the main gold bearing outcrop.
Four holes are planned in this phase from two drill pads drilling at minus 45 and minus 70 degrees. The focus of this drilling programme will be on the main vein target that was discovered in earlier work. The vein that was discovered produced intercepts of 3.05 metres at 5.8g/t gold and 4.82 metres at 5.48g/t gold. Drilling will aim to intercept this vein at different depths and along strike to determine vein continuity. Further drill holes have been permitted but will be results dependant.
John Teeling, Chairman, commented. "It is good to get back on the ground again at Inishowen. This new round of drilling will test to see if we can trace the main vein along strike and at depth. We found high grade gold in the area and we now aim to expand this."
Background
The Inishowen gold project is located on the Inishowen peninsula in north County Donegal and comprises a prospecting licence totalling 46km squared. Initial drilling success was achieved in 2016, with Arkle Resources being the first company known to drill specifically for gold in the area. Drilling by Arkle at the Meeneragh prospect gave intercepts of 3.05m grading at 5.8g/t gold and 4.82m at 5.48g/t gold. The targets are similar (mesothermal veins) and hosted in similar geology (Dalradian) to the gold deposits at Cavanacaw and Curraghinalt in Tyrone over 40km away to the south. The main target area at Meeneragh now extends over 750m. The historic high grade boulders in the surrounding fields demonstrates that there may be more unidentified veins which would be expected in this type of geological setting.
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.
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 LLPNominated Adviser & Joint Broker | |
Matthew Johnson/Adam Cowl | +44 (0) 203 470 0470 |
First Equity Limited | |
Joint Broker | |
Jason Robertson | +44 (0) 207 374 2212 |
BlytheRay |
|
Megan Ray | +44 (0) 207 138 3204 |
Teneo |
|
Luke Hogg | +353 (0) 1 661 4055 |
Information for Editors
Arkle is a diversified exploration company with principal assets in gold, zinc and now lithium exploration licences in Ireland. The Company currently has two 100% owned gold projects (Mine River and Inishowen) and is in joint venture with Group Eleven Resources Corp. at the Stonepark Zinc Project.