Last checked at 23 Jun 2022 07:00
23 June 2022
Arkle Resources PLC
("Arkle" or the "Company")
Grant of Three Licences in Zimbabwe with Potential for Lithium
Arkle (AIM:ARK) has been granted three licences covering 163 hectres to prospect for Lithium in the Insiza District of the Matabeleland South Province of Zimbabwe. The Directors believe that these licences, which cover a small area, represent a low-cost entry into one of the largest lithium producing countries in the world.
Arkle staff identified the free ground, pegged it and applied for licences. The ground saw limited mining of lepidolite in the late 1960s. Lepidolite is a lithium bearing mineral associated with spodumene.
John Teeling, Chairman commented: "This is a toe in the water exercise by Arkle. The directors have long experience in Zimbabwe and are aware of the extensive history and potential for hard rock lithium in the country. The lithium is contained in spodumene / pegmatites. It is only recently that rising lithium prices and the potential of a massive supply gap to meet battery demand have made extraction of hard rock lithium viable.
"The Arkle approach is to make a low-cost entry into both Zimbabwe and Lithium. We have examined what ground was available and been granted three licences, one of which was a small lepidolite producer - a lithium associated mineral. We continue to examine additional opportunities in battery metals."
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.
The person who arranged for the release of this announcement on behalf of the Company was Jim Finn, Director.
A copy of this announcement is available on the Company's website, at www.arkleresources.com
ENDS
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 LLP
Nominated Adviser and Joint Broker
Matthew Johnson/Adam Cowl +44 (0) 203 470 0470
First Equity Limited
Joint Broker
Jason Robertson +44 (0) 207 374 2212
BlytheRay +44 (0) 207 138 3204
Megan Ray
Rachael Brooks
Teneo
Luke Hogg +353 (0) 1 661 4055
Ciara Wylie +353 (0) 1 661 4055