TIDMARK
RNS Number : 4090O
Arkle Resources PLC
31 January 2023
31 January 2023
Arkle Resources PLC
("Arkle" or the "Company")
Review of 2022 Drilling on Stonepark
Group Eleven Resources Corp. ("Group Eleven"), the Company's
partner (76.56% interest) and operator of the 6 block Stonepark
licences has issued a press release covering their drilling
programme on Stonepark in 2022. The key finding is the discovery of
two regional trends on the block.
John Teeling, Chairman of Arkle, commented, "The work completed
in 2022 adds significantly to the prospectivity of the Stonepark
block. Two regional trends have been identified, the Carrickittle
trend in the south of the block and a 10km trend stretching from
our existing zinc deposit discoveries toward the southeast of the
block. The Stonepark block increases in strategic importance as
more information is acquired on the potential for zinc lead in the
Limerick Volcanic Complex ("LVC")."
Highlights
- Group Eleven completed 2,316m of drilling in 2022.
- A significant discovery was the identification of a potential
mineralised fault structure related to the Carrickittle West
discovery prospect in the south of the Stonepark block.
- Holes G11-499-01 and 02 drilled 100 metres apart, in the south
intersected low grade zinc but discovered significant evidence of a
fault structure that could be related to the Carrickittle West
discovery hole.
- This major fault announced in June 2022 now appears to have a
breadth of several kilometres adding significantly to the
prospectivity of the area.
- Two holes in the north of the block added to the evidence of a
second trend, 10km in length, from the existing Stonepark deposit
extending to the southwest.
- Permits have been applied for to drill the prospective
Carrickittle West deep hole. Once granted, Group Eleven will
commence drilling when the ongoing drill programme is completed on
their own ground.
Extensive details are given in the Group Eleven press release
included below.
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.
Group Eleven Provides Results of Regional Drilling at Stonepark
Zinc Project, Ireland
Vancouver, Canada, January 31, 2023 - Group Eleven Resources
Corp. (TSX-V: ZNG; OTC: GRLVF; FRA: 3GE) (" Group Eleven " or the "
Company ") is pleased to report results from regional drilling at
its Stonepark Project (" Stonepark ", 76.56% interest),
Ireland.
Highlights
-- At Carrickittle West prospect ("Carrickittle West"; Stonepark
Project; see news release dated June 16, 2022), drill applications
have now been submitted and drilling is expected to start later
this year (specific timing subject to receipt of permits, progress
at Ballywire, etc)
-- Drilling on the Company's regional prospects within Stonepark
has now been completed with results summarized below
-- Key takeaway from regional drilling is that the major fault
recently discovered at Carrickittle West is now hypothesized to
extend another 10-20km to the SW and at least 30km to the NE ,
demonstrating the extent of the structure trend and increased
prospectivity at Carrickittle West
"At Carrickittle West, it is very encouraging to see the major
fault identified in June 2022, now appearing to be part of a larger
structural trend 40-50km long. This significantly adds to
Carrickittle West's discovery potential."
Group Eleven's 2022 Drill Program in Ireland - Key Points
Group Eleven drilled 2,316m at its Stonepark Project (76.56%
interest). A key highlight is the identification of a potential
mineralizing 'feeder' structure at Carrickittle West (see news
release dated June 16, 2022). In addition, regional drilling
fulfilled two other objectives: (i) keeping prospecting licenses in
good standing; and (ii) generating new ideas and high-priority
prospects for future drilling.
Exhibit 1. Regional Map of the PG West (100%) and Stonepark
(76.56%) Zinc Projects, Ireland
Notes to Exhibit 1 : (a) Pallas Green MRE is owned by Glencore
(see Glencore's Resources and Reserves Report dated December 31,
2021); (b) Stonepark MRE: see the 'NI 43-101 Independent Report on
the Zinc-Lead Exploration Project at Stonepark, County Limerick,
Ireland', by Gordon, Kelly and van Lente, with an effective date of
April 26, 2018, as found on SEDAR; and (c) the historic estimate at
Denison was reported by Westland Exploration Limited in 'Report on
Prospecting Licence 464' by Dermot Hughes dated May, 1988; the
historic estimate at Gortdrum was reported in 'The Geology and
Genesis of the Gortdrum Cu-Ag-Hg Orebody' by G.M. Steed dated 1986;
and the historic estimate at Tullacondra was first reported by
Munster Base Metals Ltd in 'Report on Mallow Property' by David
Wilbur, dated December 1973; and later summarized in 'Cu-Ag
Mineralization at Tullacondra, Mallow, Co. Cork' by Wilbur and
Carter in 1986; the above three historic estimates have not been
verified as current mineral resources; none of the key assumptions,
parameters and methods used to prepare the historic estimates were
reported and no resource categories were used; significant data
compilation, re-drilling and data verification may be required by a
Qualified Person before the historic estimates can be verified and
upgraded to be compliant with current NI 43-101 standards; a
Qualified Person has not done sufficient work to classify them as a
current mineral resource and the Company is not treating the
historic estimates as current mineral resources. 'Rathdowney Trend'
is the south-westerly projection of the Rathdowney Trend, hosting
the historic Lisheen and Galmoy mines.
Stonepark Project, Ireland (75.56% interest) - Regional Drill
Program
At Stonepark, the first three holes (totalling 1,812m ) of the
drill campaign , were previously released (see news release dated
June 16, 2022). The main highlight of this drilling was the
identification of a major fault structure at Carrickittle West (see
Exhibit 2 ), with at least 150m displacement, hypothesized to
represent at least one of the feeder structures which may have
sourced mineralization (e.g. Group Eleven's Stonepark zinc deposit
[1] , Glencore's nearby Pallas Green zinc deposit or any as yet
undiscovered mineralization) within the Limerick Volcanic Complex
(" LVC "). This potential 'feeder' fault is interpreted as the SW
extension of the Coonagh Castle Fault which strikes for at least
30km NE of the LVC but whose presence, location and significance
was highly uncertain within the SW portion of the LVC (the portion
covered by Group Eleven's prospecting licenses). The four remaining
holes announced today (totalling 504m ) add evidence of further
extensions of major prospective trends to the SW.
Exhibit 2. Drill Hole Map of the Stonepark (76.56%) Zinc
Project, Ireland
Note: Iapetus Suture is a fault zone marking a collision (400
mln years ago) between northern and southern parts of Ireland
Drill holes G11-449-01 and -02 (drilled 100m apart) intersected
trace mineralization (cm-scale blebs of sphalerite and 4.0m of
0.24% Zn+Pb, respectively). This was unusual given the holes did
not intersect the target horizon (Waulsortian limestone), instead
encountering sub-Waulsortian lithologies and a mineralized
intrusive dyke. This hydrothermal activity can be interpreted as
evidence of a fault structure nearby. Together with re-assessed
historic drilling and outcrop geology, the presence of a major
structure in the area is now an emerging hypothesis. This structure
may represent a SW continuation of the Coonagh Castle Fault (see
'Hypothesized CCF Extension' in Exhibit 2 ).
In the northern part of the Stonepark property, two other holes
also provided useful information supporting the presence of a
10km-long prospective trend starting at the Stonepark zinc
deposit(1) and extending to the SW (see Exhibit 2 ). G11-2927-01
intersected a small fault with an associated mineralized zone
(0.36m of 1.30% Zn+Pb). This mineralized fault confirms tectonic
and hydrothermal activity in the area, corroborating geophysical
evidence (gravity and airborne magnetics) suggesting the presence
of a large uplifted ('horst') feature present along most of this
trend. G11-3367-01 intersected strong alteration, suggesting large
fault structures nearby. Importantly, a potential vector (extensive
pyritic black-matrix-breccia or 'BMB'), occurs nearby.
Qualified Person
Technical information in this news release has been approved by
Professor Garth Earls, Eur Geol, P.Geo, FSEG, geological consultant
at IGS (International Geoscience Services) Limited, and independent
'Qualified Person' as defined under Canadian National Instrument
43-101.
Quality Assurance/Quality Control (QA/QC) Information
Group Eleven inserts certified reference materials ("CRMs" or
"Standards") as well as blank material, to its sample stream as
part of its industry-standard QA/QC programme. The QC results have
been reviewed by the Qualified Person, who is satisfied that all
the results are within acceptable parameters. The Qualified Person
has validated the sampling and chain of custody protocols used by
Group Eleven.
About Group Eleven Resources
Group Eleven Resources Corp. (TSX.V: ZNG; OTC: GRLVF and FRA:
3GE) is a mineral exploration company focused on advanced stage
zinc exploration in Ireland. Additional information about the
Company is available at www.groupelevenresources.com .
ON BEHALF OF THE BOARD OF DIRECTORS
Bart Jaworski, P.Geo.
Chief Executive Officer
E: b.jaworski@groupelevenresources.com | T: +353-85-833-2463
E: j.webb@groupelevenresources.com | T: 604-644-9514
Neither TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
Cautionary Note Regarding Forward-Looking Information
This press release contains forward-looking statements within
the meaning of applicable securities legislation. Such statements
include, without limitation, statements regarding the future
results of operations, performance and achievements of the Company,
including the timing, content, cost and results of proposed work
programs, the discovery and delineation of mineral
deposits/resources/ reserves and geological interpretations.
Although the Company believes that such statements are reasonable,
it can give no assurance that such expectations will prove to be
correct. Forward-looking statements are typically identified by
words such as: believe, expect, anticipate, intend, estimate,
postulate and similar expressions, or are those, which, by their
nature, refer to future events. The Company cautions investors that
any forward-looking statements by the Company are not guarantees of
future results or performance, and that actual results may differ
materially from those in forward looking statements as a result of
various factors, including, but not limited to, variations in the
nature, quality and quantity of any mineral deposits that may be
located. All of the Company's public disclosure filings may be
accessed via www.sedar.com and readers are urged to review these
materials, including the technical reports filed with respect to
the Company's mineral properties.
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 & 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
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.
[1] Stonepark MRE totals 5.1 million tonnes grading 8.7% Zn and
2.6% Pb (Technical Report dated 26 April 2018)
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END
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