Arkle Resources PLC Discovery of Gold Bearing Vein at Mine River (6457G)
November 26 2020 - 5:52AM
UK Regulatory
TIDMARK
RNS Number : 6457G
Arkle Resources PLC
26 November 2020
26 November 2020
Arkle Resources PLC
("Arkle" or the "Company")
Discovery of Gold Bearing Vein at Mine River
- Visible gold mineralisation discovered during recent trenching programme
- New discovery hosts gold within bedrock and is 750m along
strike from Tombreen drillhole (8m at 4.5g/t gold)
- Gold soil anomaly measuring 250m long by 150m wide identified for follow up exploration
Arkle Resources PLC (AIM:ARK) is pleased to announce the
discovery of a new gold bearing vein during their recent trenching
programme. The site is located 750m along strike from the Tombreen
target at their wholly owned Mine River Project in county
Wicklow/Wexford, Ireland.
John Teeling, Chairman, commented:
"We are delighted with the discovery of a new gold bearing vein
in an area near our Tombreen target which has had little historic
exploration, this discovery is why Arkle continues to believe in
the potential of Gold in Ireland.
"Given these results, we intend to quickly move forward with our
exploration efforts. Our key priority now is to further test the
extent and orientation of the mineralised zone and progress towards
a fully funded drilling programme. We look forward to providing
further updates to the market as work progresses."
The recent trenching programme at Mine River was conducted
following the results of a large scale soil sampling programme
which identified multiple areas for potential gold discoveries. The
first trench was a great success with visible gold noted within a
vein found in bedrock. Analysis of the vein revealed high grade
gold at 5.5g/t. The area that was trenched focused on a gold soil
anomaly measuring 250m long by 150m wide. Further areas of interest
are yet to be trenched.
The November trenching programme was conducted at seven of the
proposed ten sites with four of the seven trenches locating partial
bedrock within 1.5m depth using a back hoe excavator. A total of 62
rock chip grab samples were taken which included bedrock and float
located within the over lying soil. Samples averaging 3kg in weight
were assayed at ALS Laboratories using fire assay and ICP
spectrometry.
Of the 62 samples, four revealed gold grades of significance,
this included 5.5g/t within a blue quartz vein measuring around
25cm wide, 0.19g/t in blue quartz and 0.05g/t also in blue quartz
rock. All three samples were located in bedrock in Trench 1. The
fourth significant sample returned 0.14g/t gold in an oxidised
black shale boulder found within the soil above trench location 8.
Structural measurements were also obtained which will help the
follow up drilling.
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.
Market Abuse Regulation (MAR) Disclosure
Certain information contained in this announcement would have
been deemed inside information for the purposes of Article 7 of
Regulation (EU) No 596/2014 until the release of this
announcement.
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 & Joint Broker
Matthew Johnson/Adam Cowl +44 (0) 203 470 0470
First Equity Limited
Joint Broker
Jason Robertson +44 (0) 207 374 2212
Blytheweigh +44 (0) 207 138 3204
Megan Ray
Rachael Brooks
Teneo
Luke Hogg +353 (0) 1 661 4055
Ross Murphy +353 (0) 1 661 4055
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