Arkle Resources PLC Stonepark Strategic Review (4450U)
25 Novembre 2019 - 08:00AM
UK Regulatory
TIDMARK
RNS Number : 4450U
Arkle Resources PLC
25 November 2019
This announcement contains inside information for the purposes
of Article 7 of Regulation (EU) 596/2014.
25 November 2019
Arkle Resources PLC
("Arkle" or the "Company")
Stonepark Strategic Review
Review of options relating to 23.44% holding in the Stonepark
Zinc Project
Arkle Resources PLC (LON: ARK), the Irish gold and zinc
exploration and development company, announces that, following
interest in the Company's Stonepark Zinc Project by other industry
participants, the Board has commenced a formal review of the
various strategic options available for this project to maximise
value for shareholders. Arkle holds a 23.44% stake in the project,
free from encumbrances.
Patrick Cullen, Chief Executive Officer of Arkle, commented,
"There is significant interest in the Stonepark Zinc Project, we
believe because of the high grade and relatively shallow position
of the established Inferred Resource and its strategic location
adjacent to the far larger Pallas Green zinc-lead deposit.
"We also believe there is significant upside potential for a
major discovery along the 'Pallas Green Corridor' in line with the
model proposed by our partners at Stonepark, Group Eleven Resources
Corp. The southern part of the project block is sparsely explored
and our recent drilling there has revealed the potential for
further discovery. Newly reviewed airborne geophysical is assisting
in refining the new targets as well as revealing newly prospective
features in this area of the Stonepark block.
"In addition to our share of the project, we currently hold
offtake rights on 23.44% of any production. In the event of a sale
by our partner we hold equivalent pre-emption rights. In 2017, when
the original partners Teck Ireland Ltd. sold their majority stake,
we elected to maintain our share and contribute accordingly. The
Board believes now is an excellent time to review that decision:
zinc prices remain robust well above the $2,000 per tonne range,
and there is interest in Stonepark."
Overview of Stonepark Zinc Project
This joint venture with Group Eleven Resources Corp. in County
Limerick, contains a maiden Inferred Mineral Resource totalling 5.1
million tonnes at 11.3% zinc and lead combined (8.7% Zn and 2.6%
Pb), occurring at depths from 190m to 395m below surface. The
project lies adjacent to Glencore's Pallas Green deposit which
contains 45.1 million tonnes at 8% zinc and lead combined
(Glencore; Resources and Reserves as at 31 December 31 2018).
Drilling announced 7 May 2019 identified the outer margin of a
potential new Irish-Type zinc system 10 kilometres southeast of
Glencore's Pallas Green deposit, along the postulated 'Pallas Green
corridor'. Drill hole G11-450-02 ('Kilteely') intersected a 230m
thick hydrothermal system displaying abundant sulphide
mineralisation with elevated zinc.
Competent Person
This announcement has been reviewed and approved by Gavin
Berkenheger (CGeol), who has sufficient experience relevant to the
style of mineralisation under consideration and to the activities
undertaken to qualify as Qualified Person for the purposes of the
AIM Note for Mining, Oil and Gas Companies issued by the London
Stock Exchange.
Information for Editors
Arkle is a diversified exploration company with principal assets
in gold and zinc exploration licences across Ireland. The Company
currently has two 100% owned gold projects (Mine River and
Inishowen) and is in joint venture with Teck Ireland Ltd. at the
Oldcastle Zinc Project and with Group Eleven Resources Corp. at the
Stonepark Zinc Project.
ENDS
Enquiries:
Arkle Resources PLC
John Teeling, Chairman +353 (0) 1 833 2833
Patrick Cullen, CEO +353 (0) 87 272 1748
+44 (0) 755 237 8208
SP Angel Corporate Finance
LLP
Matthew Johnson/Soltan Tagiev +44 (0) 203 470 0470
First Equity Limited
Jason Robertson +44 (0) 207 374 2212
Blytheweigh +44 (0) 207 138 3204
Megan Ray
Jane Lenton
Teneo
Luke Hogg +353 (0) 1 661 4055
Alan Tyrrell +353 (0) 1 661 4055
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END
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