Arkle Resources PLC High Grade Gold Bearing Vein Outcrops Identified (8140K)
January 06 2021 - 9:22AM
UK Regulatory
TIDMARK
RNS Number : 8140K
Arkle Resources PLC
06 January 2021
6 January 2021
Arkle Resources PLC
("Arkle" or the "Company")
High Grade Gold Bearing Vein Outcrops Identified at
Inishowen
- New gold bearing vein outcrops identified during recent
trenching programme at Meeneragh Inishowen
- 40.7g/t gold in 10cm quartz vein 85m along strike from the high grade 2016 drillhole
- 13.1g/t gold in 50cm quartz vein outcrop identifying the
bedrock source of the large boulders found in the adjoining fields
in 2015 and 2016
John Teeling, Chairman, commented: "The trenching results at
Inishowen match if not exceed our best expectations. The discovery
of new high grade gold veins eighty-five metres along strike from
the initial 2016 drillholes, represents a watershed moment for the
Inishowen Gold Project. The trenching results provide Arkle's
geological team with field data that will allow full mapping of the
vein systems in the area to determine length, average width and
grade. The output of this mapping exercise will delineate high
priority gold targets which the Company intends to explore via a
fully funded drilling programme in the spring."
Arkle Resources (AIM:ARK) is pleased to release the latest
results of the winter trenching programme at Inishowen, Co.
Donegal, which was completed in December 2020. Of the eight
trenching locations that were identified from the recent soil
sampling survey, four located bedrock, with two sites returning
gold grades of significance. Recent excavations at the farm and
nearby quarry have also revealed new quartz vein outcrops which
were all analysed for gold by ALS Laboratories using the fire assay
method.
The trenching was conducted over soils which contained high
levels of indicator minerals such as lead and zinc. Trenches were
dug to a maximum depth of 2m with rock identified including shales
and grits with quartz veins running parallel to the bedding.
The quartz veins identified, have a pinch and swell nature that
extends along strike and at depth. Widths quoted are average widths
that were observed. In total 14 rock chip samples were collected
containing 3kg of representative material.
The highest grade sample returned 40.7g/t gold which was
retrieved from a 10cm quartz vein found in trench 3. This same vein
was excavated at deeper levels down a further 50cm and 70cm where
it was observed to be 7cm and 12cm wide grading at 4.18 and 3.63g/t
gold respectively. This demonstrates that the vein is not
consistent with grade or width and that there are high grade and
low grade zones where a "nugget affect" may be at play. About 85m
along strike to the north east of trench 3, the 2016 drillhole:
16-MR-07, intercepted 10cm at 74.5g/t gold at 8.38m and 24cm
grading 69g/t gold at 9.14m. Arkle Geologists believe that the new
vein in trench 3 is connected with the veins in 16-MR-07 due to the
orientation measurements obtained.
Sampling in trench 4 returned gold grade of 0.27g/t gold from a
70cm wide grey clay shear zone. If this structure also exhibits
high-and-low grade zones, this may pose a significant target going
forward with the potential for other such shear zones in the
vicinity. It is worth noting that the Cavanacaw Gold Mine and the
Curraghinalt Gold deposit which lie about 80km and 60km south
respectively also exhibit shear hosted gold within the Dalradian
rocks.
Concurrent with the trenching programme, recent excavations at
the farm revealed a quartz vein outcrop measuring around 50cm wide
containing lead and zinc ores (galena and sphalerite). The gold
grade of this outcrop returned 13.1g/t. Further digging
demonstrated the vein continued along strike but reduced in width
and grade to 25cm at 4.22g/t gold, but then increased again to 50cm
at 4.51g/t gold around 10m along strike from the original outcrop.
The grade and texture of the quartz vein found in bedrock matches
that of the 1m plus wide boulders that were found in 2015 lying in
close proximity to the yard and in the nearby river. This boulder
train which passes through the trenching and drillhole locations at
a bearing of about 45 degrees now extends over 250m.
The vein identified in the quarry which lies over 500m to the
north east of the Meeneragh target displays the same structural
orientation as the veins identified in the trenching and drilling
but did not return any gold grade of significance. This does though
demonstrate veining continues beyond the main target area and
provides scope for the high grade veins to continue along strike at
a greater distance. The main target area 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.
A fully funded drilling programme is now being devised as a next
stage exploration step based on these results. The observation of
the local rock structure and discovery of narrow quartz veinlets in
the same orientation as the larger veins have shed light on the
nature of the gold veins and could explain why the previous
drilling was not so successful. Arkle believes it has overcome
these obstacles and is confident of further positive results as the
Company works to identify a gold resource.
The drilling at Inishowen will be planned along with the
drilling at the Mine River project in Co. Wicklow/Wexford with the
aim to move operations swiftly between the two projects as they
develop in 2021.
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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