TIDMARK
RNS Number : 9434M
Arkle Resources PLC
26 January 2021
26(th) January 2021
Arkle Resources PLC
("Arkle" or the "Company")
Stonepark Drilling Results
Follow the link to view the announcement in full including all
figures:
http://www.rns-pdf.londonstockexchange.com/rns/9434M_1-2021-1-26.pdf
- Drilling intersects up to 8.7% Zinc and 3.3% Lead (12%
combined) in step-out drilling at the Stonepark zinc lead discovery
in Limerick
The board of Arkle (AIM:ARK) is pleased to present details of
the drilling programme undertaken by our partner Group Eleven
Resources Corp. (TSX.V: ZNG) ("Group Eleven") on our Stonepark zinc
discovery in Limerick, Ireland ("Stonepark"). The full Group Eleven
press release is included below. Arkle holds a 23.44% interest in
the Stonepark project with Group Eleven holding the remaining
interest (76.56%).
The two hole step-out programme intersected strong
mineralisation beyond the boundary of the existing resources
estimate, including 0.5 metres of 12% combined zinc and lead. There
is now significant potential to expand the resource estimate at
Stonepark North and good guidance for follow up drilling on
Stonepark West.
Group Eleven Intersects Up To 8.7% Zinc and 3.3% Lead
(12.0% combined) in Step-Out Drilling at Stonepark, Ireland
Vancouver, Canada, January 26, 2021 - Group Eleven Resources
Corp. (TSX.V: ZNG; OTC: GRLVF; FRA: 3GE) (" Group Eleven " or the "
Company ") is pleased to provide an update on its step-out drilling
program at the Stonepark zinc project in the Republic of Ireland
(76.56% Group Eleven and 23.44% Arkle Resources PLC). Two holes
were drilled outside the Stonepark mineral resource estimate (" MRE
"), which totals 5.1 million tonnes grading 8.7% zinc and 2.6% lead
(11.3% combined)[1]. The MRE is located a few kilometres to the
west of Glencore's Pallas Green zinc deposit[2].
Highlights:
-- G11-2638-04 targeted a 135-metre gap within the Stonepark North portion of the MRE
-- This hole intersected a thick package of brecciation and
low-grade mineralization yielding 17.95 metres of 1.02% zinc and
0.23% lead ( 1.25% combined ), including two higher-grade
zones:
o 2.15 metres of 3.39% zinc and 0.92% lead ( 4.31% combined ),
including 0.50 metres of 8.70% zinc and 3.34% lead ( 12.04%
combined ) and
o 1.55 metres of 3.46% zinc and 1.04% lead ( 4.50% combined ),
including 0.55 metres of 5.57% zinc and 2.03% lead ( 7.60% combined
)
-- The zone is similar to the nearest historic hole TC-2638-038
(located 50 metres away) which also intersected a wide zone of
low-grade mineralization with two narrower higher-grade layers
-- Based on the above, management believes the above intercept
is likely to be sufficient to extend the wireframe (mineralized
zone) of the MRE when a full MRE update study is done in future
-- G11-2638-05 was drilled 85 metres from the Stonepark West portion of the MRE
-- This hole intersected moderate mineralization (2.0 metres of
1.21% zinc and trace lead or 1.21% combined), extending the
mineralized system and vectoring further exploration for
higher-grade and wider mineralization further east, along trend
towards historic hole TC-2638-068 (0.95 metres of 9.01% zinc and
1.69% lead, or 10.70% combined) located 585 metres to the
southeast
"We are delighted that, despite a modest budget and limited
metres drilled, the step-out drill program at Stonepark has
intersected robust mineralization beyond the boundary of the
current mineral resource estimate," stated Bart Jaworski, CEO. "The
two holes drilled at Stonepark provide us with clear resource
expansion potential at Stonepark North and strong vectors for
follow-up work at Stonepark West. Further expansion drilling is
strongly warranted."
Details of Expansion Drilling
Two step-out diamond drill holes were completed at the Stonepark
mineral resource estimate (" MRE ") which totals 5.1 million tonnes
grading 8.7% zinc and 2.6% lead (11.3% combined)(1) . The MRE is
located a few kilometres to the west of Glencore's Pallas Green
zinc deposit(2) (see Exhibit 1 ). The Stonepark Project is a joint
venture between Group Eleven (76.56% interest) and Arkle Resources
PLC (23.44% interest).
Exhibit 1. Regional Map Showing the Stonepark Property, Limerick
Basin, Republic of Ireland
Notes to Exhibit 1: (a) Pallas Green MRE is owned by Glencore
and is reported in accordance with JORC Code on Mineral Resources
and Reserves; (b) the historic estimate at Denison was reported by
Westland Exploration Limited in 1988, the historic estimate at
Tullacondra was reported by Munster Base Metals Ltd in 1973 and the
historic estimate at Gortdrum was reported by G.M. Steed in 1986;
these 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.
Exhibit 2. New Step-Out Holes at the Mineral Resource Estimate,
Stonepark Property, Ireland
Exhibit 3. Cross-Section of G11-2638-04 at Stonepark North MRE,
Stonepark Property, Ireland
Note: The wireframe for the resource was estimated as per a
Technical Report dated April 26, 2018 (and hence, for avoidance of
doubt, was estimated prior to the drilling of hole
G11-2638-04).
The two holes were drilled totalling 864 metres. Hole
G11-2638-04 (-85deg dip, 053deg azimuth; 381-metre hole depth) was
drilled within a 135-metre gap between the northern-most and
central wireframes of the Stonepark North portion of the MRE (see
Exhibit 2 and 3 ). Specifically, the hole was 107 metres and 50
metres from the nearest holes to the north and south, respectively.
Hole G11-2638-05 (-80deg dip, 360deg azimuth, 483-metre hole depth)
was drilled 85 metres south of the southern boundary of the
Stonepark West portion of the MRE, and specifically, 194 metres
from the nearest drillhole within the Stonepark West MRE (see
Exhibit 2 ).
Hole G11-2638-04 intersected a thick package of brecciation and
low-grade mineralization yielding 17.95 metres of 1.02% zinc and
0.23% lead ( 1.25% combined ) from 213.05 metres, including two
higher-grade zones:
-- 2.15 meters of 3.39% zinc and 0.92% lead ( 4.31% combined )
from 218.10 metres, including 0.50 metres of 8.70% zinc and 3.34%
lead ( 12.04% combined ) and
-- 1.55 metres of 3.46% zinc and 1.04% lead ( 4.50% combined )
from 228.05 metres, including 0.55 metres of 5.57% zinc and 2.03%
lead ( 7.60% combined )
The mineralized intercept in G11-2638-04 is very similar to the
nearest historic hole TC-2638-038 (located 50 metres away) which
also intersected a wide zone of low-grade mineralization with two
narrower high-grade layers: 18.20 metres of 2.35% zinc and 0.28%
lead (2.63% combined) from 236.40 metres, including 3.60 metres of
3.89% zinc and 0.11% lead (4.01% combined from 238.10 metres) and
1.80 metres of 5.56% zinc and 0.91% lead (6.56% combined) from
251.35 metres, (see Exhibit 3 ).
For reference, the wireframes defining the MRE (as estimated in
the Technical Report on Stonepark dated April 26, 2018; see Exhibit
3 ) were constructed using a minimum true thickness of 2.0 metres,
at 2.0% zinc and lead natural cut-off (with average grades
calculated using mineralized blocks at a cut-off of 4.8% zinc
equivalent grade). Mineralized wireframes were extended to a
maximum of 100 metres beyond any drill hole. Based on the above,
management believes that the mineralization in G11-2638-04 and the
resulting tightened hole spacing are likely to be sufficient to
extend the wireframe of the MRE when a full MRE update study is
completed at some point in the future.
The second hole drilled at Stonepark was G11-2638-05 , located
near the Stonepark West portion of the MRE. This hole intersected
moderate mineralization (2.0 metres of 1.21% zinc and trace lead or
1.21% combined from 451.00 metres; and a number of lower grade
intercepts elsewhere in the hole).
The above intercept confirms the presence of the mineralized
system at this locality and suggests the focus of further
exploration for higher-grade and wider mineralization should be
further to the east, along trend towards historic hole TC-2638-068
(0.95 metres of 9.01% zinc and 1.69% lead, or 10.70% combined from
423.80 metres) located 585 metres to the southeast (see red dotted
line in Exhibit 2 ). Further drilling is strongly warranted.
Quality Assurance / Quality Control (QA/QC)
Drill-core samples were prepared and assayed in the ALS Minerals
Laboratory in Loughrea, Ireland. Samples were fine-crushed (CRU-31)
to 70% < 2mm and pulverized and riffle-split to 85% < 75 um.
Zinc, lead and silver assays were obtained by multi-acid (4-acid)
digestion/ICP-MS Package (48 Elements), with ore-grade samples
analysed using multi-acid ICP-AES . Analytical accuracy and
precision are monitored by the submission of 3 standards and t3
blanks inserted into the sample train of 89 samples by Group Eleven
personnel. ALS analysed 10 blanks, 16 duplicates and 29 standards
as part of their internal QC procedures.
Qualified Person
Technical information in this news release has been approved by
David Furlong, P.Geo., Chief Operating Officer, and 'Qualified
Person' as defined under Canadian National Instrument 43-101.
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: s.heinrichs@groupelevenresources.com | T: +604-630-8839
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.
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
[1] NI 43-101 Independent Report on the Zinc-Lead Exploration
Project at Stonepark, County Limerick, Ireland, prepared by EurGeol
Paul Gordon, PGeo MSc, EurGeol Dr John G. Kelly, PhD PGeo MIMMM,
and Dr Belinda van Lente, PhD PrSciNat MGSSA, as filed on SEDAR
June 6, 2018
[2] Glencore's Pallas Green zinc project hosts an Inferred
Resource of 45.4 million tonnes grading 7% zinc and 1% lead
(Resources and Reserves as at December 31, 2019, reported in
accordance with JORC Code on Mineral Resources and Reserves)
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