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Arkle Resources PLC - High Grade Gold Bearing Vein Outcrops Identified

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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