High-grade gold intersected at Mine River; Drilling programme extended
– 2.5m at 12.13g/t gold, including 51.6g/t gold over 0.5m
– Ongoing drilling showing positive indications in subsequent holes
Arkle Resources (AIM: ARK) announces results from its sixth and seventh drillholes of the diamond drilling programme being undertaken at the Company’s 100% owned Mine River Gold Project in Wicklow / Wexford. Hole 7, (21-TB-11) was an easterly step out from the visible gold hole and intercepted multiple gold bearing zones detailed in the table below. Hole 6 to the west did not return grades of economic interest suggesting the vein pinched out.
Highlights of Hole 7:
Hole 7, was located 42 metres east along strike from Hole 4 (21-TB-08), with blue quartz veins and sulphide noted in the drill core. The exceptionally high grade sample of 51.6g/t gold is an extraordinary find for the Mine River project. The area to the east lies within the heart of a large gold bearing soil anomaly which is open and untested.
Hole 8 (21-TB-12) which is located 900 metres to the west of Hole 7 is now complete and core samples have been sent for analysis at the laboratory. This hole was dubbed ‘Tombreen West Deep’ after returning to the location of 21-TB-07 at Tombreen West but drilling at a steeper angle to gauge grade and width of the gold vein at a deeper level. Observations of the core confirm that the vein extends at depth. The target at Tombreen West remains open on all sides and depth. Core is being analysed.
Drill Hole 9 (21-TB-13) has just been completed is located within the middle of a previously untested gold soil anomaly (“Untested Anomaly A”) to the south of the Tombreen Main target. Observations of the core so far have identified new blue quartz veins and mineralisation at multiple intervals. It will be analysed in the coming weeks.
The positive drill results have led to an extension of the drilling programme as follows:
– A step out hole will commence immediately on Untested Anomaly A
– Plans are being made to drill two further step out holes to the east of Hole 7 where the high grades have been discovered
– It has been decided to trench two further new anomalies to the south of Tombreen West
The extended programme is fully funded.
John Teeling, Chairman commented: “This is a spectacular result from Hole 7 in the Tombreen Main anomaly. The 51.6g/t grade is the highest we have ever discovered in Mine River. This hole is about 42 metres southwest of Hole 4 which returned 9.11 g/t over 0.5 of a metre.
“While awaiting laboratory analysis I can report good indications in Holes 8 and 9. Hole 8 is drilled in Tombreen West 900 metres west of Hole 7. The targets are an extension of the gold zone and to look for gold veins between 50 and 200 metres. Visual observation shows the mineralisation we are looking for both above and below 100 metres. The core is in the laboratory.
“We then moved the rig to Hole 9, an untested anomaly about 350 metres southwest of Hole 7 and about 800 metres southeast of Hole 8. This anomaly showed excellent results from XRF testing. The recently completed hole shows multiple veins throughout. A step out hole will be commenced immediately while the core from Hole 9 is analysed and plans are underway to obtain approval for two holes directly east of the Hole 7 discovery.
“Because of the good results coming from three areas we are undertaking a trenching programme on two additional anomalies, B and C, to the south of Tombreen West and southwest of Tombreen Main.”
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.
This announcement contains inside information for the purposes of Article 7 of the Market Abuse Regulation (EU) 596/2014 as it forms part of UK domestic law by virtue of the European Union (Withdrawal) Act 2018 (“MAR”), and is disclosed in accordance with the Company’s obligations under Article 17 of MAR”.
Arkle Resources PLC
John Teeling, Chairman
+353 (0) 1 833 2833
Jim Finn, Finance Director
+353 (0) 1 833 2833
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