Arkle strikes gold at Mine River.
This morning Arkle Resources revealed initial results from the first of twelve holes being drilled on its 100% owned Mine River Gold Project in Wicklow/Wexford, Ireland, as part of a 1,000-metre programme.
The first hole was shown to have intersected gold on 5 separate levels, with the highest-grade vein of 4.69 g/t gold at an interval of between 12.6 and 14.4 metres. Samples from two further holes have been sent to the laboratory for analysis, with results anticipated in mid-June. Arkle Chairman John Teeling commented that “… Visual inspection of the core in these two holes indicates that the vein has been intersected”.
These are highly encouraging results from a first hole, which shows the early prospective potential of the area being targeted and also the value of airborne geophysical data in identifying the most interesting magnetic anomalies suitable for drilling.
We look forward to what could be an intense and exciting news-flow period ahead as we learn more about the project’s gold potential from the drilling results and exploration findings, in particular this new target area which is the focus for the first three drill holes, and located around 750 metres west of the known Tombreen gold discovery.
Arkle’s market cap before today’s announcement was only a modest £2.7m, a figure which seems far too low considering the gold prospective potential of Mine River and also Inishowen, where drilling is expected to start this Summer, along with the value attributed to the Group’s mid-stage exploration zinc project interest at Stonepark. Considering the above points, we continue to rate the shares as a ‘Buy’.
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