Arkle strikes gold at Mine River (ARK.L) First Equity Limited Broker Note

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”.

RNS Update

FEL Comment.

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’.

Jason Robertson

D: +44 (0)20 7330 1883
E: jasonrobertson@firstequitylimited.com

*First Equity Limited act as Joint Broker to the Company.

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This is a non-independent marketing communication under the FCA Conduct of Business Rules. It has not been prepared in accordance with legal requirements designed to promote the independence of investment research and is not subject to any prohibition on dealing ahead of dissemination of the investment research. First Equity Limited (FEL) has procedures in place to manage any conflicts which might arise in the production of investment research, including Chinese Wall procedures. The views expressed in this marketing communication are those of FEL’s Analyst. They are based on information believed to be reliable but no warranty or representation, express or implied, is made about the accuracy or completeness of this information, which may be subject to change without notice. Any opinion given reflects the analyst’s judgement as at the date of this document’s publication. Any or all statements about the future may turn out to be incorrect. This marketing communication is designed for information purposes only and does not constitute a personal recommendation, offer or invitation to buy or sell any investment referred to within it. Investors should form their own conclusions and/or seek their own advice to determine whether any particular transaction is suitable for them in the light of their investment objectives, the benefits and risks associated with the transaction and all other relevant circumstances.

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First Equity Limited, its clients and staff members may be share and warrant holders in Arkle Resources plc.


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