Arkle Resources announces drilling campaign on Stonepark block

12th Sep 2024 12:14

(Sharecast News) - Arkle Resources announced on Thursday that its partner, Group Eleven Resources, had started a drilling campaign on the Stonepark licence block in Limerick, Ireland.

The AIM-traded firm holds a 23.44% interest in the block, with Group Eleven holding the remaining 76.56% and serving as the operator.

It said the drilling programme would focus on the Carrickittle West area, located in the southern part of the block, and aimed to test targets identified in previous exploration.

The programme would involve drilling four to five holes, totalling around 1,700 metres, with individual hole depths ranging from 350 to 550 metres.

Arkle said the primary targets included areas of brecciation and mineralisation observed in earlier drilling, as well as the Kilteely volcanic centre and the southwestern extensions of the Coonagh Castle Fault, which was first intersected by Group Eleven in 2022.

The Kilteely volcanic centre, covering an area of two kilometres by six kilometres, was of particular interest to the joint venture due to its potential association with zinc mineralisation.

Arkle said the only other volcanic centre within the Limerick Volcanic Complex (LVC) was located near Glencore's Pallas Green deposit, five kilometres north of Carrickittle West, which contains more than 45 million tonnes of zinc and lead ore.

That proximity raised the prospects for significant mineralisation in the Stonepark block.

"Renewed drilling on the Stonepark block is very welcome news," said chairman John Teeling.

"Though down from recent highs, the price of zinc is very attractive.

"The target zones in the south of the 7 licence block were discovered by our partner Group Eleven in earlier drilling."

Teeling said 1,700 metres of drilling would be completed on four or five holes, depending on the depths of the targets.

"The zones lie five kilometres from the large Pallas Green zinc discovery owned by Glencore."

At 1106 GMT, shares in Arkle Resources were up 31.58% at 0.25p.

Reporting by Josh White for Sharecast.com.