Arkle Resoures PLC on Thursday said it had received confirmation from its joint venture partner that a drill programme will begin within the coming months.
The Irish-focus gold and zinc exploration company owns 23% of seven licences for the Stonepark property in Ireland, with the rest belonging to fellow exploration company Group Eleven Resources Corp.
Planning is now underway for a drilling programme which aims to identify zinc targets in the area.
Group Eleven said a series of widely spaced holes will be drilled to examine mineralisation and determine which areas demonstrate the best potential for a major discovery. The approach expected to be used avoids the risks associated with drilling a single, deep hole and follows the exploration model successfully used in the 2022 Ballywire discovery.
Arkle Chair John Teeling said: ‘We are very pleased that Group Eleven are going to undertake this programme. The economics for zinc miners are looking better due to lower treatment prices for zinc concentrate. We would expect to participate in this programme.’
Arkle shares were up 9.1% to 0.30 pence each in London on Thursday afternoon.
Copyright 2024 Alliance News Ltd. All Rights Reserved.
