Arkle Resources PLC Lithium pegmatites discovered at Mine River (4458M)

TIDMARK

RNS Number : 4458M

Arkle Resources PLC

12 January 2023

12 January 2023

Arkle Resources PLC

("Arkle" or the "Company")

Lithium bearing pegmatites discovered at Mine River

Arkle (AIM: ARK) is delighted to announce the discovery of lithium (Li(2) O) bearing pegmatites in its Mine River Block on the Wexford/Wicklow border in Ireland. Of the 34 rock chip samples collected late last year, six returned lithium grades over 0.02% Li(2) O with one sample assaying 0.09% Li(2) O from the Bunclody area. Elevated lithium also correlated with enriched levels of Caesium (Cs) Rubidium (Rb) and Tantalum (Ta), which are known pathfinder elements for Lithium. The Directors believe these results are compelling as it suggests the Mine River Block is fertile for Lithium Caesium Tantalum (LCT) pegmatite deposits.

John Teeling, Chairman of Arkle, commented : "These are exciting results. We have discovered lithium on our licences. We found the rock type needed, pegmatites, and in the pegmatites found lithium and other indicator minerals. This opens compelling new opportunities for our Mine River Block. Prospecting will resume in the near future".

Table 1 Highlights of results for lithium as well as pathfinder elements

 
 SAMPLE      Li ppm   % Li2O   Cs ppm   Rb ppm   Ta ppm 
 AA-01104       100    0.022       26      434        1 
            -------  -------  -------  -------  ------- 
 AA-01118       100    0.022        7       81        2 
            -------  -------  -------  -------  ------- 
 AA-01120       100    0.022       15      239       13 
            -------  -------  -------  -------  ------- 
 AA-01122       150    0.032       47      379        1 
            -------  -------  -------  -------  ------- 
 AA-01123       100    0.022       10      301        1 
            -------  -------  -------  -------  ------- 
 AA-01131       420    0.090       35      273        1 
            -------  -------  -------  -------  ------- 
 

The six samples that returned elevated lithium were all pegmatite rock boulders collected around mapped granite bodies. The geochemical results demonstrate clear pathfinder elements, which can be used in the targeting of pegmatites in future soil surveys. The results also show a correlation between the lithium bearing pegmatites and north-west south-east trending faults. These fault structures, as well as newly identified mafic and ultramafic bodies to the south-east, have been selected as target areas for the coming months. Once the main areas of interest have been identified, follow up soil surveys will aim to locate areas for trenching and drilling.

The recent results follow on from the initial prospecting work over mapped granite bodies in the Company's Mine River licence block. Although the Company has been focused on gold until now, the markets and work of companies in neighbouring licences have driven a revaluation of the ground for other elements.

The aim of the reconnaissance work at Mine River was to locate and collect specimens of granite, pegmatite, and aplite for geochemical analysis. All three rock types were discovered and 34 samples were sent to ALS Life Sciences in Loughrea, Ireland for geochemical analysis. All samples were analysed for trace elements using lithium borate fusion prior to acid dissolution followed by ICP-MS and ICP-AES for a full suite of 44 elements. Conversion of lithium parts per million ("ppm") results to percent Li(2) O involved dividing the ppm results by 10,000 to give a percentage and then multiplying by 2.153 to obtain Li(2) O equivalent.

Background

The Mine River Block is proximal to the known lithium bearing Leinster Granite, lying to the west and contiguous with the International Lithium Corp. - Ganfeng Lithium Co. Ltd joint venture where a large zone of lithium bearing pegmatites and aplites has been discovered.

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.

Enquiries:

 
Arkle Resources PLC 
John Teeling, Chairman              [phone] 
Jim Finn, Finance Director          [phone] 
 
SP Angel Corporate Finance LLP 
 Nominated Adviser & Joint Broker 
Matthew Johnson/Adam Cowl            [phone] 
 
First Equity Limited 
Joint Broker 
Jason Robertson                      [phone] 
 
BlytheRay                            [phone] 
Megan Ray 
Rachael Brooks 
 
Teneo 
Luke Hogg                            [phone] 
 
 
 

Information for Editors

Arkle is a diversified exploration company with principal assets in gold, zinc and now lithium exploration licences in Ireland. The Company currently has two 100% owned gold projects (Mine River and Inishowen) and is in joint venture with Group Eleven Resources Corp. at the Stonepark Zinc Project.

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January 12, 2023 02:00 ET (07:00 GMT)