Unicorn Mineral Resources plc Commencement of Gravity Geophysical Survey

RNS Number : 3144W

Unicorn Mineral Resources plc

15 July 2024

 

Unicorn Mineral Resources

("Unicorn" or "the Company")

15 July 2024

 

Commencement of Gravity Geophysical Survey at the Kilmallock Block Project

 

Unicorn Mineral Resources Plc (LSE: UMR), a mineral exploration and development company based in Ireland, is pleased to announce that gravity geophysical survey work is set to commence this week on its wholly owned Kilmallock Block Project located in southern County Limerick ("Kilmallock").

Kilmallock extends over an area of 136.65km² and consists of three contiguous Prospecting Licences (PL's 1945, 3249 and 3582), which are also contiguous with, and located approx. 15km along strike to the west, from TSX-V listed Group Eleven Resources Corporation's ("Group Eleven") newly discovered Ballywire Zinc-Lead-Silver Deposit. Recent diamond drilling exploration by Group Eleven, which followed similar gravity geophysical work programs, confirmed "robust mineralisation at Ballywire over a strike length of over 2.6km" and followed up on previously identified gravity-high anomalies "over a strike-length of 6km and some of the highest silver values ever attained in Ireland" (as per Group Eleven news releases dated 11 June 2024 and 4 April 2024).

Whilst the Company advances its review of additional near-term mining production opportunities in East and Southern Africa, it is also continuing to advance exploration activities on its base metals projects in Ireland. The gravity geophysical survey work to now commence at Kilmallock is targeting a Lisheen / Pallas Green style, Waulsortian Reef hosted zinc-lead-silver deposit to depths of between 100m and 350m. This work follows successful historical exploration work at Bulgaden and Ballycullane which discovered high grade mineralisation and the presence of the well-developed Waulsortian Reef, that extends across almost the entire block at Kilmallock.

Historic, widely spaced, regional scale, gravity survey work at Kilmallock has already identified a strong regional gradient dipping to the south. However, this data is not detailed enough for the Company to develop drill targets or plan the next stage of its drilling programs. This new work to now commence, will both extend and enhance the gravity coverage to survey the area of subcropping Waulsortian Reef result in gravity coverage to a nominal density of 250 x 250m. This will allow for detailed modelling, enabling the Company's technical team to generate drill targets for the next phase of its planned exploration at Kilmallock.

Gravity surveying and associated 3D modelling has proven to be a very successful exploration tool used by Group Eleven to identify anomalous areas that are spatially coincident with sulphide mineralisation and alteration. Based on the anomalies identified by Group Eleven's gravity survey, they were able to establish drill targets which led to the discovery of the neighbouring Ballywire Zinc-Lead-Silver Deposit and where the best drill intersection to date has been reported as 29.6m of 10.6% Zn+Pb (4.0% Zn and 6.6% Pb), 78 g/t Ag and 0.15% Cu  including  12.9m of 16.6% Zn+Pb (5.8% Zn and 10.8% Pb), 123 g/t Ag and 0.19% Cu, and 5.2m of 24.1% Zn+Pb (2.8% Zn and 21.3% Pb), 76 g/t Ag and 0.10% Cu.

The Company expects to be able to announce the results of the survey at Kilmallock by the end of July, along with its audited accounts for the year to 31 March 2024.

 

Patrick Doherty, Chairman Unicorn Mineral Resources, said:

"We are excited about this phase of exploration work to now commence at Kilmallock.

Our neighbours, Group Eleven, have demonstrated how effective this geophysical survey work can be as an exploration tool and in generating drill targets. The results from their Ballywire Zinc-Lead-Silver Deposit, which is contiguous to and just 15km along strike from Kilmallock, have clearly demonstrated the high-grade mineralisation in the Waulsortian Reef.

Whilst this work is ongoing the Board continues to complete due diligence work and evaluate a number of advanced mining project opportunities in East and Southern Africa and we are aiming to update on these in the near future.

I look forward to providing further updates on the progress and results from this work at Kilmallock."

 

This announcement contains information which, prior to its disclosure, was inside information as stipulated under Regulation 11 of the Market Abuse (Amendment) (EU Exit) Regulations 2019/310 (as amended).

 

For further information, please visit www.UnicornMineralResources.com or contact:

 

Unicorn Mineral Resources Plc John O'Connor, CFO Tel: [phone] Email: [e-mail]	Novum Securities Limited - Financial Adviser and Broker David Coffman / George Duxberry Colin Rowbury Tel: [phone]
Gathoni Muchai Investments Faith Kinyanjui Mumbi [e-mail]

 

 

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