Arkle Resources finishes initial prospecting at Aughrim

29th Nov 2023 12:43

(Sharecast News) - Arkle Resources has finished initial prospecting on the Aughrim block of licences, a recent addition to its portfolio, it announced on Wednesday.

The AIM-traded firm said the newly acquired block comprised four prospecting licences in Aughrim, County Wicklow, with a primary focus on lithium-bearing pegmatites found in adjacent areas to the west, held by International Lithium - Gengfeng Lithium.

Its geologists examined ten priority target areas identified during earlier data compilation efforts.

The areas included exposed granitic formations within the Leinster granite, known for its high prospectivity for lithium, caesium, and tantalum (LCT) pegmatites.

Visual observations by the team confirmed the presence of pegmatites in the areas, leading to the collection of 59 samples.

Those samples had now been submitted to ALS Laboratories for comprehensive analysis, explicitly focusing on lithium and other critical metals.

Additionally, the Aughrim block showed significant potential for precious metals, given its proximity to the Mine River block to the south and the Avoca gold deposit owned by IMC Exploration Group to the east.

Arkle's team encountered numerous historical references to alluvial and bedrock gold occurrences during the prospecting programme.

As a result, eight samples would undergo assay testing for gold content.

"This discovery is very encouraging and provides impetus for our growing focus on lithium," said chairman John Teeling.

"The exploration has found new pegmatites on our licences in an area that we know is highly prospective for lithium.

"Samples are being analysed for lithium."

Teeling confirmed that positive results would lead to an early-stage drilling programme.

"An added bonus was the discovery of rocks which have the potential for gold.

"These also are being analysed."

At 1134 GMT, shares in Arkle Resources were down 14.8% at 0.43p.

Reporting by Josh White for Sharecast.com.