Irish gold and zinc explorer Arkle Resources said 2022 was a good year, despite a “friendless” junior exploration market.
The company noted a number of discoveries, including lithium-bearing rock, on its east coast ground and a significant zinc target at its Stonepark project in Limerick, where it is in a joint venture with Group Eleven Resources.
The company is also looking for gold in its Wexford/Wicklow ground, which covers more than 2,000km. Significant sampling, trenching and drilling in the area has identified high-grade veins, with the principal target now the Tombreen area. However, the company noted drilling in Wicklow is “complicated”, with gold contained in veins and “nuggety”, which can lead to missing the veins and nuggets.
“The answer is more drilling. Ideally. Arkle would find a partner to take detailed exploration to the next level,” chairman John Teeling said in a statement.
Delays in renewing the company’s licence application for the Meenaragh prospect, where drill-ready targets have been identified, has meant the loss of two drilling seasons.
[ ‘Positive news’ for Arkle in search for lithiumOpens in new window ]
The company also raised £200,000 during the year from directors and associates, although the share price has been volatile in recent months. Arkle attributed this to an investor purchase of more than 25 million shares – almost 7 per cent of its issued equity – and the subsequent sale of the stake shortly afterwards in large chunks.
Overseas, the year saw Arkle granted three small licences in Zimbabwe as it continued its search for battery and platinum group metals. The company said it is looking at further afield due to a “lack of investor interest” in Irish exploration.
“We obtained ground in Zimbabwe, a major lithium producer, but have faced delays in expanding the holding,” said Mr Teeling. “We reviewed a number of investment opportunities in the past year and in particular we are pursuing grassroot opportunities in lithium.”
