Business
JV Partner Receives Further Funding from Glencore
JV Partner Receives Further Funding from Glencore.
About this update from Arkle Resources Plc
[{"type":"text","content":"\n \n \n RNS Number : 0940N\n Arkle Resources PLC\n 15 May 2020\n \n \n \n \n 15 May 2020\n \n \n \n \n \n This announcement contains inside information for the purposes of Article 7 of Regulation (EU) 596/2014.\n \n \n \n \n \n Arkle Resources PLC \n \n \n \n \n \n (\"Arkle\" or the \"Company\")\n \n \n \n \n \n Joint Venture Partner Receives Further Funding from Glencore\n \n \n \n \n \n \n Partner on the Stonepark Zinc Project, Group Eleven Resources Corp., has received further funding from\n \n \n Glencore Canada Corporation\n \n \n \n \n \n \n Arkle Resources PLC (LON: ARK), \n the Irish gold and zinc exploration and development company, \n is pleased to note further investment by Glencore Canada Corporation (\"Glencore\") in Group Eleven Resources Corp. (\"Group Eleven\"), the Company's partner at the Stonepark Zinc Project (the \"Project\"). This \n follows an investment by Glencore in Group Eleven in October 2019, of which a portion was covenanted to be spent on the Project. \n Arkle is maintaining its 23.44% stake in the project.\n \n \n \n \n \n \n Patrick Cullen, Chief Executive Officer of Arkle, commented,\n \n \"We believe this transaction is a strong endorsement of the Project. It is established that the Stonepark deposit, while smaller, is higher grade and lies at shallower depths than Glencore's adjacent Pallas Green deposit.\n \n \n \n \n \n \n \"We also believe that there is interest in the exploration potential in the south of the Project, where the 'Kilteely hole' intersected the outer margin of potential new Irish-Type zinc system. As recently announced, w\n \n \n e look forward drilling recommencing in August subject to Covid-19 restrictions.\"\n \n \n \n \n \n \n Further Information\n \n \n A link to the Group Eleven announcement can \n be found \n \n \n here\n \n \n .\n \n \n \n \n \n Overview of Stonepark Zinc Project\n \n \n This joint venture with Group Eleven in County Limerick, contains a maiden Inferred Mineral Resource totalling 5.1 million tonnes at 11.3% zinc and lead combined (8.7% Zn and 2.6% Pb), occurring at depths from 190m to 395m below surface. The Project lies adjacent to Glencore's Pallas Green deposit which contains 45.4 million tonnes at 8% zinc and lead combined (Glencore; Resources a...