Arkle discovers pegmatites on Mine River Block
Arkle announced the discovery of pegmatites in its Mine River Block on the Wexford-Wicklow border in Ireland on Thursday, in a new search for lithium.
The AIM-traded firm said the purpose of its reconnaissance work at Mine River was to establish the presence of granite and any pegmatite or aplite rock, and to collect specimens for analysis.
It said the block is close to the known lithium-bearing Leinster Granite Pegmatite Belt, lying to the west and contiguous with the ongoing International Lithium - Ganfeng Lithium operation, where they had discovered a large zone of lithium-bearing pegmatites and aplites.
Mine River was said to be “well-positioned” for the exploration of lithium-bearing pegmatites due to its close proximity to the eastern margin of the Leinster Granite, which is host to Ireland's lithium pegmatite belt.
The company confirmed the presence of all three rock types including granite, pegmatite and aplite within its prospecting licences.
A large body of the Leinster Granite was located in outcrop at Coolboy in the north of the licence block, with other smaller bodies found extending south-west to Bunclody.
A total of five target areas were investigated for the initial reconnaissance work, with pegmatite and aplite rock boulders identified at four of the five areas.
Rock chip samples were collected and will be analysed, in a bid to identify common indicator minerals associated with lithium, and assist in directing future work.
“This is a positive development for the Mine River Project - we have found some compelling indications that lithium bearing pegmatites may be present within the block,” said chairman John Teeling.
“While our focus to date has been on gold it is long known that indications of lithium were present.
“The successful discoveries on licences close to our ground and the massive demand for lithium to drive the electric vehicle revolution led to this review - it is early days but positive news.”
At 1313 GMT, shares in Arkle Resources were up 9.47% at 0.52p.
Reporting by Josh White for Sharecast.com.