Arkle placement and Glencore funding ‘strong endorsement’ of Stonepark
Irish gold and zinc exploration company Arkle Resources has undertaken a placing to raise £250 000 for exploration at the Stonepark joint venture (JV), which it owns with TSX-V-listed Group Eleven.
The company will issue 33 3333 333 new shares at 0.75 p a share to raise the funds, which it will use for further exploration activities at Stonepark, in Limerick.
Shares in Arkle traded at 0.95p each on Monday, down 15% from Friday’s closing price of 1.12p a share.
On Friday, Group Eleven announced that global major Glencore invested C$750 000 in the company, upping its stake to 20%. The announcement sent Arkle’s stock rising to 1.40p a share on Friday.
Glencore owns the Pallas Green deposit, which is adjacent to Group Eleven and Arkle’s Stonepark JV.
"We believe this investment and confirmation that our joint venture partner has received further funding from Glencore is a strong endorsement of the Stonepark project,” said Arkle CEO Patrick Cullen on Monday.
He added that the the high grade of the Stonepark deposit, its relatively shallow depth and its strategic location next door to Glencore's Pallas Green deposit had generated “significant interest”, which led to the transaction announced on Monday.
Arkle holds a 23.44% stake in the Stonepark project, free from encumbrances. The project contains a maiden inferred resource totalling 5.1-million tonnes at 11.3% zinc and lead combined, occurring at depths from 190 m to 395 m below the surface.
The Pallas Green deposit contains 45.4-million tonnes at 8% zinc and lead combined.
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