Teeling may sell Limerick zinc asset

Irish mineral exploration company Arkle Resources is considering selling its interest in the highly-rated Stonepark zinc project in Limerick.

Teeling may sell Limerick zinc asset

Irish mineral exploration company Arkle Resources is considering selling its interest in the highly-rated Stonepark zinc project in Limerick.

The zinc prospect is co-owned by the John Teeling-chaired explorer and Canadian resources company Group Eleven.

Arkle owns a 23.44% stake in Stonepark, but has started a formal strategic review of its ownership in a bid to maximise shareholder value after seeing interest in the asset.

Earlier this year Arkle - which was previously known as Connemara Mining - suggested the possibility of at least diluting its share of Stonepark, partly due to it refocusing most of its efforts on gold exploration.

“There is significant interest in the Stonepark zinc project, we believe because of the high grade and relatively shallow position of the established inferred resource and its strategic location adjacent to the far larger Pallas Green zinc-lead deposit,” said Arkle chief executive Patrick Cullen.

“In 2017, when the original partners Teck Ireland sold their majority stake, we elected to maintain our share and contribute accordingly. The board believes now is an excellent time to review that decision; zinc prices remain robust well above the $2,000 per tonne range, and there is interest in Stonepark,” Mr Cullen said.

He also said that recent drilling work has revealed the potential for further discoveries.

“We also believe there is significant upside potential for a major discovery along the Pallas Green corridor,” Mr Cullen said.

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