Source - LSE Regulatory
RNS Number : 7353N
Unicorn Mineral Resources plc
27 September 2023
 

 

 

 

Unicorn Mineral Resources Plc

 

("Unicorn" or the "Company")

 

Results of exploration drilling on Kilmallock Property

 

Unicorn Mineral Resources Plc (LSE:UMR), a mineral exploration and development company based in Ireland and exploring for zinc, lead, copper and silver, is pleased to announce the results of the exploration drilling programme conducted in the summer of 2023 on its flagship project "Kilmallock ", in the "Limerick Basin" in Ireland and  situated 20km south of Glencore's "Pallas Green Lead and Zinc" prospect.

Highlights

Ø The exploration drilling programme consisted of seven holes for a total of 1,532.7m of coring, designed to extend the mineralised body, assess ground conditions, and define the geological / structural setting.

 

Ø This phase of drilling has confirmed the presence of prospective basal Waulsortian Reef hosted, Pallas Green style, Black Matrix (BMB) / Polymictic (PMB) breccias that are mineralised with low to medium grade zinc lead sulphides and oxides, UMK-004 intersected 2.8m grading 4.25% Zn / 0.47% Pb / 3.6g/t Ag.

 

Ø The drilling at the Bulgaden Target UMK-003 => 008 confirmed that the region is structurally complex with NNW striking, enechelon, ramp-relay normal faults with a throw of between 60 - 80m to the east. It also established that oxidation of the basal Waulsortian Reef and the breccia hosted sulphide mineralisation is developing from the north and is more extensive than previously thought.

 

Ø Drilling at the shallow Ballycullane deposit (UMK-002A) was affected by recovery issues in a technically challenging drilling environment. However, material recovered (including sludge samples) contained unexpectedly high grade Silver assay results, 8.0m at a grade of 59.69g/t Ag, with a peak value of 85g/t Ag.

 

Ø Previous drilling on the Kilmallock Property has intersected significant, high-grade zinc, lead, and silver mineralisation at a number of zones, including one 3.8m intercept with 14.66% zinc, 4.8% lead and 133.79 g/t silver at a depth of 325m, leading Unicorn continues to believe that a major, undiscovered, mineralising system is located in this region.

 

Paddy Doherty, Chairman of Unicorn Mineral Resources Plc, commented:

"The recent drilling programme on Unicorn's Kilmallock property in the Limerick Basin has produced some positive results confirming the ground preparation and alteration is analogous to that seen at the Pallas Green Deposit some 20km to the north. This clearly confirms the area is part of a significant mineralising system and has been interpreted to be located along the northern margin of this system.

 

The region to the south and southeast is relatively untested by historic drilling and remains highly prospective. In addition, recent drilling by another operator on the Ballywire prospect 10km to the east of Kilmallock has produced some excellent results which are highly encouraging for the southern part of the Limerick Basin.

 

The exploration programme over the coming months will be designed to develop and refine targeting for the next phase of drilling on this exciting project."

 

This announcement contains information which, prior to its disclosure, was inside information as stipulated under Regulation 11 of the Market Abuse (Amendment) (EU Exit) Regulations 2019/310 (as amended).

 

For further information, please visit www.UnicornMineralResources.com or contact:

 

Unicorn Mineral Resources Plc

John O'Connor, CFO

Tel: +353 86 259 5123

Email: John.OConnor@UnicornMineralResources.com

 

Novum Securities Limited - Financial Adviser and Broker

David Coffman / George Duxberry

Colin Rowbury

Tel: +44 (0)207 399 9400

 

 

About Unicorn Mineral Resources plc:

Unicorn Mineral Resources is an Irish mineral exploration company with a strategic focus on the exploration for economic deposits of "Irish Type" carbonate hosted copper / lead / zinc and silver mineral deposits in the Irish Midlands Orefield. Unicorn have acquired a high-class land package using the latest geological, structural, and mineralogical models to drive the target generation programme. Unicorn has in house experience and expertise to run exploration programmes and explore sole venture licences. Unicorn is dedicated to creating shareholder value and will assess exploration and / or development opportunities going forward including potential joint venture partners.



 



Summary of 2023 Drilling Results

 

Unicorn's first phase drilling programme at the Kilmallock project was designed to follow up on historic high-grade zinc, lead, copper and silver mineralisation discovered at Kilmallock. In this phase of work seven exploration drill holes were planned to test for Waulsortian Reef hosted zinc, lead, copper and silver mineralisation. The drilling was located in a region where historic exploration had discovered, but left undefined and undelineated, two high-grade mineralised bodies at Ballycullane and Bulgaden. The Ballycullane mineralisation is dominated by shallow, sub-outcropping oxides, probably related to a weathered massive sulphide body. The Bulgaden zone is located 1.2km to the southeast and consists of primary and secondary zinc / lead mineralisation, with a significant silver endowment.

 

The 2023 drilling programme tested the nature of the high-grade zinc / lead rich oxide mineralisation at the Ballycullane zone with a single hole and the Bulgaden, sulphide dominant target with six holes, designed to test for extensions to the historic high-grade intersections and confirm the geological / structural context of the area. At Bulgaden hole depths ranged from 203 - 353m and the core was orientated so that structural measurements could be obtained to allow for more effective structural modelling.

 

Drill collar location map with the recent UMR drilling, historic drilling results and the geological setting are presented as Figure 1.

 

Figure 1: Kilmallock Historic Drilling Results and 2023 UMR drillhole locations

 

Hole ID

From

To

Thickness (m)

Zn %

Pb %

Ag g/t

UMK-002A (Sludge)

0.00

8.00

8

0.15

0.03

59.69

UMK-004

207.50

210.30

2.8

4.25

0.47

3.6

UMK-007

192.90

193.60

0.7

0.72

0.04

2

UMK-008

167.30

179.00

11.70

0.28

0.14

1

Table 1: Significant Assay Results

 

The significant drilling results from the 2023 drilling programme are presented as Table 1. The location of the significant results from the recent Bulgaden drilling is presented as Figure 2.

 

A map of a field Description automatically generated with medium confidence

Figure 2: Bulgaden drill collars and 2023 significant results

Drillholes UMK-007 and 008 intersected oxidised and karstic Waulsortian Reef with relic sulphide textures, in particular, collomorphic banding and lamination. The primary sulphides have mostly been replaced by carbonates and only minor relic zinc and lead mineralisation remains. It is considered likely that the oxidation has replaced a sequence of high grade sulphides hosted by basal Waulsortian Reef breccia bodies. The relatively shallow nature of the northern part of the Bulgaden zone has facilitated the development of oxidation and karstic dissolution, the southern part of the deposit is dominated by primary sulphide mineralisation. Hole UMK-007 intersected a zone of partially oxidised, massive sulphides that are dominated by pyrite (FeS) with minor amounts of fine grained grey sphalerite (ZnS).

 

UMK-004 was drilled to the southeast and intersected well developed Pallas Green style, BMB and PBM style brecciation and alteration over the basal 15m of the Waulsortian Reef. The brecciation hosts disseminated and stringer style sphalerite and galena (PbS). A zone of pyrite dominant breccias approximately 8m thick overlies the base metal rich sulphide zone.

 

Drilling along the western side of the Bulgaden zone between historic mineralised holes 3249-14 and 3249-19 intersected a series of NNW striking and easterly dipping Normal Faults with an enechelon, right stepping, ramp-relay structure. The UMR drilling in holes UMK-003 and 005 intersected the relay ramp offsets between the mineralising normal faults and drilled through the faults from the prospective hangingwall to the unprospective footwall side.

 

A map of a flight test Description automatically generated with medium confidence

Figure 3: Bulgaden Geology and Diamond Drilling

(Colour coded icons representing metal content simplified to: Zn+Pb Grade x thickness - see table 2)

 

HistoricHole_ID

East

North

Thickness

Zn%

Pb %

Zn+Pbm%

3249-14

163022.00

129637.00

6

10.43

1.78

73.26

3249-16

163003.00

129814.00

12

4.29

0.91

62.40

3249-18

163155.00

129714.00

2.4

12.76

2

35.42

3249-19

163022.99

129450.21

6

3.06

0.91

23.82

3249-19

163022.99

129450.21

5.3

9.55

2.09

61.69

3249-24

163068.98

129470.05

10.5

8.34

1.52

103.53

3249-25

163020.00

129500.00

4.5

16.53

1.25

80.01

Table 2: Historical Assay Composites - Bulgaden

 

Section A - A' (Figure 4) is a West to East section through the southern part of the Bulgaden Zone. The mineralisation is focused within the basal part of the Waulsortian Reef hosted by breccias, and developed along the eastern, hangingwall side of the NNW striking Normal Fault. This fault has a throw of approximately 60m to the east and controls the emplacement of the mineralisation. The mineralisation is located at a depth of approximately 300m and consists of a series of high grade lenses. UMR drilled hole UMK-006 approximately 70m to the east, this hole intersected a fault zone close to the base of the Waulsortian Reef, drilling through the fault into the underlying Argillaceous Bioclastic Limestone Formation and failed to test the critical basal 30m of the Reef succession.

 

 

A diagram of a sea level Description automatically generated with medium confidence

Figure 4: West - East Drill Section A - A'

 

A diagram of a structure Description automatically generated

Figure 5: North - South Drill Section B - B'

 

Section B - B' is a north-south section across the Bulgaden Zone. The base of Waulsortian Reef contact can be seen to shallow to the north, stepping up through a series of Relay ramp structures. The UMR drillholes are extrapolated onto the line of section and can be clearly seen to have drilled through the fault zone (black hatching on drill UMR drill traces) and finished at a much shallower depth on the footwall side of the structure.

 

 

Competent Person Statement

The information in this release that relates to exploration results is based upon information reviewed, assessed and compiled by EurGeol Dave Blaney, B.Sc., M.Sc., P.Geo. who is a Professional Geologist accredited by the Institute of Geologists of Ireland. Mr Blaney is a Director, COO and shareholder of Unicorn Mineral Resources Plc. Mr Blaney has sufficient relevant experience with the style of mineralisation and types of deposit under consideration and to the activity which has been undertaken, to qualify as a Competent Person as defined by the Pan-European Standard for Reporting of Exploration Results, Mineral Resources and Reserves (The PERC Reporting Standard).

 

 

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