TIDMUMR
RNS Number : 3462Y
Unicorn Mineral Resources plc
04 May 2023
Unicorn Mineral Resources Plc
("Unicorn" or the "Company")
Unicorn is to commence an exploration drilling programme on its
Kilmallock Property in the week commencing 8 May 2023
Unicorn Mineral Resources Plc (LSE:UMR) , a mineral exploration
and development company based in Ireland and exploring for zinc,
lead, copper and silver, with its main focus at present being the
"Limerick Basin" in Ireland, where Unicorn's flagship project
"Kilmallock " is situated 20km south of Glencore's "Pallas Green
Lead and Zinc" prospect.
Ø Following on from confirmation from the Geoscience Regulation
Office of the Department of Environment, Climate and Communications
that drilling may proceed, Unicorn is planning to mobilise a
drilling rig to its Kilmallock property in the week commencing 8
May 2023
Ø This phase of work will consist of an initial 6-hole drilling
programme, using a single drilling rig, and comprising of
approximately 1,250m of drilling, which is be expected to take
approximately 12 weeks to complete.
Ø Five holes have been targeted in the areas of high-grade zinc,
lead and copper mineralisation at the Ballycullane and Bulgaden
Zones, with an additional hole targeting a separate significant
geochemical and geophysical anomaly delineated by recent
surveying.
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
to believe that a major, undiscovered, mineralising system is
located in this area.
Unicorn's first phase drilling programme at Kilmallock is
designed to follow up on historic high-grade zinc, lead, copper and
silver mineralisation discovered at Kilmallock. In this phase of
work six exploration drill holes are planned to test for
Waulsortian Reef hosted zinc, lead, copper and silver
mineralisation. The proposed drilling is located in a region where
historic exploration has 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, massive sulphide mineralisation, rich in
zinc and lead, with a significant silver endowment.
The proposal is to drill six holes to test the base of the
Waulsortian Reef target zone for additional zinc and lead
mineralisation. The drilling will be divided into three stages:
Stage 1 is designed to test the nature of the high-grade zinc /
lead rich oxide mineralisation at Ballycullane with a single hole.
This hole will be drilled using modern core recovery techniques to
obtain representative samples from poorly consolidated, high-grade,
oxide material. The material will then be sampled, analysed, and
examined in detail to place it in geological context.
Stage 2 is a single, shallow hole targeted on a significant,
untested zinc / lead deep overburden geochemical anomaly that is
coincident with an Induced Polarisation geophysical anomaly and
located at the critical Waulsortian Reef / Argillaceous Bioclastic
Limestone (ABL) contact some 400m northeast of Bulgaden. It is
anticipated that the first two phases will involve approximately
150m of drilling .
Stage 3 will be focused on the main Bulgaden target and will
consist of c. 90% of the planned meterage. Four holes are proposed,
and they are designed to test for extensions to the historic
high-grade intersections made by Boliden in this area. Hole depths
range from 225 - 350m and the holes will be drilled at an angle of
-80(o) to the north, allowing the core to be orientated so that
Unicorn can take structural measurements and more effectively model
the geological setting.
The planned drilling, placed into context with the historic
drilling results and the geological setting are presented as Figure
1.
Figure 1 : Kilmallock Historic Drilling Results and Proposed
2023 Drilling Targets
East
(Irish North Total
Target ID Grid) (Irish Grid) RL Dip Azimuth Depth
=========== ======== ============== ==== ==== ======== =======
P_KK-001 161,616 129,970 95 -90 000 40
P_KK-002 163,423 130,024 97 -80 000 110
P_KK-003 162,952 129,636 98 -80 000 225
P_KK-004 163,093 129,638 98 -80 000 250
P_KK-005 163,022 129,562 100 -80 000 275
P_KK-006 163,142 129,472 102 -80 000 350
-------- -------------- ---- ---- -------- -------
Table 1 : Proposed Drill Collar Details
Stage 1
Stage 1 of the drilling programme has been developed following a
detailed review and evaluation of the historic data acquired from
the Open Files of the Geological Survey of Ireland (GSI) and the
GeoScience Regulatory Office (GSRO). The historic work in this area
involved extensive geochemical surveying, supported by ground
geophysics, airborne geophysics, and diamond drilling.
The historic geochemical surveying, carried out by Syngenore and
Billiton, defined a large and extremely high-grade Zn/Pb anomaly at
Ballycullane. The zinc heat map of this survey overlain on the
geology map is presented as Figure 2 clearly showing the scale of
the anomaly, which has dimensions of 600 x 400m and peak zinc
values of >100,000ppm (>10% Zn). The anomaly is located
immediately above the sub-outcrop of the important Waulsortian Reef
/ ABL contact.
Figure 2 : Ballycullane Zinc Deep Overburden Sampling Results
Overlain on the Geological Map
The Ballycullane DOB anomaly has had limited historic drill
testing and a shallow, sub-outcropping zone of unconsolidated zinc
/ lead rich oxides was intersected (Figure 3). Sludge samples of
this material were recovered and assayed; six holes, drilled within
the footprint of the high-grade DOB anomaly, returned highly
elevated Zn grades (Table 2).
Figure 3: Ballycullane Geology and Historic Drilling Results
( Colour coded icons representing metal content simplified to:
Zn+Pb Grade x thickness - see table 2)
Hole_ID East North Thickness Zn% Pb % Zn+Pbm%
BC-3 161475.10 130053.40 1.5 13 19.50
---------- ---------- ---------- ---- -----
BC-4 161692.90 129961.80 5 20 100.00
---------- ---------- ---------- ---- ----- --------
BC-5 161483.20 130054.00 3 11 33.00
---------- ---------- ---------- ---- ----- --------
BC-6 161484.30 129983.90 3 13 39.00
---------- ---------- ---------- ---- ----- --------
Table 2 : Historical Assay Composites - Ballycullane
Proposed drillhole, P_KK-001, is targeted on some of the
highest-grade historic deep overburden sampling results and is
located on a >10% Zn sample. It is located 63m west of hole
3249-9, which intersected 6m grading 16.33% Zn and 0.28% Pb, and
78m west of hole BC4 that intersected 5m grading 20% Zn. This hole
is designed to drill approximately 20m of unconsolidated oxide
material and then continue c.20m into the underlying bedrock to
ascertain the nature of underlying facies and any alteration /
mineralisation that may be present.
Stage 2
Stage 2 of the drilling programme is also a single hole (
P_KK-002), which is a large scale step out designed to test a
discrete, coincident zinc / lead deep overburden anomaly of 310ppm
Zn and 265ppm Pb. The proposed target is located 140m south of the
mapped Waulsortian Reef / ABL contact in an area that is underlain
by Waulsortian Reef that is dipping gently to the south. The
closest hole is 3249-35 located c.350m northwest -- this hole
intersected dolomitised Waulsortian Reef before faulting out into
the ABL. It should be noted that 3249-35 did not test the base of
the Reef target zone and the nature of the base of Waulsortian reef
in this region is unknown. Target P_KK-002 is designed to intersect
and test the base of the Waulsortian Reef contact at a depth of 90
- 100m, drilling a total of 110m.
Stage 3
Stage 3 of the drilling programme will consist of most of the
proposed drilling meterage, with 4 holes drilling approximately
1,100m, and it will be focused on the main target area for the
licence block, the Bulgaden Zone. This is where the bulk of the
high-grade, primary zinc / lead rich, massive sulphide
mineralisation at the Kilmallock property has been intersected to
date (Table 3). The plan is to extend the drilling coverage with a
series of 70m step out holes. The programme is designed to test for
extensions to the mineralisation to develop a better understanding
of the Bulgaden Zone by commencing the definition and delineation
of the mineralisation. This will allow for detailed modelling of
the controls and limits of the mineralising system.
The mineralisation intersected by the historic drilling at
Bulgaden consists of high-grade zinc / lead rich, massive sulphide
mineralisation that is located within the basal part of the
Waulsortian Reef succession, above the important Waulsortian Reef /
ABL contact. The style and stratigraphic position of the
mineralisation is analogous to the Pallas Green, Lisheen and
Silvermines deposits. Extensive regions of untested Waulsortian
Reef are located proximal and around the known mineralisation and
are considered by Unicorn to be a highly prospective exploration
target.
Figure 5: Greater Bulgaden region, historic drilling, and
results
(Colour coded icons representing metal content simplified to:
Zn+Pb Grade x thickness - see table 3)
Historic
Hole_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 3: Historical Assay Composites - Bulgaden
The planned Unicorn drilling programme at Bulgaden consists of
four proposed drill holes (P_KK-003 to 006). Proposed hole P_KK-003
is a c. 70m step out to the west of the mineralised intersection in
historic hole 3249-14, that returned 6.0m grading 10.43% Zn / 1.78%
Pb. Modelling indicates that the mineralisation is located 17 - 30m
above the Waulsortian Reef / ABL contact, hosted within a zone of
dolomitised breccia and forming a quazi-continuous, flat lying
horizon between holes 324914 and 18. The hole is designed to
intersect the base of the Waulsortian Reef contact at a depth of
205-215m, and drill a total depth of 225m.
Proposed hole P_KK-004 is a mirror image of P_KK-003 and is a c.
70m step out to the east of the mineralised intersection in
historic hole 3249-14, that intersected 6.0m grading 10.43% Zn /
1.78% Pb. The hole is designed to intersect the base of the
Waulsortian Reef contact at a depth of 230-240m, and drill a total
depth of 250m
Proposed hole P_KK-005 is an infill hole designed to test the
region between the mineralised intersections in historic holes
3249-14, which intersected 6.0m grading 10.43% Zn / 1.78% Pb and
hole 3249-25, which intersected 4 4.5m grading 16.53% Zn / 1.25%
Pb. The planned hole is located exactly between the two historic
holes, approximately 70m from each. The hole is designed to
intersect the base of the Waulsortian Reef contact at a depth of
255-265m, and drill a total depth of 275m.
Proposed hole P_KK-006 is a c. 70m step out to the east of the
mineralised intersection in historic hole 3249-24, that intersected
10.5m grading 8.34% Zn / 1.52% Pb. The mineralisation occurs in two
discrete lenses and extends down almost to the contact with the
ABL. Mineralisation is developed over a vertical extent of c.40m
with high-grade lenses at the top and base and low grade, stringer
/ disseminated sulphides between. This hole is designed to
intersect the base of the Waulsortian Reef contact at a depth of
330-340m, and drill a total depth of 350m.
Programme Logistics
The drilling will be carried out by the highly experienced
diamond drilling contractor, Priority Drilling Ltd. of Kilimor Co.
Galway, and will be under the supervision of geological consultants
BRG Ltd. of Athy, Co. Kildare.
Hole P_KK-001 will be a vertical hole drilled in HQ diameter and
using a "finger spring" system in order to maximise the recovery of
the poorly consolidated oxidised mineralisation.
All the remaining drill holes are planned to be drilled at
-80deg towards 000deg (N) so as to intersect base of Waulsortian
Reef hosted mineralisation at an angle designed to give a true
thickness and also allowing any normal fault and transfer fault
structures to be intersected at a more appropriate angle.
Drilling will commence with tri-cone, open hole drilling through
the glacial till, followed by NQ3 diamond drilling to end of
hole.
End of hole will be determined as approximately 10m into
unmineralized and unaltered sub-reef ABL.
All drill core will be oriented using a Reflex orientation
tool.
Sample analysis will be carried out at the ALS - OMAC laboratory
in Loughrea Co. Galway. Unicorn will insert Certified Reference
Materials (CRM'S), duplicates and blanks into the laboratory sample
stream as part of its industry standard QA/QC, and the Company
follows strict chain of custody protocols.
All drilling activity will be subject to Unicorns Health &
Safety and Environmental Standard Operating Procedures, and will
conform with guidance issued by the regulator, the Geoscience
Regulation of Office of the Department of Environment, Climate and
Communication.
Richard O'Shea, CEO of Unicorn Mineral Resources Plc,
commented:
"I am looking forward to an active drilling programme on
Unicorn's Kilmallock property in the Limerick Basin and I am
delighted that we can now commence a drill programme. The property
has had some positive results from previous drilling and is located
20km south of the Pallas Green project owned by Glencore. In
addition, drilling by another operator on the Ballywire prospect
10km to the east of Kilmallock has recently produced some good
results which is encouraging for the Limerick Basin in general. I
look forward to an active exploration programme and some good news
for shareholders over the coming months."
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).
- ENDS -
For further information, please visit
www.UnicornMineralResources.com or contact:
Unicorn mineral Resources Plc
Richard O'Shea, CEO
Tel: +353 87 2560397
Email: ros@umr.ie
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.
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