TIDMUMR
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
Thickness
Hole ID From To (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.
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.
Figure 3: Bulgaden Geology and Diamond Drilling
( Colour coded icons representing metal content simplified to:
Zn+Pb Grade x thickness - see table 2)
Pb
HistoricHole_ID East North Thickness Zn% % 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.
Figure 4: West - East Drill Section A - A'
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).
- ENDS -
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