24th Jun 2019 13:43
(Alliance News) - Arkle Resources PLC on Monday posted a widened loss for 2018 on administrative expenses as it continues to develop its projects in Ireland.
The company's pretax loss totalled EUR337,306, widened from EUR214,331 the year before. In both years, this loss was entirely attributable to administrative expenses.
Chair John Teeling said the firm anticipates results from work on its Wicklow gold licences "in the near future" and expects find new drill targets close to its existing Tombreen and Knocknalour discoveries.
Teeling also welcomed the renewed interest in the Limerick basin, and said the company's partner on the Stonepark zinc projects is "examining a range of options". "All activity is good for Arkle," said Teeling.
However, Teeling was dissatisfied with Arkle's share price, which gives a market capitalisation of just over GBP1 million. The chair said this "significantly undervalues the potential" of Arkle's portfolio.
Shares in Arkle, formerly known as Connemara Mining, were untraded at 0.90 pence on Monday afternoon.
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