Unicorn Mineral Resources Plc (LSE:UMR), a mineral exploration and development company based in Ireland exploring for Zinc, Lead, Copper and Silver, with its main focus at present being the “Limerick basin” in Ireland, is pleased to announce its unaudited interim results for the 6 months ended 30 September 2024 (the “Period”).
Operating Highlights
- In July 2024, 174 gravity stations were surveyed across the Waulsortian Reef subcrop on the Kilmallock Block. This recent surveying was combined with the historic data in the UMR database to create a grid with a nominal density of 250 x 250m leading to the identification of five strongly anomalous zones for future investigation.
- These anomalies, which are mostly to the east of the Bulgaden region previously drilled by Unicorn, are strongly analogous to the gravity features identified by Group Eleven Resources (Group Eleven Resources Corp – Home) at their Ballywire zinc / lead / silver deposit, just 8km along strike to the east of the Kilmallock block.
- The Company’s strategy to broaden its portfolio of licences led to the investigation of a number of opportunities in Africa, with efforts now narrowing to focus on copper opportunities in Namibia.
Financial Highlights
- The loss for the Period amounted to €252,173 (H1 2023: €236,847) and consisted mainly of the professional fees, insurance, London Stock Exchange fees and salaries.
- €405,981 in cash and cash equivalents at Period end (H1 2023: €437,269)
- €399,544 carrying value of intangible assets at Period end (H1 2023: €359,974)
- Loss per share for the Period was 0.72 cents (H1 2023: 0.86 cents)
Post Period Highlights
- Following the work at Kilmallock the Company has met its minimum spend requirements and in August 2024 applied for the two year renewal, which it expects to have confirmed on the next couple of months. The Company is in the process of finalising a programme to further define the anomalies identified by the 2024 gravity surveying to assist the placements of future drill targets.
- As part of the expenditure required by February 2025 to renew the Lisheen licences, the Company intends to carry out geophysical surveying in the next few months.
- The Company is also carrying out due diligence on selected potential projects in Africa.
Patrick Doherty, Chairman of Unicorn Mineral Resources Plc, commented:
“The summer of 2024 was taken up with research and planning for a project in Africa, and has now reached a stage where careful consideration is being given to one of the projects. Meanwhile at home, the similarities between the anomalies identified by gravity surveying at Kilmallock and those identified by Group Eleven Resource along strike at Ballywire, give confidence in there being a similar style of high grade zinc/lead massive mineralisation within the Kilmallock block. Further work is now required to assist with the placement of future targets.”
For additional information please contact:
Unicorn Mineral Resources plc Tel +353 86 259 5123
John O’Connor, CFO
Novum Securities Tel +44 7399 9400
David Coffman / George Duxberry
Colin Rowbury