Business Strategic Update

RNS Number : 8255I

Connemara Mining Company plc

26 March 2018

 

26^th March 2018

Connemara Mining Company plc

("Connemara" or the "Company")

Business Strategic Update

Connemara Mining Company plc (LON: CON), the Irish gold and zinc exploration company, is pleased to update shareholders on the strategic direction and focus of the Company going forward.

Jurisdiction

Connemara is focused on Ireland, which is highly ranked globally in terms of geological potential and investment attractiveness.  At the recent Prospectors and Developers Association of Canada (PDAC) conference there was significant interest in Irish opportunities from investors and larger mineral companies.  The Irish Minister of State responsible for natural resources was also present demonstrating strong Irish Government support.  The Board considers Connemara to be well placed in Ireland with project opportunities that can attract major interest.

Licence Portfolio

Connemara has interests in 41 exploration licences ranging from 23.44% to 100% and is specifically focused on gold and zinc opportunities.  The strategic significance of this portfolio should not be underestimated, at a time when resource companies are seeking entry into Irish exploration, notably in zinc and gold.  The Company remains open to new partnerships and corporate transactions in respect of our interests.

Joint Ventures

The Company currently has two key joint venture partners within its zinc portfolio: Group Eleven Resources Corp and Teck, Canada's largest diversified mining company.  Joint venture partner engagement continues proactively and the Company will provide further updates, notably in respect of drilling being undertaken at Stonepark North, the Company's 23.44% owned zinc JV at Stonepark.  Given the results to date, and its proximity adjacent to Glencore's 44 million tonne 8.0% zinc and lead deposit at Pallas Green (JORC 2012 compliant Inferred Mineral Resource) it is the Company's intention to fully participate and maintain its 23.44% stake.

Exploration Activities

·        The Company's exploration licence portfolio contains three main strategic elements, namely: a) the Inishowen Gold Project in the Dalradian Rocks of Donegal in the northwest, b) the Mine River Gold Project in the counties of Wicklow and Wexford located in the region of the 1795 "goldrush" in the southeast, and c) zinc exploration across multiple projects in the central and southern regions, all either adjacent to known resources or existing mines or in similar geologic settings.  Across each project, the Company is undertaking review and target identification to ensure its exploration spend is focused on the most promising areas of opportunity;

·        Work to date has identified numerous high profile targets and further information will be communicated in this regard as reviews progress;

·        From this work, the next phase of ground exploration, due to commence shortly, will focus on a drill programme targeting high-grade gold intersections and expanding prospect strike-length at the Company's 100% owned Mine River Gold Project located in counties Wicklow and Wexford;

·        Further details on the Company's geological modelling, target identification and active ground programmes will be released in the near-term. The Connemara Board are committed to delivery of progress, across the Company's portfolio of interests, both existing and those potentially acquired going forward;

New Opportunities

The Company is proactively reviewing a range of additional opportunities.

Patrick Cullen, Chief Executive Officer of Connemara Mining, commented: "We are pleased to present this review and to follow up on our recent fundraising with an update on activity on the ground.  We are excited to be moving forward on our Irish gold assets.  We believe Ireland will emerge as a gold producing province and expect to see a lot of activity in the coming months, with both progress on mine developments, as well as new entrants to follow Connemara in the exploration space. We've had early success at both our gold projects and now we have funds to continue to build on that.

"On the zinc side of our business, we are also very pleased to see drilling re-commence at the Stonepark joint venture, operated by Group Eleven Resources Corp.  Stonepark is an advanced zinc exploration project, is well located adjacent to Glencore's Pallas Green Project, and has demonstrated high-zinc grades.  We look forward to results there in the future.

"Strategically we are very excited with our current positioning.  Connemara has built a strong portfolio of assets during the lean years and with a resurgent resource sector, combined with our revitalised Board and strategy, we intend to leverage our portfolio to deliver considerable value for shareholders."

This announcement has been reviewed and approved by Gavin Berkenheger (CGeol) in his capacity as the Qualified Person for the purposes of the AIM Guidance Note for Mining, Oil and Gas Companies issued by the London Stock Exchange.

This announcement contains inside information for the purposes of Article 7 of Regulation (EU) 596/2014.

INFORMATION FOR EDITORS

Connemara is a diversified exploration company with principal assets in gold and zinc exploration licences across Ireland.  Connemara currently holds interests in a total of 41 licences, including joint ventures with Teck at the Oldcastle Zinc Project and with Group Eleven Resources Corp at the Stonepark Zinc Project.

Further information can be sourced from the Company website: www.connemaramc.com

ENDS

Enquiries:

Connemara Mining Company Plc
John Teeling, Chairman	[phone]
Patrick Cullen, CEO	[phone] [phone]
Northland Capital Partners Limited
Matthew Johnson / Dugald J. Carlean	[phone]
John Howes
First Equity
Jason Robertson	[phone]
Blytheweigh	[phone]
Nick Elwes	[phone]
Camilla Horsfall	[phone]
Teneo PSG
Luke Hogg	[phone]
Alan Tyrrell	[phone]

 

END

 

 

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