Oldcastle Exploration Update

RNS Number : 9858X

Connemara Mining Company plc

26 November 2014

 



26^th November 2014

Connemara Mining Company plc ("Connemara")

Oldcastle Exploration Update

Connemara (AIM: CON) announces that the diamond drillhole on PL 1051 drilled by Joint Venture partner Teck Ireland Ltd. ("Teck") has been completed reaching a shallower than expected target horizon.  The hole was stopped at 272m in basement rocks without observable mineralization, and while disappointing in terms of mineralisation, the shallower than expected depths open up new potential for exploration of this area.  Geochemical sampling of the intersected Pale Beds core will be completed to test for potential trace element vectors.  The new data from the drillhole will also be incorporated into the 3D model for the area to improve future targeting.  The joint venture partners will meet shortly to examine the next steps.

The Oldcastle block of five licences is being explored by Teck under an option agreement with Connemara, the licence holder. Teck is earning into a 51 per cent interest in the block by spending €550,000 with an option to increase its interest to 75 per cent by spending a further €800,000.

Connemara is a diversified exploration company with principal assets in zinc/lead and gold exploration licenses in Ireland.  The company holds interests in 30 licenses covering an area of approximately 1, 169 sq km.

This announcement has been reviewed and approved by the Company's technical director Graham Reid (P.Geo) 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.  Mr Reid is a Professional Member of The Institute of Geologists of Ireland (IGI) and The Society of Exploration Geophysicists (SEG) and has over 30 years' experience in mineral exploration and site investigation fields.

Enquiries:

Connemara Mining Company Plc
John Teeling, Chairman	[phone]
Jim Finn, Director
Westhouse Securities Limited
Martin Davison	[phone]
Robert Finlay
Dowgate Capital Stockbrokers Limited
Jason Robertson	[phone]
Blytheweigh	[phone]
Tim Blythe	[phone]
Halimah Hussain	[phone]
Camilla Horsfall	[phone]
PSG Plus
Natalie Tennyson	[phone]
Alan Tyrrell	[phone]

www.connemaramining.com

 

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