Oldcastle Block Drilling

RNS Number : 4534C

Connemara Mining Company plc

16 October 2015

 

16^th October 2015

Connemara Mining Company plc ("Connemara")

Oldcastle Block Drilling

Connemara (AIM: CON) is pleased to announce that Teck Ireland Ltd. ("Teck"), our joint venture partner on the Oldcastle block of licences in the Irish midlands, will drill two deep holes in the Drumlerry area.  Each deep hole will take 5 to 6 weeks to drill.  Drilling is expected to begin in October.  The targets are within the Navan beds and have similar geology to the giant Tara Mines orebody at Navan, 20 km to the South East.

Extensive work has been done over a number of years by Connemara, Teck and others on this ground, including geological, geochemical, geophysical and most recently seismic surveys in an area known to contain zinc mineralisation.

The Oldcastle block of five licences is being explored by Teck under an option agreement with Connemara. Teck, who is operator, has earned a 51 per cent interest in the block by spending €550,000 and can increasing to 75 per cent interest by spending a further €800,000.

John Teeling, chairman, commented, "Connemara drilled this area in 2008.  Of the 11 shallow drill holes completed, 5 had zinc mineralisation.  The target was and is a large zinc orebody along the lines of the big Tara mine 20 km away.  The geology is similar but the real targets are deep below 500 m.  Drilling at these depths is expensive and challenging.  Teck, our partner, has done extensive technical work, including seismic, to better define what lies at depth.  They are now confident enough to drill.  This is work that has needed to be done for many years.  We are delighted the drilling is going ahead."

Connemara is a diversified exploration company with principal assets in base metal zinc/lead exploration licenses as well as shear hosted gold exploration licenses in Ireland.  The company holds interests in 35 licenses covering an area of approximately 1, 362 sq km.  It is currently actively exploring for gold in Donegal.  It holds two joint ventures with Teck on the zinc licences and a joint venture with Henderick Resources of Canada on gold licences in the Wicklow/Wexford area of Ireland.

This announcement has been reviewed and approved by the Company's technical advisor 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
Dipti Mehta
Northland Capital Partners Limited
Gerry Beaney	[phone]
William Vandyk
Dowgate Capital Stockbrokers Limited
Jason Robertson	[phone]
Blytheweigh	[phone]
Tim Blythe	[phone]
Camilla Horsfall	[phone]
PSG Plus
Aoife Ross	[phone]
Alan Tyrrell	[phone]

www.connemaramining.com

 

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