Connemara Mining Company Plc [CON] - Airborne Survey Targeting Gold Deposits
Completed
16 May 2012
Connemara Mining Company
Airborne Survey Targeting Gold Deposits Completed
Connemara
Mining announces that the airborne survey - targeting gold deposits - over the
block of five licences held by the Company in the Wicklow/Wexford area of
Ireland is completed.
The work is part of an ongoing joint venture
between Connemara Mining and Hendrick Resources of Canada whereby Hendrick will
earn 75% interest in the licences by spending €1M.
The survey which is a
magnetic, very low frequency (VLF) and radiometric survey is being processed by
Terraquest in Canada. Initial analysis carried out on the raw data by Hendrick
in Canada indicates the presence of previously undetected blind targets. Final
results are due within six weeks.
John Teeling, Chairman, said, “Gold in
the Wicklow hills has been known for over 200 years but finding commercially
viable deposits is a far more complicated issue. Dale Hendrick, an acknowledged
expert in evaluating airborne survey results has done some work on the raw data
from the survey. He believes that he has identified previously unknown
‘potential’ targets for gold deposits. These are targets that could not be
identified from conventional ground based exploration. Final results from
Terraquest are due within six weeks following which the next stage of
exploration will be decided.”
Notes
Connemara
is a diversified exploration company, with principal assets in base metal
zinc/lead exploration licenses as well as shear hosted gold targeting licenses,
in Ireland. The company holds interests in 34 licences covering an area of
approximately 1,250 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.
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