Connemara Mining Company plc [CON] - Oldcastle Block Exploration Update
Oldcastle Block Exploration Update
Connemara Mining Company plc (“Connemara”) (AIM: CON) today announces an update on its exploration of the Oldcastle Block of licences in Cavan and Meath. This project is covered by a joint venture agreement with Teck Ireland Ltd (“Teck”), a subsidiary of Teck Resources Limited, to identify and explore potential Zinc and Lead deposits. Teck can earn a 75% interest in the block by spending EUR1.35m.
A target definition programme comprising geological, geochemical and gravity data collection and analysis has commenced. Geological mapping and sampling of historic outcrops is underway and soil sampling is seeking to extend and characterize the known soil anomaly within the Drumlerry area. Reprocessing of both airborne and ground geophysical data is ongoing. The aim of the current programme is to identify new drill targets for drill testing in late 2012 or 2013.
John Teeling, Chairman, commented, “The Oldcastle block has known potential for zinc and lead. It shows some of the geological signatures present in the Navan area 20kms away which hosts the giant Tara zinc mine. Connemara exploration identified some of the potential but Teck has the techniques, experience and finance to uncover the potential.”
Connemara is a diversified exploration company with principal assets in base metal zinc/lead exploration licences as well as shear hosted gold exploration licences in Ireland. The company holds interests in 29 licences covering an area of approximately 1,073 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.