Connemara Mining Company plc Drilling Recommences at Oldcastle Zinc Project (5443T)
04 July 2018 - 4:00PM
UK Regulatory
TIDMCON
RNS Number : 5443T
Connemara Mining Company plc
04 July 2018
4 July 2018
Connemara Mining Company plc
("Connemara" or the "Company")
Drilling Recommences at Oldcastle Zinc Project
Connemara Mining Company (LON:CON), the Irish gold and zinc
exploration and development company, is pleased to announce the
commencement of a new drill programme at the Oldcastle Zinc
Project, located in counties Cavan and Meath, Ireland. The costs
will be carried by joint venture partner and operator Teck Ireland
Ltd. ("Teck"), which has the option to increase its interest from
65 to 75 per cent of the project.
Highlights
-- Recent work completed by Teck indicates presence of a
hydrothermal system and basin bounding fault
-- Approximately 1,800 metres of drilling planned over two to three holes
-- Targeting Pale Beds as possible Navan analogue
Patrick Cullen, Chief Executive Officer of Connemara, commented,
"We are very excited to see drilling recommence at the Oldcastle
joint venture, this phase represents a significant step forward for
the project.
"Teck have completed comprehensive technical work leading to
this decision, integrating data derived from previous drilling,
geophysics and 2D seismic to refine the targets. The target is
compelling, focussed on the Pale Beds within an interpreted fault
system that Teck consider may present a Navan analogue. We look
forward to results over the coming months."
Oldcastle Zinc Project:
The project is comprised of a block of five contiguous licences
covering 172 square kilometres in counties Meath and Cavan. Teck,
who is operator, has earned a 65 per cent interest in the block,
following which it has the option to increase that interest to 75
per cent by spending total additional expenditures of EUR400,000 by
30 December 2018.
Extensive work has been done at Oldcastle over a number of years
by Connemara, Teck and others, including geological, geochemical,
geophysical data (including a 21 kilometre 2D reflection seismic
survey acquired in 2013) in an area known to contain zinc
mineralisation. Drilling from three deep holes in 2015/16 (for a
total of 2,500 metres) identified trace mineralisation and provided
drill core material for updated detailed analysis, including
portable X-ray fluorescence analysis, sulphur isotope and
stratigraphic analysis. This work indicates the presence of a
prospective hydrothermal system.
The focus of the planned programme is at the Springhall
Prospect. Approximately 1,800 metres drill testing is planned over
two to three holes, as well as, some surface work (including soil
geochemistry and gravity surveys) elsewhere in the project
block.
This announcement has been reviewed and approved by Gavin
Berkenheger (CGeol) in his capacity as the Qualified Person for the
purposes of the AIM 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 39 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 +353 (0) 1 833 2833
Patrick Cullen, CEO +353 (0) 87 272 1748
+44 (0) 755 237 8208
Northland Capital Partners
Limited
Matthew Johnson / Edward Hutton +44 (0) 203 861 6625
John Howes
First Equity Limited
Jason Robertson +44 (0) 207 374 2212
Blytheweigh +44 (0) 207 138 3204
Tim Blythe +44 (0) 781 692 4626
Simon Woods +44 (0) 746 643 9633
Teneo PSG
Luke Hogg +353 (0) 1 661 4055
Alan Tyrrell +353 (0) 1 661 4055
This information is provided by RNS, the news service of the
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contact rns@lseg.com or visit www.rns.com.
END
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