Connemara Mining says new zinc-lead drilling results signal Stonepark North extension or new zone

Irish zinc miner Connemara Mining (LON:CON) said that its Stonepark North discovery was getting “bigger and better” after intersecting high-grade zinc-lead mineralisation 400 metres to the southwest, which it said suggested either an extension to the discovery or a new zone.

Hole 53, 400 metres southwest of the Stonepark North discovery in Limerick, returned intersections of 6.85 metres grading 10.47% zinc and 3.68% lead from 209.4 metres depth, including 2.75 metres at 19.76% zinc and 6.99% lead. About 150 metres to the southwest, Hole 51 intersected 7.55 metres at 4.88% zinc and 1.49% lead from 221.4 metres including 1 metre at 21.90% zinc and 7.26% lead.

The mineralisation intersected at both holes was at similar depths and was of similar style to the discovery holes at Stonepark North, suggesting either a significant extension to the Stonepark North zone or the discovery of a new zone.

Drilling is currently ongoing with two rigs on site with 10,000 metres of diamond drilling planned for 2010. Drilling is being co-funded 75 percent by operator Teck Resources (TSX, NYSE: TCK; formerly Teck Cominco) and 25 percent by Connemara. The immediate exploration plan is to find more zones. The target is to define the overall size of the mineralised system and then drill out individual zones.

Other recent drilling results from the project included 7.45 metres at 19.24% zinc and 8.52% lead included 4.25 metres grading 26.64% zinc and 12.30% lead, 1.8 metres at 5.65% zinc, 5.35 metres grading 13.22% zinc and 3.18% lead, 7.8 metres grading 5.18% zinc and 2.68% lead including 1.35 metres grading 10.40% zinc and 2.16% lead and 7.2 metres grading 13.07% zinc and 2.23% lead.

“The Stonepark discovery in Limerick is getting bigger and better. The latest drilling results either show a significant extension of Stonepark North or the discovery of a new zone. The fact that these high grade results are at the same depth as Stonepark North and of similar geological character suggests an extension. While it is still early days the evidence is pointing toward a significant orebody at Stonepark/Stonepark North,” said Chairman of Connemara John Teeling.

Apart from Limerick, where Connemara holds sixteen licences in joint venture with Teck Resources, and the five licences at Lough Sheelin on the Meath/Cavan border, it has highly prospective ground in Thurles, Moate and Nenagh.

Shares in the company surged 22% on the news.