Connemara Mining

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Connemara Mining Company plc was established in 2006 by veterans of the Irish zinc industry to exploit zinc opportunities in Ireland and currently holds 38 prospecting licences in central and south-west Ireland. Connemara’s licences are for some or all of the base metals (Bm), barite (b), gold (g), silver (s), and platinum group elements (PGE). The Connemara exploration philosophy is trendology and closeology - follow the mineralised trends and obtain ground as close as possible to existing or former zinc/lead mines.

Beaufort Intl believes Connemara’s zinc exploration has ‘just scratched the surface’ in southwest Ireland

Friday, June 25, 2010 by Jamie Ashcroft
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A new world-class zinc mine may soon be identified in southwest Ireland, according to independent merchant bank Beaufort International. In a research note on Connemara Mining (LON:CON), Beaufort highlighted that Connemara controls one of two adjacent licence blocks, from which Beaufort said exceptional recent drilling results and much anticipated resource estimates are likely to have just scratched the surface of prospects which are still over 60% unexplored.

On its Stonepark license Connemara is working alongside joint venture partner with Teck Resources (TSX, NYSE: TCK; formerly Teck Cominco), whilst on the adjacent license, Minco (LON:MIO) is working with Xstrata (LON:XTA).

“Having both individually committed to completing major drilling programmes this year, which together total 80,000 metres through 180 holes, the true scope of this powerful mineralising system should shortly be recognised,” Beaufort stated.

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The merchant banker noted that Connemara is seeking new funding to ensure that its interests are not diluted, whilst also securing excellent prospects elsewhere.

The research note also highlighted that Connemara Mining’s portfolio of 37 licence blocks are ideally located on identified trends that spread right across Ireland’s Midland Orefield. According to Beaufort, the region boasts the largest number of zinc discoveries per square kilometre worldwide, “an unparalleled opportunity”.

According to the merchant bank, the new JORC release from Minco will provide a resource estimate approaching that of the soon to be commercially-exhausted Lisheen mine of Vedanta Resources (LON:VED).

“Given that Ireland’s south western deposits tend to occur as a ‘string of pearls’ separated by perhaps 2 to 5km and that the larger part of both prospects remain unexplored, it is just possible that the two companies are working on the same giant mineralised system ... Which one would have the head and which one the tail of this particular ‘elephant’, however, remains to be seen,” Beaufort stated.

In terms of Connemara’s plans, Beaufort believes that, as it is an exploration business, it would expect the company to seek an early exit from its JV with Teck Resources, should the scale and grading of Stonepark’s resource be proven, and once a production decision has been made. “Realistically, such an event could be a year or less away”.


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Additional Information

Market:AIM
Sector:General Mining - Zinc, Lead and Tin
EPIC:CON
Latest Price: 20.00p  (0.00%)
52-week High:34.00p
52-week Low:15.00p
Market Cap:4.09M

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