Connemara Mining (LON:CON) said this morning it had completed an airborne survey over a block of five licences in the Wicklow and Wexford areas of Ireland which may have uncovered previously unknown potential gold targets.
The work is part of a joint venture between Connemara and Hendrick Resources of Canada under which the latter will earn a 75 per cent interest in the licences by spending €1 million.
The magnetic, very low frequency 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.
Connemara chairman John Teeling: "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."