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Connemara Mining RNS Release

Acquisition Increases Wicklow Gold Strike Length


RNS Number : 0087U
Connemara Mining Company plc
19 October 2017
 

19th October 2017

 

Connemara Mining Company plc

("Connemara")

 

Acquisition Increases Wicklow Gold Target Strike Length

 


Connemara (AIM: CON) is pleased to announce the acquisition of 100% of Hendrick Resources (Ireland) Limited ("HRI").  Connemara has acquired 100% control of twelve (12) existing HRI prospecting licences in Ireland for a royalty agreement comprising a 2 per cent. Net Smelter Return on future production.  In addition, the five (5) Connemara prospecting licences in joint venture with HRI have been returned to Connemara.  Though the primary focus is gold, lithium pegmatite targets are being developed adjacent to the western margin of the block and Connemara is reviewing potential targets within the expanded block.

 

John Teeling, Chairman, stated "We are pleased to acquire HRI, a company created by the late Dale Hendrick, a legendary figure in gold exploration.  All 17 licences acquired are focused on the gold in the Wicklow/Wexford area.  The acquisition has increased the strike length of the primary gold target in Wicklow from around 5kms to 15kms.  Connemara has already established drill and trenching targets for late 2017/early 2018 and is planning an expanded programme along the trend.  Prospecting has identified lithium bearing pegmatites adjacent to the western margin of the block.  We are excited to be busy in this jurisdiction at this time, as activities on exploration and mining projects are increasing across the island of Ireland.  Connemara has two other key areas of activity in Ireland including the development of gold targets in the Inishowen block in Donegal and progressing our substantial zinc assets elsewhere in Ireland."

 

Mine River Gold Project in Wicklow

From the Wicklow Gold Rush of 1795 to the present day, gold has and is being discovered in the streams and soils in Wicklow and Wexford.  It is estimated that 7,000 to 9,000 oz of gold were extracted from alluvial gravels in the area of Mines River .  Modern geochemical surveys in streams and soils completed on the block indicate significant strata-bound gold mineralisation associated with the contacts between Ordovician volcanics and metasediments.  The principal trend follows the Caledonian northeast - southwest trend .  The airborne geophysical survey flown by HRI in 2012 (combined with the Tara Exploration survey in 2000) has facilitated the development of a more robust structural model that puts the significant gold occurrences found to date into context.  Drilling has confirmed mineralisation at a number of targets, including Tombreen and Knockalour.  Connemara's geologists have extensive experience in the area.  A summary of the location maps and technical data is available online at www.connemaramc.com

 

 

 

Information on Connemara Mining

Connemara is a diversified exploration company with principal assets in gold and zinc exploration licences across Ireland.  Connemara now holds interests in a total of 47 licences, including joint ventures with Teck at the Oldcastle Zinc Project and with Group Eleven Resources at the Stonepark Zinc Project.

 

This announcement has been reviewed and approved by Gavin Berkenheger (CGeol) 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. 

 

This announcement contains inside information for the purposes of Article 7 of Regulation (EU) 596/2014.

 

ENDS

Enquiries:

 

Connemara Mining Company Plc


John Teeling, Chairman

+353 (0) 1 833 2833

Jim Finn, Director


Patrick Cullen, CEO

+353 (0) 87 272 1748

+44 (0) 7552 378 208

Northland Capital Partners Limited


Matthew Johnson / Gerry Beaney

+44 (0) 203 861 6625

John Howes


Blytheweigh

+44 (0) 207 138 3204

Nick Elwes

+44 (0) 783 185 1855

Camilla Horsfall

+44 (0) 781 784 1793

Teneo PSG


Luke Hogg

+353 (0) 1 661 4055

Alan Tyrrell

+353 (0) 1 661 4055

 

www.connemaramc.com

 

 


This information is provided by RNS
The company news service from the London Stock Exchange
 
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