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.
· 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 €400,000 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.
This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact [email protected] or visit www.rns.com.
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