A strategic update from Connemara Mining Company PLC (LON: CON) has outlined the company’s key goals for the future, arguing that its portfolio is likely to attract major interest from investors, given current positive sentiment towards Ireland.
Connemara has interests in 41 exploration licences in Ireland and is specifically focused on gold and zinc opportunities.
READ: Connemara Mining excited to see drilling started at Stonepark Zinc project
The company currently has two key joint venture partners within its zinc portfolio: Group Eleven Resources Corp and Teck, Canada's largest diversified mining company.
Drilling is currently being undertaken at Stonepark North, part of the company's 23.44% owned zinc joint venture with Group Eleven Resources (CVE:ZNG). Given the results to date, and its proximity to Glencore's 44mln tonne zinc and lead deposit at Pallas Green it is Connemara's intention to fully participate and maintain its 23.44% stake.
Meanwhile, Connemara’s own exploration activities will also continue. There are three prongs to the exploration. The first is ongoing work on the Inishowen gold project in the Dalradian rocks of Donegal. The second is the Mine River gold project in the counties of Wicklow and Wexford, located in the region of the 1795 gold rush. The third is zinc exploration across multiple projects in central and southern Ireland.
Work to date on these exploration opportunities has identified numerous high profile targets and further information will be communicated in this regard as reviews progress.
Ground exploration due to commence shortly
In the meantime, the next phase of ground exploration, due to commence shortly, will focus on a drill programme targeting high-grade gold intersections and expanding prospect strike-length at the company's 100% owned Mine River Gold Project located in counties Wicklow and Wexford.
In addition, Connemara is actively reviewing a range of other opportunities.
"We are pleased to present this review and to follow up on our recent fundraising with an update on activity on the ground,” said chief executive Patrick Cullen.
“We are excited to be moving forward on our Irish gold assets. We believe Ireland will emerge as a gold producing province and expect to see a lot of activity in the coming months, with both progress on mine developments, as well as new entrants to follow Connemara in the exploration space. We've had early success at both our gold projects and now we have funds to continue to build on that.”
Well-positioned with extensive land package
In a note to clients, analysts at ‘house’ broker Northland Capital commented: “As interest in Irish exploration increases, Connemara Mining Company is well positioned with an extensive land package to take advantage of the renewed interest.
“The Company has a wealth of experience in Irish exploration and a skilled exploration team. It is shortly going to restart exploration at the 100%-owned Mine River Gold Project.
“While at the 23%-owned Stonepark Zinc Project further updates on the drill programme being undertaken by joint venture partner Group 11 Resources will be provided in due course.”
In late afternoon trading, Connemara Mining shares were changing hands at 3.75p each, down 0.7% on Friday’s close.
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