Connemara Mining Company PLC (LON:CON) has announced a maiden inferred resource estimate at its Stonepark zinc project located in Limerick, Ireland.
The headline mineral resource estimate is 5.3mln tonnes grading 11.15% zinc + lead combined. The zinc (Zn) grade was 8.55% and the lead (Pb) grade was 2.60%.
Resource category
Tonnes (thousands)
Grades
Metal content (pounds)
Zn %
Pb %
Zn + Pb (%)
Zn (thousands)
Pb (thousands)
Zn + Pb (thousands)
Inferred
5,300
8.55
2.60
11.15
990,000
301,300
1,291,300
The deposit is relatively shallow, Connemara noted, occurring at depths ranging from 190 metres to 395 metres.
The deposit consists of flat-lying, stratiform lenses of mineralisation.
WATCH: Connemara Mining hails Stonepark resource; back drilling at Mine River
"This is a very exciting and important milestone for Connemara and for joint venture partner, Group Eleven. The work underlies Stonepark's status as an advanced project and as a key asset to the company. This maiden mineral resource demonstrates attractive grades but is also significant in terms of tonnage,” said Patrick Cullen, the chief executive officer of Connemara.
The Stonepark deposit was first discovered in 2007 by Connemara and Teck and activity has been low in recent years. Following the acquisition of Teck's stake by Group Eleven Resources Corp (CVE:ZNG), drilling at Stonepark has recently re-commenced to improve the understanding of the structural controls on mineralisation. Subsequent drilling will be based on results from initial drilling and regional fieldwork.
“It has been very encouraging to see the work recommence in earnest with Group Eleven's acquisition of Teck's share. Connemara continue to support the joint venture and look forward to results from the drilling currently underway at Stonepark North," Cullen said.
Connemara holds 23.44% of the project.
Shares in Connemara rose 2.9% to 3.5p on the news.