Connemara Mining Company PLC (LON:CON) has said it has made “significant progress” in the last year and is “well positioned to move further ahead” as it released its full-year results.
The AIM-listed gold and zinc explorer reported a pre-tax loss of €214,331 from a €195,584 loss the year before, while it ended the year with cash and cash equivalents of €122,716 compared to €162,794 last year.
READ: Connemara reveals encouraging results from first new hole at Stonepark Zinc Project
The group added that the £200,000 raised in August 2017 as well as the £900,000 raised in early 2018 were being used to fund “very active” exploration programmes.
Connemara recently announced that the first new hole at Stonepark Zinc Project intersected 32.2% combined zinc and lead over 5.4m.
The firm said G-11-2638-01 intersected 5.40m of 25.0% zinc and 7.2% lead (32.2% Zn+Pb combined) and 12.2g/t silver, with true width estimated at 4.9m, verifying one of the high-grade zones within the Stonepark resource.