Connemara Mining (LON:CON) – CORP: Oldcastle update
Market Cap: £0.7m; Current Price: 1.3p
Diamond drilling completed
Diamond drilling has been completed on the Oldcastle Block by joint venture partner Teck.
Fine grained disseminated zinc and lead sulphides have been identified in the coarse sandstone portion of the stratigraphy.
Both holes exceeded 800m in depth.
Results expected in the New Year.
NORTHLAND CAPITAL PARTNERS VIEW: The discovery of fine grained and disseminated lead and zinc sulphides is positive news for Connemara Mining as it indicates the joint venture partners have discovered a mineralised system. While we would expect the assay results to be low grade due to the nature of the mineralisation, we do not yet have an idea on the intercept’s size. These are also only the first two holes that the joint venture partners have drilled and there is potential for follow up programmes to improve on this initial success.