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Connemara Mining starts airborne seismic survey over Mine River licence in Ireland

Connemara Mining starts airborne seismic survey over Mine River licence in Ireland

Connemara Mining Company (LON:CON) said an airborne magnetic and electromagnetic survey has started over the 5 license blocks of its Mine River licences held in the Wicklow/Wexford area of Ireland.

The company has a joint venture over these licences with private Canadian company Hendrick Resources (HRI).  The Canadian contractor Terraquest Geophysics will also survey HRI’s adjacent block of 11 licences.

The partners are seeking to identify magnetic anomalies which can frequently be associated with gold mineralisation.
 
Chairman John Teeling commented: "Taking a fresh look at the gold potential in Wicklow/Wexford is long overdue.  Adding the results from this sophisticated technology and fresh processing to the extensive gold data base held by Connemara offers exciting new prospects in an area long known for gold."

Mine River includes a group of four contiguous prospecting licences covering an area of around 130 square kilometres.

Abundant mineralised float samples with gold results up to 52.18 grammes per tonne (g/t) have been found on the licence block, particularly around the Tombreen and Knocknalour area.

Previous exploration has discovered significant gold occurrences in rocks and rivers in the area of the Mine River licence block.

Under the terms of the agreement, Hendrick will spend €500,000 to earn a 50 per cent interest in the licences and has the option to spend a further €500,000 to increase its stake to 75 per cent of the joint venture.

The Canadian company can withdraw from the joint venture at any time with its interest reverting to Connemara.

Connemara is a diversified exploration company, with principal assets in base metal zinc/lead exploration licenses as well as shear hosted gold targeting licenses in Ireland.  The company holds interests in 33 licenses covering an area of approximately 1,250 square kilometres.

One of its main projects is the Stonepark zinc project in County Limerick, Ireland, being developed in a 25/75 joint venture with Teck Resources .

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