Last checked at 9 Mar 2018 07:00
9th March 2018
Connemara Mining Company plc ("Connemara")
Drilling to Commence at the Stonepark Zinc Project
Connemara Mining Company (LON:CON), the Irish gold and zinc exploration and development company, is pleased to update shareholders on the re-commencement of drilling at the Stonepark Zinc Project, located in Limerick, which will be undertaken by our joint venture partner Group Eleven Resources Corp. ("Group Eleven").
Patrick Cullen, Chief Executive Officer, commented "We are excited to see work is underway at Stonepark. We are especially pleased to confirm commencement of expansion and confirmatory drilling. Stonepark is an advanced project and a key asset. We plan to maintain Connemara's share in the project going forward and are allocating £250,000 from our recent fundraising to cover expenditure commitments in the coming 12 months."
The Stonepark Zinc Project is a joint venture between Group Eleven (76.56% interest) and Connemara (23.44% interest). Drilling at Stonepark is scheduled to start in the next few weeks; initially at the Stonepark North Prospect, to improve the understanding of the structural controls on mineralisation. Subsequent drilling will be based on results from initial drilling and regional fieldwork.
At Stonepark, Group Eleven aims to determine if exploration success at the adjacent Pallas Green Project (owned by Glencore plc and hosting a JORC 2012-compliant Inferred Mineral Resource Estimate of 44 million tonnes grading at 8.0% Zn&Pb as at 31-Dec-2016) can be replicated within the same Waulsortian Limestone Units located within the Company's extensive adjoining project area. Group Eleven aims to expand all three established mineralised zones (Stonepark, Stonepark North, and Stonepark West; drilled by Teck Resources Ltd between 2007 and 2011), test five existing regional prospects and re-examine the entire Limerick Basin (which underlies Stonepark and Group Eleven's contiguous PG West Property) to ascertain potential for carbonate replacement deposit type mineralisation, as well as, seek large regional feeder structures and corridors.
Group Eleven recently commenced regional fieldwork at Stonepark, consisting mostly of a detailed ground gravity survey and ionic leach soil sampling. Group Eleven is also participating in an upcoming airborne geophysical survey, conducted as part of the Geological Survey of Ireland's Tellus programme, which will cover the Stonepark Project. The survey is scheduled to commence in May 2018.
This announcement contains inside information for the purposes of Article 7 of Regulation (EU) 596/2014.
This announcement has been reviewed and approved by Gavin Berkenheger (CGeol) in his capacity as the Qualified Person for the purposes of the AIM Guidance Note for Mining, Oil and Gas Companies issued by the London Stock Exchange.
INFORMATION FOR EDITORS
Connemara is a diversified exploration company with principal assets in gold and zinc exploration licences across Ireland. Connemara currently holds interests in a total of 41 licences, including joint ventures with Teck at the Oldcastle Zinc Project and with Group Eleven Resources at the Stonepark Zinc Project.
Further information can be sourced from the Company website: www.connemaramc.com
ENDS
Enquiries:
Connemara Mining Company Plc | |
John Teeling, Chairman | +353 (0) 1 833 2833 |
Patrick Cullen, CEO | +353 (0) 87 272 1748 +44 (0) 755 237 8208 |
Northland Capital Partners Limited | |
Matthew Johnson / Gerry Beaney | +44 (0) 203 861 6625 |
John Howes | |
First Equity | |
Jason Robertson | +44 (0) 207 374 2212 |
Blytheweigh | +44 (0) 207 138 3204 |
Nick Elwes | +44 (0) 783 185 1855 |
Camilla Horsfall | +44 (0) 781 784 1793 |
Teneo PSG | |
Luke Hogg | +353 (0) 1 661 4055 |
Alan Tyrrell | +353 (0) 1 661 4055 |