Last checked at 8 Sep 2011 07:00
Connemara Mining Company plc
("the Company")
New Zinc Discovery at Stonepark in Limerick
·; New zone of high grade mineralization intersected at Stonepark West; 1.7km southwest of the Stonepark North zone
·; Hole 86 intersects 2.5m at 4.16% zinc and 4.37% lead from 382.5m
·; Additional drilling at Stonepark North has extended the mineralization 250m to the North with hole 78 intersecting 1m @ 5.97% zinc and 0.24% lead from 339.8m
·; Step out drilling has also intersected hydrothermal breccias extending 2km Southwest of the new Stonepark West discovery
·; 25,000 metre drilling program for 2011 is ongoing with four drill rigs on site
The board of Connemara Mining Company Plc ("Connemara", AIM:CON) is pleased to present an exploration update on our zinc-lead discovery in Limerick. The programme is a joint venture between Connemara (25%) and Teck Ireland Ltd. ("Teck") (75%).
Hole 86, located 1.7km southwest of the Stonepark North zinc discovery, intersected high grade zinc and lead mineralisation of 2.5m of 4.16% zinc and 4.37% lead beginning at a depth of 382.5 metres (see Table 1 for results). We are calling this new discovery "Stonepark West". The mineralisation is hosted in a geological setting similar to that of Stonepark North.
In addition, hole 64, located 580 metres east of the new discovery, between Stonepark North and Stonepark West, has intersected 3.1m of 1.92% zinc and 0.56% lead at a depth of 273 metres with further zinc-lead mineralisation discovered at 288 metres. Drilling 1.5km to the west of the new discovery has also intersected hydrothermal breccias similar to those in Stonepark West. This drilling was targeted using the results of the soil geochemistry survey conducted in the area earlier in the year.
The Stonepark West discovery is significant in that it is likely to be a totally new zone of zinc-lead to add to that at Stonepark and Stonepark North. The similarity in the geology between Stonepark West and the Stonepark zones suggests that the area between them could contain additional zinc-lead zones while the mineralisation found 1.5km west of Stonepark West offers the potential for further extensions.
At Stonepark North, drilling has intersected 1m of 5.97% zinc and 0.24% lead in hole 78, 250m north of hole 74, which intersected 8.65m comprising 7.72% zinc and 2.19% lead from 220m. This mineralization forms part of the lower zone of zinc-lead and is at the same stratigraphic level as the mineralization at Stonepark some 1.7km away.
Table 1: Stonepark Drilling Highlights
Hole ID | From (m) | To (m) | Thickness1 (m) | zinc (%) | lead (%) |
TC-2638-086 | 382.5 | 385 | 2.5 | 4.16 | 4.37 |
Including: | 383.9 | 385 | 1.1 | 6.13 | 4.63 |
TC-2638-078 | 339.8 | 340.8 | 1 | 5.97 | 0.24 |
TC-2638-0742 | 220.00 | 228.65 | 8.65 | 7.72 | 2.19 |
Including: | |||||
TC-2638-0742 | 224.45 | 227.3 | 2.85 | 17.41 | 3.98 |
TC-2638-0642 | 273.00 | 276.10 | 3.10 | 1.92 | 0.56 |
TC-2638-0642 | 288.00 | 290.00 | 2.00 | 1.09 | 0.01 |
TC-2638-0712 | 260.30 | 262.00 | 1.70 | 3.01 | 0.09 |
1All drill holes are vertical (-90 degrees). 2Reported 25th May 2011.
John Teeling, Chairman, commented:
"These are very positive and significant results. The discovery at Stonepark West appears to be a new zone, typical of Irish zinc orebodies. That in itself is significant, but the results in other holes to the east (hole 64), between Stonepark North and Stonepark West, and 1.5km to the west also contain mineralisation. There is now evidence to indicate that more zones of zinc-lead will be discovered in what is becoming a large area of zinc-lead mineralisation. Step out drilling continues.
Meanwhile, at the earlier discovery in Stonepark North, drilling 250m to the north of the recently announced (May 25th) high grade discovery of over 9.90% combined zinc and lead over 8.65 metres found 6.2% combined zinc-lead at 339.8 metres. This is very significant as this discovery is at the same depth as the earlier Stonepark discoveries some 1.7km away from Stonepark North. This also strengthens the possibility of the Stonepark discovery stretching to Stonepark North at a greater depth and could result in there being two zones in the Stonepark North area.
The potential of the Monaster block of licences is growing. Every drill hole is extending the area of mineralisation. This is a very big system with potential open in most directions. We continue to use four rigs and will have drilled 25,000 metres by year end."
This announcement has been reviewed and approved by the Company's technical director Graham Reid (P.Geo) in his capacity as the Qualified Person for the purposes of the AIM Guidance Note for Mining, Oil & Gas Companies issued by the London Stock Exchange. Mr Reid is a Member of The Institute of Geologists of Ireland (IGI) and The Society of Exploration Geophysicists (SEG) and has over 30 years' experience in mineral and site investigation fields.
Enquiries:
Connemara Mining Company Plc
John Teeling, Chairman +353 (0)1 833 2833
Jim Finn, Financial Director
Westhouse Securities Limited
Richard Baty +44 (0)20 7601 6100
Tim Feather
College Hill
Nick Elwes +44 (0) 207 457 2020
www.connemaramining.com