Last checked at 27 Jul 2016 07:00
27th July 2016
Connemara Mining Company plc ("Connemara")
New Gold System Identified in Inishowen Drilling
Connemara Mining (AIM: CON) is pleased to report results from the first two drill holes in a four hole programme on our licences in Donegal. This is the second drilling campaign conducted in the area.
The first two holes have encountered what is believed to be a new gold system in a Green Bed environment contained within quartz calcite veins, shears and an altered unit. This type of geology is known to host very large deposits in other parts of the world.
Table 1: results of first two drill holes of phase 2 drilling at Inishowen, Co. Donegal
Hole | From (m) | To (m) | Width (m) | Gold grade (g/t) |
16-MR-04 | 69.8 | 70.3 | 0.50 | 0.17 |
16-MR-04 | 133.26 | 134.03 | 0.77 | 0.16 |
16-MR-05 | 32.75 | 33.75 | 1.00 | 2.48 |
16-MR-05 | 37.07 | 37.5 | 0.43 | 0.67 |
16-MR-05 | 112.06 | 112.42 | 0.36 | 0.23 |
16-MR-05 | 134.49 | 135.44 | 0.95 | 0.17 |
16-MR-05 | 147.29 | 148.32 | 1.03 | 0.33 |
16-MR-05 | 155.5 | 156.05 | 0.55 | 1.37 |
16-MR-05 | 158.2 | 161.18 | 2.98 | 0.27 |
16-MR-05 | 167.2 | 167.48 | 0.28 | 0.88 |
A 1m section in hole 16-MR-05 contained an average grade of 2.48g/t Au with a 33cm quartz vein at 6.85g/t Au. A 2.98m section at 0.27g/t Au contained multiple quartz calcite veins within sheared, fractured pelite. Another group of quartz calcite veins over 0.55m ran 1.37g/t Au. An altered unit within the semipelite contained a grade of 1.03m at 0.33g/t Au. The mineralisation is still not well understood but these results in this particular geological environment are extremely encouraging with potential for additional mineralisation along strike and at depth. Each hole was located 100m apart. So far the presence of sphalerite in quartz veins has been a good indicator of gold. The second batch of results is expected shortly.
John Teeling, Chairman, commented "A significant and exciting indication from these results is that we have identified a new gold system of a type known to contain large gold deposits. Finding gold in fault zones, shears and altered zones shows there must have been significant gold bearing fluids there at some time.
This is still an early stage project. We await with interest results from the remaining two holes which are being analysed. These will be available within weeks."
Connemara is a diversified exploration company with principal assets in gold, zinc and lead exploration licences in Ireland. The company holds interests in 32 licenses covering an area of approximately 1, 290 sq km.
This announcement has been reviewed and approved by Gavin Berkenheger (BSc. Hons) 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.
This announcement contains inside information for the purposes of Article 7 of Regulation 596/2014.
Enquiries:
Connemara Mining Company Plc | |
John Teeling, Chairman | +353 1 833 2833 |
Jim Finn, Director | |
Northland Capital Partners Limited | |
William Vandyk/Gerry Beaney | +44 (0) 20 3861 6625 |
John Howes | |
Dowgate Capital Stockbrokers Limited | |
Jason Robertson | +44 (0) 1293 517744 |
Blytheweigh | +44 (0) 20 7138 3204 |
Tim Blythe | +44 (0) 7816 924 626 |
Camilla Horsfall | +44 (0) 7817 841 793 |
Nick Elwes | +44 (0) 7831 851 855 |
Rachael Brooks | |
PSG Plus | |
Colm Heatley | +353 1 661 4055 |
Alan Tyrrell | +353 1 661 4055 |
www.connemaramining.com