Last checked at 21 Nov 2013 07:00
21st November 2013
Connemara Mining Company plc ("Connemara")
Oldcastle Block Exploration Update
Connemara (AIM: CON) is pleased to announce that Teck Ireland Ltd ("Teck") has completed a 21.5 km reflection seismic survey on the Oldcastle Block of licences in Cavan and Meath. Interpretation of the data has also been completed by Teck and is now being integrated into a 3D model. The model will incorporate historical data from drilling, geochemical and geophysical databases. Once this model is complete, Teck will rank prospects and develop a 2014 work program involving further target definition work or drill testing.
The Oldcastle block of five licences is being explored by Teck in an option agreement with Connemara, the licence holder, Teck can earn 51 per cent interest in the block by spending €550,000 and up to 75 per cent by spending a further €800,000.
John Teeling, Chairman, commented, "The Oldcastle block of licences share similar geology with the Tara zinc mine at Navan about 30 km to the east. In previous years exploration has produced tantalising indicators of good quality zinc lead mineralisation but the targets are deep and difficult to evaluate from the surface. The use of modern 3D seismic techniques to explore for zinc in Ireland is innovative. We look forward with excitement to the drilling programme resulting from the analysis. "
Connemara is a diversified exploration company with principal assets in base metal zinc/lead exploration licences as well as shear hosted gold exploration licences in Ireland. The company holds interests in 29 licences covering an area of approximately 1,073 sq km.
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 and Gas Companies issued by the London Stock Exchange. Mr Reid is a Professional Member of The Institute of Geologists of Ireland (IGI) and The Society of Exploration Geophysicists (SEG) and has over 30 years' experience in mineral exploration and site investigation fields.
Enquiries:
Connemara Mining Company Plc
John Teeling, Chairman +353 (0) 1 833 2833
Blythe Weigh Communications +44 (0)20 7138 3204
Tim Blythe +44 (0) 7816 924 626
Halimah Hussain +44 (0) 7725 978 141
Westhouse Securities Limited
Richard Baty +44 (0) 20 7601 6100
David Coaten
Optiva Securities Ltd
Jason Robertson +44 (0) 203 137 1906
Jeremy King +44 (0) 203 137 1904
Pembroke Communications
David O'Siochain +353 (0) 1 649 6486
www.connemaramining.com