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Connemara Mining Company plc   -  CON   

Exploration Update at Stonepark Zinc Project

Released 13:00 24-Jan-2019

RNS Number : 0304O
Connemara Mining Company plc
24 January 2019
 

24 January 2019

 

Connemara Mining Company plc

("Connemara" or the "Company")

 

Exploration Update at Stonepark Zinc Project

 

Connemara Mining Company plc (LON:CON), the Irish gold and zinc exploration and development company, is pleased to provide an update on the drilling programme underway at the Stonepark Zinc Project, located in Limerick, Ireland, which is being undertaken by our joint venture partner Group Eleven Resources Corp. ("Group Eleven"). Progress is also being made on the airborne geophysics survey being conducted by the government-sponsored Tellus survey.

 

  Highlights

 

-   Drilling continues on schedule with the fourth hole currently underway; analysis and interpretation expected by the end of Q1 2019;

-    The Tellus Airborne Geophysics Survey over the Limerick and Silvermines Basins is now 81% complete with flying to be completed by March or April, depending on weather; data is expected to be available in Q2/Q3 2019;

-   Group Eleven plan to drill an additional hole on their PG West project which lies adjacent to the Stonepark licences.

 

Patrick Cullen, Chief Executive Officer of Connemara, commented, "We are very pleased to provide an update on progress at Stonepark. We look forward to the drilling results, and expect that the incorporation of new Tellus airborne data will lead to the identification of further targets on this highly prospective project.

 

"The strategic importance of Stonepark's location adjacent to the Pallas Green deposit should not be overlooked. These deposits remain Ireland's two largest undeveloped zinc-lead Resources by metal contained."

 

Stonepark Zinc Project

The Stonepark Zinc Project is a joint venture between Connemara (23.44% interest) and Group Eleven (76.56% interest). A maiden Inferred Mineral Resource has been established at Stonepark, totalling 5.1 million tonnes at 11.3% zinc and lead combined (8.7% Zn and 2.6% Pb), occurring at depths from 190m to 395m below surface. A copy of the relevant NI43-101 independent report is available on the Connemara website.

 

The Stonepark Zinc Project is adjacent to Glencore's nearby Pallas Green deposit which contains 44.2 million tonnes at 8.4% zinc and lead combined (7.2% Zn and 1.2% Pb) in the Inferred Category (source: Glencore Resources & Reserves, 31 December 2017), occurring at depths from 300m to 1,300m below surface.

 

These two deposits are the largest and second largest undeveloped zinc-lead deposits in Ireland, one of the world's best mineralized zinc provinces and is considered highly prospective for new zinc discoveries.  In 2015, Ireland was the world's 11th largest zinc producing nation with 236,000 tonnes produced (source: USGS), and is home to the world class Navan deposit at Boliden Tara mine.

 

This announcement has been reviewed and approved by Gavin Berkenheger (CGeol) in his capacity as the Qualified Person for the purposes of the AIM 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 (EU) 596/2014.

 

Further information can be sourced from the Company website: www.connemaramc.com 

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 38 licences, including joint ventures with Teck Ireland Ltd. at the Oldcastle Zinc Project and with Group Eleven Resources Corp. at the Stonepark Zinc Project.

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

 

 

 

 

SP Angel Corporate Finance LLP

 

 

Matthew Johnson

+44 (0) 203 470 0470

 

 

 

 

First Equity Limited

+44 (0) 207 374 2212

 

Jason Robertson

 

 

 

 

 

Blytheweigh

+44 (0) 207 138 3204

 

Julia Tilley                

+44 (0) 781 506 8387

 

 

Jane Lenton

+44 (0) 742 756 1762

 

 

 

 

Teneo

+353 (0) 1 661 4055

 

Luke Hogg

 

 

Alan Tyrrell

 

 

 


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Exploration Update at Stonepark Zinc Project - RNS