27th Jul 2016 08:15
LONDON (Alliance News) - Connemara Mining Co PLC Wednesday said it believes it has found a new gold system within its Inishowen licences in County Donegal, Ireland, whilst drilling the first two holes of a four-hole drill programme.
Connemara said the first two holes that were drilled 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, stating the type of geology is "known to host very large deposits" in other parts of the world.
"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," said Chairman John Teeling.
The results from the first two holes including intersections of up to 2.48 grams per tonne of gold, Connemara said.
"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," said Teeling.
Connemara shares were trading down 1.0% to 2.60 pence per share on Wednesday morning.
By Joshua Warner; [email protected]; @JoshAlliance
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