25th Feb 2016 10:44
LONDON (Alliance News) - Connemara Mining PLC on Thursday said it has secured "encouraging" initial drilling results from the Oldcastle block of lead and zinc licences in Ireland, though the mineralisation found was not commercial.
Results from hole TC3926-002 showed zones of sulphides peaking at 1.31 metres of 3.71% combined lead-zinc mineralisation. Hole TC1991-002, meanwhile, only contained "minor" sulphide shows, the company added.
"The Oldcastle block of 5 licences was identified by Connemara as having characteristics similar to those of the giant Navan zinc/lead mine to the east. The two exploration holes recently drilled support this proposition," said John Teeling, Connemara's chairman.
Teeling added that while the lead-zinc mineralisation at the project was not commercial, the initial results were "encouraging" and warrant further drilling.
Connemara shares were down 13% to 1.3 pence on Thursday.
By Sam Unsted; [email protected]; @SamUAtAlliance
Copyright 2016 Alliance News Limited. All Rights Reserved.
Related Shares:
CON.L