21st Nov 2013 11:20
LONDON (Alliance News) - Connemara Mining Company PLC said Thursday that Teck Ireland Ltd has completed a 21.5 kilometre reflection seismic survey on the Oldcastle Block of licences in Cavan and Meath.
Connemara said interpretation of the results has also been completed by Teck and the firm is now integrating the results into a 3D model. The model will incorporate historical data from drilling, geochemical and geophysical databases. Teck will subsequently rank target prospects and develop a work programme for 2014.
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 EUR550,000 and up to 75% by spending a further EUR800,000.
John Teeling, Chairman, said, "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."
Shares in Connemara last traded at 5.125 pence per share.
By Alice Attwood; [email protected]; @AliceAtAlliance
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