28th May 2015 07:18
LONDON (Alliance News) - Connemara Mining Co PLC on Thursday said it has received encouraging initial results from the Inishowen gold licences in Donegal in Ireland, sending its shares higher in early trade.
Connemara said the initial results indicate quartz vein boulders up to 45 centimetres in diameter containing robust gold grades. The gold grades obtained in the initial results range up to 15.35 grams per tonne, the company said.
Prospecting is ongoing over other target areas at the site and the company expects additional geophysics and additional sampling will be required to identify potential drill targets.
"These are encouraging results, though it must be stressed that this is an early step along a long road. The results support earlier work which identified gold traces in soil samples. We await results from analysing other samples but this outcome indicates the need for a more detailed programme to identify possible drill targets," said Chairman John Teeling.
The new sent Connemara shares up 38% to 2.25 pence in early trade, the best performer in the AIM All-Share.
By Sam Unsted; [email protected]; @SamUAtAlliance
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