4th Jul 2018 11:43
LONDON (Alliance News) - Irish gold and zinc miner Connemara Mining Co PLC said on Wednesday it has started a new drill programme at the Oldcastle Zinc Project in Cavan and Meath, Ireland.
The company said 1,800 metres of drilling has been planned over two to three holes, targeting Pale Beds as possible Navan analogue.
Costs of the project will be carried by joint venture partner and operator Teck Ireland Ltd, with the option to increase its stake in the project to 75% from 65%.
"We are very excited to see drilling recommence at the Oldcastle joint venture, this phase represents a significant step forward for the project. Teck have completed comprehensive technical work leading to this decision, integrating data derived from previous drilling, geophysics and 2D seismic to refine the targets. The target is compelling, focussed on the Pale Beds within an interpreted fault system that Teck consider may present a Navan analogue. We look forward to results over the coming months," said Chief Executive Officer Patrick Cullen.
Shares in Connemara Mining were up 6.0% at 3.05 pence on Wednesday.
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