10th Nov 2014 09:21
LONDON (Alliance News) - Connemara Mining Co PLC saw its shares plummet on Monday despite saying drilling has begun at the Oldcastle block of licenses in Cavan and Meath in Ireland.
Connemara shares were down 17% to 1.25 pence per share Monday morning.
The Oldcastle block consists of five licenses held by Connemara, with Teck Ireland Ltd drilling the block under an option agreement with the company. Teck is earning a 51% interest in the block by spending EUR550,000 before December 30, Connemara said, with an option of earning a 75% interest by spending a further EUR800,000.
The first target is to reach an estimated depth of no more than 400 metres and is aiming for zinc and lead. Follow up drilling on the initial target will depend on the results from the initial hole, said Connemara in a statement.
By Joshua Warner; [email protected]; @JoshAlliance
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