16th Oct 2015 07:20
LONDON (Alliance News) - Ireland-focused gold miner Connemara Mining Co PLC on Friday said Teck Ireland Ltd, its partner on its Oldcastle licences in Ireland, is to drill two deep holes at the Drumlerry area of the prospect.
The company said the holes will each take five-to-six weeks to drill, and the work is expected to start this month.
Teck is the operator of the licence, with a 51% interest, with the remainder held by Connemara. It is a unit of Teck Resources Ltd, the Canadian metals and mining company.
"Teck, our partner, has done extensive technical work, including seismic, to better define what lies at depth. They are now confident enough to drill. This is work that has needed to be done for many years. We are delighted the drilling is going ahead," said Connemara Chairman John Teeling.
Shares in Connemara were up 1.9% to 1.35 pence on Friday morning.
By Sam Unsted; [email protected]; @SamUAtAlliance
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