7th Apr 2016 08:14
LONDON (Alliance News) - Connemara Mining Co Ltd saw its shares soar on Thursday after publishing the results of its short-hole drilling programme over its gold licences in Northern Ireland, which has confirmed "without a doubt" that a gold bearing vein system is present.
Connemara shares were trading at 3.35 pence per share on Thursday morning, more than double its opening price.
The company conducted the 121.0 metre drilling programme on licences within Inishowen in County Donegal and focused on gold veins that were discovered in the 2015 trenching programme.
"The drill results reported today though early stage are promising. Multiple gold bearing veins have been intersected with one stretching over 3 metres at a gold grade of 5.8 grams per tonne," said Chairman John Teeling.
"There is now without doubt a gold bearing vein system in the Inishowen area of Donegal," he added.
The best intersect, as described by Teeling, came from the third hole that was drilled, delivering the 5.8 grammes of gold per tonne from a 3.05 metre interval, including 0.65 metres at a grade of 11.31 grammes of gold per tonne and another 0.39 metre intersect at 26.07 grammes.
The other best intercepts include 1.0 metre at 1.3 grammes of gold per tonne of ore, 1.51 metres at 0.3 grammes of gold, 1.5 metres at 0.23 grammes of gold, 0.5 metres at 5.65 grammes of gold, 1.05 metres at 7.0 grammes of gold and 1.0 metre at 10.3 grammes of gold per tonne of ore.
"The initial drill results have confirmed the presence of significant grades of gold in a multi-vein system within the Dalradian rocks... The setting is believed to be mesothermal, similar to that at Curraghinalt, County Tyrone where a multi-million ounce gold deposit has been reported," said the company.
Connemara now plans to conduct further drilling to determine how many veins are present and gain a clearer understanding of the grade.
Four drill holes positioned perpendicular to the vein strike should be completed within a 300 by 300 metre defined area to intercept all known veins in he area, and step out drilling will be conducted to the east and west with possible holes to the north and south.
Those first four drill holes will equate to 830.0 metres of drilling with the step out drilling adding a further 830.0 metres - meaning the next stage of drilling is far more intensive than the 121.0 metre programme it has just completed.
By Joshua Warner; [email protected]; @JoshAlliance
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