14th Apr 2015 07:23
LONDON (Alliance News) - Connemara Mining Co PLC shares surged on Tuesday morning after the company said it has been awarded five new prospecting licences in the Innisowen peninsula in County Donegal in Ireland.
The area, which includes the former Glentougher lead silver mine, is considered by the company's geologists to be prospective for high-grade gold mineralisation and has potential for some base metal deposits.
An initial prospecting programme will start in coming days, with the first results due in July.
"This move by Connemara furthers the aggressive stance we are taking in discovering Ireland's next gold deposit. It is worth noting that the new licence block is located within the Scottish-Irish Gold Belt along trend from the discovery by Dalradian Gold where they have recently announced an inferred gold resource of 3.5 million ounces," said John Teeling, Connemara's chairman.
Shares in the company were up 92% to 1.20 pence in early trade, the best performer in the AIM All-Share.
By Sam Unsted; [email protected]; @SamUAtAlliance
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