Connemara Mining finds gold system in Ireland

27th Jul 2016 10:37

(ShareCast News) - Connemara Mining found a new gold system in a green bed environment as part of its Inishowen drilling campaign in Ireland. The company drilled two holes in a four-hole programme on its licences in Donegal, Ireland and found a new gold system contained within quartz calcite veins, shears and an altered unit.The AIM listed company said this type of geology is known to host large deposits in other parts of the world and presence of sphalerite in quartz veins had been a good indicator of gold.Chairman John Teeling said: "A significant and exciting indication from these results is that we have identified a new gold system of a type known to contain large gold deposits. Finding gold in fault zones, shears and altered zones shows there must have been significant gold bearing fluids there at some time."This is still an early stage project. We await with interest results from the remaining two holes which are being analysed. These will be available within weeks."A 1 meter section in one of the holes contained an average grade of 2.48 grams per tonne of gold with a 33cm quartz vein at 6.85 grams per tonne of gold. A 2.98 meter section at 0.27 grams per tonne of gold contained multiple quartz calcite veins within sheared and fractured pelite.Another group of quartz calcite veins over 0.55 meter ran 1.37 grams per tonne of gold. An altered unit within the semi-pelite contained a grade of 1.03 meter at 0.33 grams per tonne of gold.Connemara Mining said the mineralisation is not well understood but these results in this geological environment are extremely encouraging and have the potential for additional mineralisation.Shares in Connemara Mining were down 0.95% to 2.60p at 1038 BST.