ENNEX International has announced "encouraging" drilling results from its gold property at Curraghinalt, in the Sperrin mountains in Northern Ireland. It is completing the second phase of an in-fill programme prior to the start of a feasibility study next year.
Ennex completed 23 holes up to the end of September on four of the veins. On the 106-16 and Attagh Burn veins, the drill assay results are described as "positive and confirm the continuity of the mineralisation".
The results from the No 1 and T17 HW veins, while confirming the continuity of the vein structures, indicated that the distribution of the gold mineralisation is "more irregular than originally inferred".
Company secretary, Mr David Coyle, said these were old veins and the group was reassessing the data.
In the Republic, two holes are, underway on the Silvermines/Shinrone base metal licence area. These are being drilled to a depth of between 300 metres and 400 metres. Ennex plans to drill a further three holes on its Rathdowney base metal licences, which lie to the north-east of the Galmoy deposits, in the fourth quarter of this year.
Ennex recorded a loss of $46,000 (£28,750) in the six months to June 30th, 1996, mainly due to higher project identification and evaluation costs.
The company remains very liquid. It has net cash $6.68 million and its shareholding in Caledonia Mining Corporation has a value of almost £2 million.
