‘Significant overseas interest’ in Irish mining projects

Irish gold and zinc exploration company Connemara Mining has said there is "significant interest" from overseas investors in Irish projects. The company is "well placed" to take advantage of these opportunities, it said.

In a trading update on Monday, the company said it had interests in 41 exploration licences ranging from 23.44 per cent to 100 per cent, and that the “strategic significance” of the portfolio should not be underestimated.

“At the recent Prospectors and Developers Association of Canada conference there was significant interest in Irish opportunities from investors and larger mineral companies,” it said.

“The board considers Connemara to be well placed in Ireland with project opportunities that can attract major interest.

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“The strategic significance of this portfolio should not be underestimated, at a time when resource companies are seeking entry into Irish exploration, notably in zinc and gold.

“The company remains open to new partnerships and corporate transactions in respect of our interests.”

In terms of exploration activities, Connemara said it had identified “numerous high-profile targets”.

Gold intersections

The next phase of ground exploration, due to begin shortly, will focus on a drill programme targeting high-grade gold intersections at its Mine River Gold Project in counties Wicklow and Wexford.

The company said it was “proactively reviewing” a range of additional opportunities.

Connemara Mining chief executive Patrick Cullen said Ireland would see "a lot of activity" in the coming months in terms of gold exploration.

“We believe Ireland will emerge as a gold producing province and expect to see a lot of activity in the coming months, with both progress on mine developments, as well as new entrants to follow Connemara in the exploration space,” he said.

“We’ve had early success at both our gold projects and now we have funds to continue to build on that.”

On the zinc side of the business, Mr Cullen said the company was “very pleased” to see drilling recommence at the Stonepark joint venture, operated by Group Eleven Resources.

“Stonepark is an advanced zinc exploration project, is well located adjacent to Glencore’s Pallas Green Project, and has demonstrated high-zinc grades,” he said. “We look forward to results there in the future.”