Connemara Mining Co PLC on Friday said it has bought five new prospecting licences in County Laois in the Irish Midlands.
The properties lie along the ‘Rathdowney Trend’, north-east of the former Galmoy and Lisheen zinc-lead mines and include the Tonduff and Derrykearn lead-zinc orebodies.
Connemara said it believes “a fresh look” may reveal new ore zones along “one of Ireland’s most significant lead zinc trends”.
“This is good ground in a good trend at a good time for zinc. In the 25 years since these licences were explored, exploration technology has improved, as has our understanding of the Irish zinc province. There is potential. Zinc is in short supply at present, reflected in a doubled price per tonne in the past year. At a price of USD2,500 a tonne, a zinc discovery would be very valuable,” Chairman John Teeling said in a statement.
Shares in Connemara were trading down 1.8% at 1.40 pence on Friday.