Connemara Mining Company PLC saw its shares gain 4% today as it reported high gold grades from one of three holes drilled recently at its Mine River prospect in Wicklow and Wexford in Ireland.
Assay results from the hole at the Tombreen target indicated an 8m section grading 4.53 g/t gold, which included 2m at 16.1 g/t.
Mineralisation ranging from 0.17 g/t to 0.25g/t over several intersections was also confirmed in a hole at nearby Gibbet Hill, while surface samples from the surrounding area contained grades as high as 5.08 g/t.
John Teeling, chairman, said it was a very strong result from the Tombreen hole.
“An 8 metre intersection at 4.5 g/t gold would be very satisfactory but 2 metres of 16.1 g/t gold within that is truly exciting.
“Tombreen is a known gold area but this is better than anything previously reported.”
The results at Gibbet Hill, 5km to the south were also encouraging he added.
“We knew the vein system extends through the ground, the good rock samples demonstrate the presence of gold, as does the low gold grades discovered in hole 1. It suggests more drilling to find the veins.”
In late afternoon trading, Connemara Mining shares were up 4%, or 0.18p at 4.55p.