25 May 2012

Connemara makes zinc find

28/11/2007 Robert Tyerman

Irish entrepreneur John Teeling's Connemara Mining reports a high-grade zinc discovery in Limerick.

Floated on AIM last August to explore for lead and zinc in Ireland, Connemara says the fourth drill hole in a five-hole scouting programme in Limerick has intersected four metres with 11.62 per cent zinc and 3.46 per cent lead, and 1.15 metres with 28.61 per cent zinc and 4.17 per cent lead. The operator, major Canadian mining company Teck Cominco, plans a follow-up drilling programme next year.

Connemara holds 16 licences in the Limerick area and Teck Cominco can earn a 75 per cent interest in 15 of them by spending £1.5 million by the end of 2010. Teeling, chairman of Connemara, proclaims 'this hole is exceptional by world zinc and Irish zinc discovery standards' and, though warning that 'one good hole does not make a mine', argues 'the first few steps are very encouraging'.

Zinc has been under a cloud, having halved in a year on the prospect of heavy Chinese selling ahead of the expected removal of fiscal export incentives, though further ahead, the outlook should improve. Teeling has his fans and his foes and at 35.75p, up 2.25p this morning, the shares are a gamble, though one which might pay off at some stage.


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