Connemara Mining shares up on news of more zinc-lead intersections at Stonepark project, Ireland

Connemara Mining (AIM: CON) reported more results from the ongoing step-out drilling programme at the Stonepark project in County Limerick, Ireland, saying that two holes intersected more high grade zinc-lead ore, indicating the presence of a continuous zone of zinc-lead mineralisation. Shares were up more than 8 percent in morning trade, albeit off earlier highs.

Hole 32, which was drilled 85 metres north of the previously reported Hole 26 intersected 7.8 metres at 5.18% zinc and 2.68% lead from 207.6 metres depth, including a higher-grade zone of 1.35 metres at 10.4% zinc and 2.16% lead.

Results from Hole 30, which was drilled 2.1 km (kilometres) away from Hole 32 and 400 metres south of previous drilling in 2008, contained 1.7 metres of 3% zinc and 4.78% lead at a depth of 516.8 metres.

Connemara said that drilling to date at Stonepark North has defined what appeared to be a stratiform zone of continuous zinc-lead mineralisation at the shallower, up-dip end of a much larger mineralising system on the Stonepark project, adding that the presence of zinc-lead mineralisation in Hole 32 suggested a larger mineralised system in a north-south direction.

Minco/Xstrata's Tobermalug zone is located approximately 4.5 km to the east and contains a JORC-compliant inferred resource of 11.3 Mt (million tonnes) grading 10.2% zinc and 1.9% lead.

One of the main objectives of the 2010 drilling campaign will be to conduct further infill drilling to know the extent and continuity of high grades and thicknesses of zinc-lead mineralisation within the 2 km zone.

“These are very positive results from Stonepark. The Hole 32 intersection has almost everything one would want - high grade, the right type of mineralisation, shallow depth and is located a good distance from the earlier discoveries. The Hole 30 intersection 400 metres away from any previous drilling and 2 km away from Hole 32, offers the distinct possibility of a much larger deposit. It is early days but Stonepark is looking good.  We will be very active in 2010 and plan to drill 20-30 holes,” said chairman John Teeling.

Drilling is being co-funded 75 percent by operator Teck Resources (TSX, NYSE: TCK; formerly Teck Cominco) and 25 percent by Connemara.  The immediate exploration plan is to find more zones. The target is to define the overall size of the mineralised system and then drill out individual zones.

Apart from Limerick, where Connemara holds sixteen licences, in joint venture with Teck Resources, and the five licences at Lough Sheelin on the Meath / Cavan border, it has highly prospective ground in Thurles, Moate and Nenagh.  http://www.proactiveinvestors.co.uk/companies/news/12413/connemara-mining-shares-up-on-news-of-more-zinc-lead-intersections-at-stonepark-project-ireland-12413.html