Connemara Mining to start drilling for gold in Donegal
Published 16/09/2015 | 02:30
Irish exploration firm Connemara Mining is planning to start drilling in Donegal next year in the hopes of finding traces of gold in the area, according to the company's chairman.
Connemara Mining has the licences for a large exploration block on the Innisowen peninsular in Donegal.
Speaking to the Irish Independent after the release of Connemara's interim results yesterday, chairman John Teeling said that the company is planning on undertaking a trenching campaign in the next number of weeks and is aiming to start drilling in the New Year.
"I would hope to announce the trenching programme in the next 6-8 weeks," he said. "The next step will be drilling, which we will not be able to do in the winter so we would hope to start that in the spring of next year." The company said that it is for "all its current activities and expenditure for the next year or so".
Connemara also announced yesterday that it made a loss of €88,000 in the six months to the end of June, down from €144,000 during the same period last year. The firm, which does not yet generate any revenue, helped narrow losses by reducing administrative costs.
Connemara has also faced delays on two of its other exploration licences. At the company's gold licences in the Wicklow/Wexford area Canadian-based Hendricks, which is the operating partner on the project, has struggled to secure funding.
Connemara also has a joint venture for a zinc project near Limerick with Teck Ireland. Teck is the operator and did not propose a work programme in 2015, meaning the joint venture project was put on care and maintenance. Shares in Connemara opened at 1.5 pence in London, down about 8pc on the previous Monday's close.