Exploring options are stock market punters' favourite
Thursday January 10 2008
Irish stock market punters have long held a fascination with exploration stocks of one kind or another. From the late 1950s, when the fashion was for base metals, right through the oil frenzy of the 1970s and 1980s, and into the current decade, there has never been a shortage of opportunities available to punters.
Today, the market is a little more sophisticated, but while punters can now choose between companies looking for precious metals, base metals, industrial minerals and of course hydrocarbons, it seems that base metals are as popular as ever.
With Irish zinc mines at Tara, Galmoy and Lisheen finally reaping huge dividends for their owners, it is hardly surprising there has been renewed interest in exploration for base metals.
The coming year promises to be an exciting one for two in particular, Connemara Mining and Minco.
Significant
These two are engaged in the assessment of significant zinc finds in Co Limerick, where major exploration programmes are currently being run by their respective Canadian partners, Noranda and Teck Minco.
Noranda, working in partnership with Minco, has established the outline of a major ore body at Pallas Green, a property covering nine contiguous prospecting licences. Centred on a west-northwest striking trend, the Limerick Trend, this find is considered comparable to the Lisheen Trend that hosts the Lisheen and Galmoy ore bodies and sulphide mineralisation and has been discovered along the Limerick Trend by the Minco-Noranda venture.
Connemara and its partner, Tek Minco, decided to look for a new ore body beside the Pallas Green property -- well just a few miles away at any rate -- with some success.
Late in 2007, it emerged that Teck Minco has struck some interesting results, with some drill holes encountering ore grade mineralisation at Monaster in Limerick. One particularly good sample produced an interval grading up to 28pc zinc and 4pc lead, ore grade material by any standard.
The drilling programme is optioned and being operated by Teck Cominco Ireland, a subsidiary of the Canadian company Teck Cominco Limited and is part of a deal under which Connemara enjoys a free carry on exploration costs.
With zinc at an all time high, both Connemara and Minco should spark some interest over the coming year.
- Pat Boyle
