Connemara Mining awarded two Cork licences

Dublin-based prospecting firm Connemara Mining has been awarded two new prospecting licences in Cork, which the company is counting as priority acreage.

The prospects are understood to be prospective for base metals and are on ground close to Ladyswell Barite Mine, which was operational until the 1980s.

Barite is used as a drilling mud in oil exploration and has a number of medical and technical uses.

It is also frequently found in conjunction with base metal deposits, but Connemara is also looking for zinc, copper, lead, and silver potential at the sites.

“While our current focus is on our gold and silver licences in Donegal; we keep a watchful eye on good base metal ground coming available,” said Connemara chairman John Teeling.

“These two licences in Cork are high on our list of priority ground. The ground contains a former barite mine and has good base metal indications; modern exploration tools have never been applied.

“With zinc prices touching $2,300 a ton, prospects are improving in this area.”

London-listed Connemara saw its share price dip by nearly 3% yesterday. The company currently holds interests in 34 licenses over an acreage area of around 1,290 sq km.

Back in June, the company reported a 34% cutting of annual losses to just under €203,000.

At that stage, management also said it has identified and applied for further zinc prospects and said it was in talks with the liquidator of a former investor regarding the recovery of outstanding due costs.