Connemara Mining seeks new development partners

Connemara Mining, the John Teeling-chaired mineral prospector, has opened talks with potential joint-venture partners regarding two of its remaining solely owned ventures in Leinster.

Connemara already has joint-venture agreements in place on a number of assets around the country with Canadian resources companies Teck and Hendrick. It is looking to move on the development of two solely owned zinc-focused ventures in Laois and Kilkenny, which it sees as having potential. It is actively seeking a development partner for both.

“We are working on the Derrykearn block of five licences and the Rapla licence in the same area. A full and detailed review of all historical data has been completed and has thrown up interesting possibilities. We have had initial discussions with potential partners and will have more,” Connemara said in its interim statement yesterday.

That interim statement showed Connemara made an operating loss of €95,000 in the first six months of this year, down just €1,000 on last year’s first-half loss.

Earlier this week, Connemara began further drilling at its highly rated, wholly owned Inishowen gold project in Donegal, which lies close to proven assets held by the likes of Galantas Gold and Dalradian Resources.

Connemara also said that it has held “constructive” meetings with independent shareholder Paul Johnson.

Mr Johnson started building a stake in Connemara earlier this year and significantly upped his holding to nearly 10% in July.

The company said the meetings had led to “an increased focus on how to spread the message that Connemara offers an exciting opportunity to participate in the strong zinc and gold exploration sector”.