Connemara Mining, the John Teeling-led exploration firm today, announced positive drill results which helped drive its share price to a 12-month high of 24.5 pence per share.
The AIM-listed firm announced plans to expand its drilling programme following positive results on the first hole of its latest drilling campaign in Limerick.
The first hole produced grades of 13.07 per cent zinc and 2.23 per cent lead over 22 feet from a drillhole 1.5 kilometres northwest of the 2007 discovery at Stonepark and 280 metres southeast of the 2008 discovery at Stonepark North.
“A further 5,000 plus metres of drilling, in possibly 15 holes, will be undertaken in the region in the remaining months of 2009," Mr Teeling said in a statment.
"Although expenditure will rise as we contribute to the drilling cost, we have sufficient funds to meet our immediate needs,” he added.
The company also announced €111,000 in first-half losses.