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Connemara prepares for drilling to recommence at Stonepark
Irish exploration and development company Connemara Mining has been gearing up to restart drilling at the Stonepark zinc project in Limerick, its joint venture with Group Eleven Resources.
Drilling was scheduled to start at Stonepark "in the next few weeks", initially at the Stonepark North prospect, to improve the gold and zinc miner's understanding of its structural controls on mineralisation, with subsequent drilling to be based on results from the initial drilling and regional fieldwork.
Group Eleven plans to expand Stonepark, the North and West prospects, as well as prepping for testing at five other existing regional prospects and re-examine the entire Limerick Basin.
Patrick Cullen, the firm's chief executive officer, said, "We are excited to see work is underway at Stonepark. We are especially pleased to confirm commencement of expansion and confirmatory drilling. Stonepark is an advanced project and a key asset."
"We plan to maintain Connemara's share in the project going forward and are allocating £250,000 from our recent fundraising to cover expenditure commitments in the coming 12 months," he added.
Connemara holds a 23.44% stake in Stonepark.
As of 1100 GMT, shares had picked up 2.55% to 4.03p.