Connemara has an agreement with Teck Ireland Ltd., a subsidiary of Teck Resources Limited, on our Oldcastle Block of licences in Cavan/Meath. Teck can earn a 75% indirect interest in the licences by spending €1.35m by December 31st 2018. Connemara is carried until Teck earn in 75%.
The company has operated an extensive exploration programme on 5 Prospecting Licences – 1051, 1053, 1991, 3925 & 3926 – which constitute the Oldcastle Project. This Block covers an area of approximately 171km2 in counties Cavan and Meath, centred on the market town of Oldcastle. This Block is located approximately 20 kilometres to the north-west of the giant lead-zinc ore deposit at Tara Mine, Navan (>100 Mt @ 10.1% Zn / 2.6% Pb and 11g/t Ag) operated by Boliden of Sweden.
The Oldcastle Block is geologically similar to the Navan area, with the Lower Palaeozoic Longford-Down Massif to the north-east unconformably overlain by a transgressive sequence of shallow marine Lower Carboniferous carbonates. Target zone for this area is for base metal mineralisation in the Navan Beds. Best developed and most extensive mineralisation on this Block to date has been drilled in the NE on PL3925 at Drumlerry. Mineralization style is vein and fracture-fill sphalerite and galena. This zone is indicative of the down-dip potential.
Much of the historic drilling in the area did not test the target Navan Beds horizon, leaving a large prospective zone, particularly to the south-west of the Slieve na Calliagh Palaeozoic inlier on PL1991
Extensive geophysical work has been done by Teck, including seismic exploration. They have identified a number of geophysical and geochemical anomalies to drill. To date four holes have been completed on two targets for a total of 2760 metres drilling.