CAPITAL MARKETS

Exploration news boosts market risers

Connemara, Botswana Diamonds and SolGold up on exploration news

Staff reporter
A selection of SolGold’s rock chip samples assayed

A selection of SolGold’s rock chip samples assayed

Connemara Mining (LN:CON) rose after announcing it was awaiting assays from follow-up drilling and prospecting at its Inishowen gold project in Ireland.

Chairman John Teeling said the drilling had intersected veins and the company's geologists reported that extreme flooding in August had unearthed fresh outcrop that they intended to follow up with a "mini-drilling programme".

Botswana Diamonds (LN:BOD) meanwhile "re-discovered" eight kimberlites at its Free State project in South Africa and is applying modern exploration techniques to the area where it believed diamond mines existed prior to 1880.

"Extensive historical working suggests that these kimberlites are diamondiferous," the company said last week.

It noted days later in its preliminary results to June 30 that it was "well positioned to take advantage of emerging investor interest" as the resources exploration sector showed signs of life.

It posted a slightly larger loss than in 2016 due to its increased activity in Africa.

Ecuador explorer SolGold (LN:SOLG) was another junior to record a rise following exploration news.

The Nick Mather-led company said it had made another high-grade copper and gold discovery in Ecuador, this time at its Machos-Florida-Santa Cruz-La Hueca project, using the discovery blueprint from its Cascabel project.

Highlights from rock chip samples from outcropping porphyry copper-gold mineralisation over a 5km by 1km zone included 13.82% copper. 

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