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Oldcastle Block

Connemara Mining Company has operated an extensive exploration programme on 5 Prospecting Licences - 1051, 1053, 1991, 3925 & 3926 – which constitute the Oldcastle Block since January 2005. This Block covers an area of approximately 171km2 over Counties Cavan and Meath, centred on the market town of Oldcastle. The block is located over 25km northwest of the giant Navan zinc/lead mine (>100mT @ 10.1% Zn / 2.6% Pb and 11g/tAg) that is currently being operated by New Boliden.

The licence block is located along the southern edge of the Longford-Down Massif, where Lower Palaeozoic sediments are unconformably overlain by a transgressive sequence of Lower Carboniferous shallow water marine carbonates. The primary target horizon for zinc/lead mineralisation is the Navan Beds succession, which can be up to 140m thick in this area. The structural setting of the Oldcastle region is strongly analogous to the Navan area.

Mineralisation

Mineralisation discovered to date is best developed in the Top Micrite and in the Impure Micrite Siltstone Unit (IMSU) of the Navan Beds, but is also present in other units, especially the Marine Sandstone. The best and most extensive mineralisation discovered in this area to date is in the region around Drumlerry. However, extensive mineralisation in the form of traces of sphalerite, galena and barite has also been recorded in the Laminated Beds, shaly Pales and ABL throughout the Oldcastle region. Barite tends to occur in faults and fractures and is particularly hosted by the Lower Palaeozoics.

Drumlerry

The Lower Micrite is essentially barren except for traces of sphalerite. Slightly more phalerite with barite occurs in the Evaporite Micrite Unit. The best developed mineralisation occurs within the Top Micrite. This consists principally of veins of sphalerite, galena, pyrite and barite generally cross-cutting the bedding at dips averaging 70°.

The veins appear to have resulted from dissolution and replacement along stylolitic fractures and water escape structures. The margins of the veins commonly contain disseminations of sphalerite and other sulphides, which extend into the wall rock. Well-developed birdseye features were mostly filled with calcite prior to the sulphide phase, sometimes replaced by barite or pyrite.

Work carried out in 2007 and 2008 was focused on the greater Drumlerry Target

Area, where historically low to medium grade Navan Beds hosted zinc / lead mineralisation had been discovered. The early work programme consisted of a Gradient Array Induced Polarisation geophysical surveying that was designed to enhance the fundamental geological and structural understanding of the area. The geophysics was followed up by a diamond drilling programme designed to test geological / structural targets. Intersection of low to medium grade zinc and lead sulphide mineralisation meant the drilling programme was extended.

The best results were in three drillholes - C-3925-5, 8 & 9 – which intersected significant grades and thicknesses of zinc and lead mineralisation, hosted within the Top Micrite formation of the Navan Beds.

The style of the mineralisation is a combination of disseminated and fracture fill sphalerite and galena with some replacement of coarser grained limestones. It should be noted that as yet the mineralisation intersected is uneconomic. However, the grade and style is considered to be highly significant and it is similar to what would be expected close to the margins of a deposit (i.e. within 1-2km). It can be clearly seen that the recent drilling is extending the zone of known mineralisation to the northwest and west. This mineralisation remains open, both to the northwest and southwest.

During the last year an extensive regional IP programme was completed, targeting down-dip extensions and structural mapping to the south west of the licence block. A total of 6 lines were completed as shown in the figure below. The results from this dataset is being analysed and will complement the detailed exploration database to inform the exploration strategy going forward.

The soil geochemical coverage was also extended at Clontyduffy, and further work was completed to clean up previous Airborne magnetic data.