THE hills of Donegal could well be home to a gold rush – as hopes rise that there may be a discovery that is big enough for a commercial mine.
A mineral exploration company has completed its latest series of test drills, and the results are now due “in the coming weeks and months.”
The Connemara Mining Company has already found “numerous veins (of rock) carrying gold” in the Inishowen peninsula.
Its chairman, entrepreneur and millionaire John Teeling, said the company’s “immediate future is focused on gold in Donegal."
Teeling has set up numerous companies in the exploration sector over the past three decades and has also cashed in on his venture into the whiskey business having sold the Cooley Distillery in Co Louth to US drinks giant Jim Beam in 2012 for more than €70 million.
Whether he will be raising a glass to gold remains to be seen, but he is certainly bullish.
He said: “There has not been a commercial gold mine in Ireland in over a thousand years apart from the small Omagh mine. This is likely to change in the coming years as the Dalradian discovery in Tyrone containing over three million ounces is developed.”
Just across the border in Donegal, Connemara Mining has conducted four campaigns on the ground which has narrowed the target to one small area, near Quigley's Point.
“Our 100 per cent owned gold exploration is going well and holds out promise,” he said.
“Results to date are positive. Drilling results will be available in the coming weeks and months.”
With currency markets in turmoil following the Brexit vote, gold prices are moving upwards, and this bodes well for gold producers.
As Teeling observed: “Gold is touching $1,300 an ounce. At these prices exploration can be an attractive speculation.”
His comments came as Connemara Mining announced its end of year financial results for 2015 that showed it made an operating loss of €202,965.
