Business
Group Eleven Acquires Teck Stake in Stonepark
Group Eleven Acquires Teck Stake in Stonepark.
About this update from Arkle Resources Plc
[{"type":"text","content":"\n \nRNS Number : 5544Q Connemara Mining Company plc 13 September 2017 \n\n13th September 2017\n \nConnemara Mining Company plc (\"Connemara\")\n \nGroup Eleven Acquires 76.56% Teck Stake in Stonepark Zinc Licences\nConnemara Maintains 23.44% Stake\n \n\n\n\nThe board of Connemara Mining Company plc (AIM: CON) have been informed that Group Eleven Resources Corp. (\"G11\"), a private company, has acquired the 76.56% interest held by Teck Ireland (\"Teck\") in TILZ Minerals, the joint venture company, which holds six (6) prospecting licences covering the Stonepark zinc project in Limerick, Ireland. Connemara owns the remaining 23.44%.\n \nG11 is a private Canadian company with extensive base metal licence holdings in Ireland. MAG Silver Corp. and Teck Resources (both listed Canadian companies) hold 22.0% and 6.3% respectively of the equity on a fully diluted basis. G11 have announced that they are preparing to list publicly in Canada later in 2017.\n \nJohn Teeling, chairman, stated \"This is very good news for shareholders. Stonepark is an advanced asset which we believe has great potential, a view shared by our new partner G11. Rather than accept a cash and royalty offer from G11 we have decided that the best interest of shareholders lies in keeping the 23.44% interest in Stonepark. The consideration which Connemara would have received assuming all buybacks represents approximately 75% of the current market capitalisation of the company. We look forward to a resumption of active exploration on the block. \"\n \nStonepark\nThe Stonepark property covers an area of 183.5 square kilometres and hosts three main pods of known mineralization (Stonepark North, Stonepark and Stonepark West), located approximately 2 to 4 kilometres west of the Pallas Green zinc deposit. Known mineralisation at the Stonepark Project is generally shallow, approximately 200-300m.\n \nBest drill intersections at Stonepark previously released by Connemara include: \n \n· TC-2638-045 - 7.45m @ 27.8% Zn+Pb (starting from 209.1m depth) at Stonepark North\n· TC-2638-026 - 7.20m @ 15.3% Zn+Pb (starting from 216.1m depth) at Stonepark North \n· TC-2638-036 - 5.35m @ 16.4% Zn+Pb (starting from 202.7m depth) at Stonepark N...