Irish mining firm Ennex International says a 17-hole drill program is under way on its Rathdowney base metal properties in the midlands Ireland. Northgate Exploration (TSE) holds a 35% indirect interest in Dublin-based Ennex. The exploration work at Rathdowney will be completed by year-end and is being funded under a joint venture with Cominco Resources (TSE) which can earn a 35% interest by spending US$2.5 million by June 30, 1992.
Cominco can increase its stake to 55% by spending a further US$2 million before June 30, 1994.
The 4,800-ft. drill program is designed to test geological and geophysical targets along a 24-mile horizon which hosts the Lisheen and Galmoy base metal discoveries of Conroy and Chevron respectively.
On Ennex’s property adjacent to the Galmoy deposit, four deep holes are planned to follow up an earlier hole which intersected low- grade mineralization. The Galmoy deposit contains some 6.7 million tons of 11.85% lead-zinc.
Meanwhile, Ennex is also preparing to bring Scotland’s first gold mine into production at Cononish, 60 miles north of Glasgow. The company’s other main properties are in Ireland.
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