The time is ripe to get involved in a new generation of Irish mineral exploration companies, says a Halifax, N.S., consulting geologist.
James Patterson, who did his Ph.D. work at Imperial College in London on the subject of Irish base metals deposits, recently visited brokerage houses in Toronto.
The Lisheen project, operated by Ivernia West, which trades on the Dublin Stock Exchange and the London Middle Market, is the most significant, Patterson says.
Drilling there since March, 1990, has outlined a 13.5-million-tonne lead/zinc deposit grading 12.4% zinc, 2.1% lead and 36 grams silver per tonne — about one fifth the size of Ireland’s more familiar (to North American readers) Tara orebody.
The mineralization occurs in two flat-lying massive lenses at a depth of about 200 metres. The thickness of the deposit is 3-25 metres. Host rocks are massive limestones of Lower Carboniferous age. A feasibility study is planned for 1992.
“There is speculation,” Patterson says, “that Chevron Corp. is interested in selling its 52.5% interest in the property.”
Ivernia has 38.7 million shares outstanding, trading in the 90 cents range. Ivernia’s major shareholders include the operator of the Tara mine, Outokumpu (24.3% interest), and Minorco (17.6%).
Be the first to comment on "Geologist touts Irish projects"