Connemara acquires 100% of Hendrick Resources

Exploration company Connemara, with principal assets in gold and zinc exploration licences across Ireland, announced the acquisition of 100% of Hendrick Resources, a private Ontario-based company formed for the purpose of acquiring properties in Ireland.

Connemara touted that it now possessed full control of twelve existing prospecting licences of Hendrick's in Ireland, for a royalty agreement comprising a 2% Net Smelter Return on future production.

Five of its prospecting licences, which had been held in a joint venture with Hendrick, were returned as well, the company said in a statement.

John Teeling, chairman of the company, highlighted how the transaction would increase the strike length of the primary gold target in the Wicklow/Wexford area from 5 kilometres to 15.

"All 17 licences acquired are focused on the gold in the Wicklow/Wexford area. The acquisition has increased the strike length of the primary gold target in Wicklow from around 5kms to 15kms. Connemara has already established drill and trenching targets for late 2017/early 2018 and is planning an expanded programme along the trend.

"Prospecting has identified lithium bearing pegmatites adjacent to the western margin of the block. We are excited to be busy in this jurisdiction at this time, as activities on exploration and mining projects are increasing across the island of Ireland."