Irish exploration firm Connemara Mining has said initial results from the first phase of prospecting carried out on its newly-acquired Inishowen block in Donegal have identified quartz vein material that contained gold values.

According to the initial results, the material measures nearly half a metre wide with gold values in excess of 15 grams per tonne traced to a possible nearby source area.

The company said follow-up work at the block will include a tightly spaced soil sampling programme to further refine the target.

Connemara is an exploration firm with principal assets in zinc/lead exploration licences as well as shear-hosted gold exploration licences in Ireland.

It acquired five prospecting licenses in Co Donegal covering 187 sq km on the Innisowen peninsula last year.

"This is an exciting time for Connemara, and Irish minerals exploration. The Ulster gold play was unlocked with previous discoveries in Tyrone and Monaghan. We believe that this geology extends from Donegal into central Scotland. It is early days but initial results seem to confirm our working model," said Connemara chairman John Teeling.

The AIM-listed firm recently reported a pre-tax loss of €308,292 for 2014, compared to a loss of €348,100 for the 12 months to the end of 2013.