Shares in Irish exploration firm Connemara Mining jumped on Thursday after it announced it had found gold at one of its licences in Co Donegal.

Company chairman John Teeling said results from a short-hole drilling programme conducted in late February had confirmed “without a doubt” that a gold bearing vein system exists at the site in Inishowen.

“The drill results reported today though early stage are promising. Multiple gold bearing veins have been intersected with one stretching over 3 metres at a gold grade of 5.8 grams per tonne,” he said.

“The discovery is similar to the Dalradian gold resource across the border in Co. Tyrone,” Mr Teeling added, referring to the discovering of a high grade core sample by Canada’s Dalradian Resources at the Curraghinalt gold project .

Shares in the AIM-listed Connemara Mining were trading at 3.35 pence per share in London this morning, more than double its opening price, after the drill results were published.

Connemara Mining, which was established in 2004, currently holds 35 prospecting licences throughout Ireland, of which 20 are held directly while a further 10 are joint ventured with Teck and five with Hendricks.