This veteran entrepreneur is a step closer to mining gold in Ireland

 
Jessica Morris
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Lahinch 6th rainbow
The recent bounce in gold prices has sparked something of a gold rush in the Emerald Isle (Source: Getty)

There could be a pot of gold at the end of the rainbow for serial entrepreneur John Teeling.

Connemara Mining, the Aim-listed firm which Teeling chairs, said today that it's found multiple veins of gold running through rocks at a high grading of 5.84 grams per tonne. It comes after a similar find last month.

John Teeling told City A.M. "There is undoubtedly in this small area a series of veins that carry gold and in some cases very high grade gold".

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"It's been a long time coming ... some of us have got old looking for gold."

The Irish businessmen has spent decades searching for gold, zinc and diamonds at home and across the world.

While it's is a long way away from having a commercial gold mine, the findings to-date look promising. Teeling said "we have to chase it, we have to spend more money and we have to drill [there]".

The penny stock has swelled, but it closed down 6.59 per cent to 2.12p per share today.

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Teeling added that the recent bounce in gold prices has sparked something of a gold rush in the Emerald Isle. The precious metal surged in the wake of the UK's decision to leave the European Union.

"There's definitely a resurgence," he told City A.M.

"$1,300 dollar gold ... it's worth looking for at that price."

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