Wednesday 3 August 2016 5:06 pm

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

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."