Connemara Mining has announced that it has acquired five new prospecting licences covering 187 sq km on the Innisowen peninsula in Donegal.

The company's geologists believe that the area is a chance of making a high grade gold find in the region - and that there is also the potential for other base metal deposits to be discovered.

Tellus boarder survey - darker shades indicate areas where gold is more likely to be found

The release of the the most recent Tellus geochemical field survey data confirmed the presence of elevated gold in the area - rock samples containing up to 104g/t gold were identified in 2011 by a previous licence holder.

After studying the available data 16 target areas have been identified by Connemara.

The company's chairman, John Teeling commented on the deal, he says that the company is taking an "aggressive stance" in targeting Ireland's next gold discovery.

He adds, "It is worth noting that the new licence block is located within the Scottish-Irish Gold Belt along trend from the discovery by Dalradian Gold where they have recently announced an inferred gold resource of 3.5 million ounces."

Gold has been found on the Monaghan-Cavan boarder, Easky in Sligo, Killashandra in Co Cavan and Co Tyrone.