Conroy Gold and Natural Resources plc has reported “encouraging” survey results and plans for a joint venture for its Irish gold licences.
CARGALISGORRAN
The 2,800m ground geophysical survey focused on the Cargalisgorran part of the Clay Lake gold target in Armagh, Northern Ireland.
Reinterpretation of the geology using new geophysical data “highlighted details of the gold mineralisation trend and newly discovered parallel structures”.
Follow-up drilling for “substantial potential” aims to increase gold resource, accelerate Clontibret mine development and test and compare the geology with the Fosterville deposit in Victoria, Australia.
“We are looking forward to an exciting year ahead and to a joint venture partnership accelerating the development and further exploration of our district-scale gold trend,” added the company.
Clay Lake is one of a series of major gold targets along the Orlock Bridge Fault zone along a 65km (40 mile) district-scale gold trend discovered by the company discovered in the Longford–Down Massif.
CONROY GOLD
Established in 1995 as Conroy Diamonds and Gold plc, the company is focused on Ireland and Finland.
Its diamond interests in Finland were transferred to Karelian Diamond Resources plc in a share exchange at a ratio of one Karelian share for every six Conroy Diamonds and Gold plc shares held.
After listing, the company’s name was changed to Conroy Gold and Natural Resources plc.
Following a court case in 2017 when six out of nine directors lost their positions, the company now has five directors of which three hold non-executive status.
The company owns 100% of its Irish prospecting licences covering 800 km2 along the gold trend, and it has the exclusive right to apply for a mining licence.
In Finland, Conroy Gold holds exploration licences in the Lapland gold belt which hosts Europe’s largest gold mine. The company believes that its licence area is prospective for iron oxide copper gold-style mineralisation.