Conroy Gold and Natural Resources plc said it would intensify drilling at its main project in Ireland over the next 18 months while extending its search for other gold deposits.
Conroy Gold’s main development project is at Clontibret, Co. Monaghan which has joint resources of more than half a million ounces of gold, with a possible further 8-8.8million oz in the area.
In an interview with StockBox Media (bit.ly/3lqJMy9) company chairman Professor Richard Conroy said that the 40-mile trend along the Orlock Bridge Fault Zone in the Longford-Down Massif, in northeast Ireland was far bigger than the company had originally thought.
Other gold target areas are located on either side of the border in Co. Cavan and Co. Armagh.
Prof Conroy added that the primary work programme involved an intensive drilling over the coming 18 months, followed by an application for a mining permit.
The company recently raised £800,000 through a placing while total costs of the programme are expected to be in the region of £5 million.
“We’ve made a huge amount of progress and but if you’re lucky enough to make a huge minerals discovery it usually does take a very long time.
“But I think what is great now is that we have the target at Clontibret, we have adjacent gold targets, and we have this entire gold trend.
“And of course we have 100% of it because we’ve been the only people really working, until recently, in Ireland on any serious scale on gold.”
Conroy Gold recently signed a heads of terms agreement with Anglo Asian Mining and now aims to accelerate the project and increase the resource.
RESOURCE
The focus will initially be at Clontibret with the company’s three other primary gold targets being Clay Lake and Cargalisgorran in Co. Armagh; Glenish in Co. Monaghan; and Slieve in Co. Cavan.
An estimated resource of 320,000 oz of gold, 197,000 oz gold inferred lies on a fraction of the Clontibret site, where drill results show high gold grades and intersections including 24.4g/t gold over one metre, 21.6g/t over 1.2 metres, 9.2g/t over 3.9 metres and 6.1g/t over 5.0 metres
At Clay Lake, 7km northeast of Clontibret, drilling has intersected 6.2g/t gold over 6.6 metres and 0.6g/t over 100 metres, while trenching has intersected 2.2g/t gold over 12.0 metres and 3.0g/t gold over 5.0 metres.
Channel sampling at Glenish has confirmed gold-in-bedrock with intersected grades up to 9.4g/t Au over 1.0 metre.
Slieve Glah has a series of approximately 3km-long gold targets.
Conroy Gold believes that the Longford-Down Massif also has base metal potential, particularly for lead, zinc and antimony.
The company is also exploring for gold and iron oxide copper gold (IOCG) deposit in the Lapland Gold Belt, Finland