Conroy Gold and Natural Resources plc and its partner in Ireland and Northern Ireland have ended their joint venture after two years.
DISTRICT SCALE
Turkish miner Demir Export A.Ş leaves the agreement with a net smelter royalty, having spent €5,657,671 across the licences since the JV became unconditional on 31 March 2022.
The 2% NSR is capped at Demir’s total investment in the project.
Conroy plans to find a new partner for the potential development of one or more gold mine.
The joint venture saw work on two “district scale” gold trends comprising the already established Orlock Bridge and newly discovered Skullmartin.
Both gold trends cover a total 90km and lie along the extension of the geological structural corridor from Newfoundland.
The joint venture’s 15 licences will continue to be held in Conroy’s subsidiaries which include Conroy Gold (Clontibret) Ltd for the Clontibret licence; Conroy Gold (Armagh) Ltd for licences and Mines Royal options in Northern Ireland; and Conroy Gold (Longford Down) Limited for the remaining prospecting licences in the Republic.
Chairman Professor Richard Conroy said: “I would like to express my appreciation for the contribution which Demir Export has made in conjunction with Conroy Gold to the continued success of the company’s exploration programme and its potential for gold deposits with high tonnage and overall gold content.”
The company added that for year to 31 May 2023 it held total assets of €27,379,873 (30 November 2023: €28,479,728), net assets of €23,514,536 (€24,527,955) and recorded a loss before tax of €362,829 (2022: loss of €256,484).