New gold drill targets over five licences have been identified from deep overburden sampling in the Longford-Down Massif joint venture in Ireland.
EXTENSIVE
Conroy Gold and Natural Resources and Turkish earn-in partner Demir Export have to date completed 6,000 metres of phase I drilling.
Over five separate areas, the JV collected 470 samples from the recently discovered Creenkill gold target in Co Armagh, Dunraymond 363, Rackwallace 137, Rockcorry 422 and Avalbane 127.
Conroy Gold said that of a total 1,519 samples, 500 returned values of 10ppb gold or above with two samples returning values over 400ppb gold.
Sampling results revealed four new anomalous gold areas were identified at Creenkill.
The maximum gold value returned was 447 ppb gold in Dunraymond area and the second highest was 442 ppb gold from Rockcorry.
The JV plans a further deep overburden sampling programme to extend the current coverage to the northeast.
“This DOB programme has substantially raised the prospectiveness of each of the five areas surveyed,” added chairman Professor Richard Conroy.
“The collection of over 1,500 samples and resultant data has yielded extensive information for follow up drilling which we will pursue in partnership with Demir Export.”
DRILLING
Drilling continues at Creenkill and follow-up drilling has started at Dunraymond, within the Glenish gold target, where the JV identified a “consistently anomalous” gold area covering 550m by 600m.
Follow-up drilling is also planned at the three other targets including at Rackwallace where sampling extended the gold anomaly 180 metres to the southwest while remaining open to the south.
Sampling at Rockcorry defined a “highly anomalous” gold target area of 700m by 350m, which is open to the northwest and southeast, and an anomalous gold target of 200m by 180m in Avalbane.
EARN-IN
The earn-in covers three phases of work, of which the first two total €9 million for 40% across all the JV licences.
Phase III involves all expenditure to bring a given project to shovel-ready status for a further 17.5%, with Conroy Gold retaining the right to a 42.5% interest.
The JV aims to develop a mine at Clontibret, or elsewhere along the gold trends, and has the long-term objective for series of mine developments across the new gold districts.