Conroy Gold and Natural Resources plc has described results from two new drills at its Clontibret gold deposit in Co.Monaghan as pleasing.
The holes were bored by Demir Export as part of its due diligence and validation programme, prior to deciding whether to confirm a Joint Venture agreement with Conroy Gold.
The drillhole locations and targets were designed by Demir Export and all technical work was undertaken by an independent geological consultant.
According to the company, drillhole TW001 confirmed the zone of lode mineralisation previously drilled by Conroy Gold and intersected six lodes that are included in the existing resource model.
Two of the lodes assayed 6.0m @ 4.4 g/t Au and 2.7m @ 4.5 g/t Au, respectively. In addition, three further lodes were encountered (1.55m grading 4.0 g/t Au, 2.55m grading 1.9 g/t Au and 0.95m grading 3.5 g/t Au).
In Association with
In a statement, the company said: “The board of Conroy Gold believes the new discovery of stockwork mineralisation is of great significance as it represents the widest gold intersection drilled to date at Clontibret.
“Gold grade is continuous and relatively uniform throughout these intercepts. This confirms the potential to expand the existing resource towards the southwest of the deposit.”
Company founder and chairman Professor Richard Conroy commented: “The due diligence and validation drillholes completed by Demir Export have confirmed and added to the understanding of the Clontibret gold deposit built up by Conroy Gold.
“The board believes that the confirmation of the gold grades encountered in the lode zone and the discovery of the widest gold intercept yet at Clontibret in the stockwork zone indicates there is the potential to increase the overall gold content of the deposit.
“Demir Export has the mining expertise and the financial resources not only to bring the Clontibret gold deposit to construction ready status and into operation as a mine, but also to advance the significant gold potential of the other licences along the gold trend to the same status.”
The Conroy Cold share currently trades in a range of 23p/26p on AIM. The stock was bid up to 40p last December.
