Irish company discovers gold target at home
Conroy Gold and Natural Resources says it has discovered a new gold trend with an extensive 700m by 300m gold-in-soil anomaly.
The discovery lies approximately 7Km Southwest of the company’s Glenish gold target in Co. Monaghan and 14Km South west of Clontibret where the company proposes to develop its first gold mine in the area.
The company's shares gained 9.86% this week to 0.81 GBP on the London Stock Exchange.
Four gold-in-soil samples in the anomaly were above 20ppb gold and a further five above 10ppb gold. The anomaly will be further investigated but from the company’s experience such levels of gold-in-soil samples have tended to be associated with goldin-bedrock. The anomaly remains open on its Northern side.
The company's chairman, Professor Richard Conroy, outlined the importance of the find.
“This discovery confirms the gold potential of the Company’s licences in the area lying between the Company’s existing gold targets to the Northwest at Clay Lake, Clontibret, where a mine is being developed, and Glenish, as well as those to the South at Slieve Glah,” said Conroy in a statement.
Conroy Gold and Natural Resources (LON:CGNR) is a gold exploration and development company focused on Ireland and Finland.