Conroy getting closer to Ireland's first commerical gold mine

Conroy getting closer to Ireland's first commerical gold mine

Conroy Gold and Natural Resources is likely to finally apply next year for planning permission for the establishment of the Republic’s first commercial gold mine.

Conroy getting closer to Ireland's first commerical gold mine

The Dublin-based prospector, which has been eyeing a commercial gold mine in Clontibret, Co Monaghan, since the 1990s, is to accelerate work at the site following the raising of around £1m (€1.1m) from a share placing on London’s AIM market in December in order to fund drilling activity.

“We now have the funds in place to accelerate the work necessary to enable us develop a mine at our Clontibret/Clay Lake [in Monaghan/ Armagh] target,” said chief executive Richard Conroy.

The mining firm will now immediately ramp-up work at Clontibret by starting a considerable drilling programme, set to take up much of this year, and to firm up the quantity and quality of the gold at the site.

That work is likely to cost “several hundred” thousands of euro.

“Based on the work already done, we believe we have the opportunity on our licence area in Ireland to develop a worldclass mining project. The focus will be on Clontibret initially as we look to bring in the first gold mine on our property into production at the earliest opportunity,” Mr Conroy said. The company is not actively seeking a development partner for the project but would welcome an approach, Mr Conroy said.

Latest figures indicate the existence of around 517,000 ounces of gold reserves in just 20% of the Clontibret target. On a combined basis, Conroy’s Clontibret and Clay Lake targets house an estimated six million ounces of gold. When Conroy began exploring at Clontibret there was only an estimated 4,500 ounces of gold at site.

When Canadian prospector Dalradian Resources is added to the equation, the estimated amount of recoverable gold in the northern half of Ireland rises to around 10 million ounces.

Dalradian submitted a planning application to build a gold mine at its Curraghinalt gold deposit in Omagh last month, with a view to a 25- year lifespan. Dalradian has claimed its plan will boost the local economy to the tune of €800m and represent one of the largest foreign direct investments to be made in the North.

More in this Section

Manager at Cork bank begins action aimed at preventing termination of her employmentManager at Cork bank begins action aimed at preventing termination of her employment

Cork JCD  building to become Ireland's greenest building Cork JCD building to become Ireland's greenest building

British Airways flights delayed by ‘technical issue’British Airways flights delayed by ‘technical issue’

Google bans ads targeting political affiliationGoogle bans ads targeting political affiliation


Lifestyle

This truck serves as an excellent metaphor for what needs to happen in our education system. A colossal truck needs to barge in front of it.Secret Diary of an Irish Teacher: Time to ditch private schools

Sorting out Cork people for ages...Ask Audrey: Is it still ok to just lob the gob after 10 pints?

Nip those winter ailments in the bud with the help of garden bounty. Fiann Ó Nualláin shows you how.Have a berry merry Christmas with the help of garden bounty

Dig a planting hole around three times the size of its pot and around the same depth, loosening the soil around the hole.Your quick guide to planting trees

More From The Irish Examiner