Loss narrows at gold and gem prospector Conroy

PRECIOUS metals exploration company Conroy Diamonds & Gold has reported a slight narrowing of its first-half loss to €166,698 for the six months to the end of November.

This figure compares with a loss of €172,363 for the same period the previous year. The company’s loss per share was down year-on-year from 20c to 16c. The results formed part of Conroy’s interim trading update.

It reiterated the company’s announcement from December that it has significantly increased its estimate for indicated gold reserves at the Clontibret, Co Monaghan, section of its overall Longford-Down Massif mining interest, by more than 200% — from 64,000 ounces to 200,000 ounces.

“The gold target at Clontibret is but one of a series of gold occurrences in the Longford-Down Massif where the company has identified a gold-bearing trend that extends for at least 50 miles along a strike from Co Armagh, through Co Monaghan and into Co Cavan,” the company said.

In December, company chairman Professor Richard Conroy said that it would probably take up to two years before the company gained planning permission to build a commercial gold mine in Co Monaghan and the firm would still consider entering a farm-out agreement with an international company in order to advance drilling and exploration work in the area.

Meanwhile, West African Diamonds (WAD) — the John Teeling-chaired exploration firm — has said that its Droujba site in Guinea holds a much larger diamond reserve than previously estimated. An independent survey has found a potential 100% increase in the size of the site and has revealed the presence of several new kimberlite (the typical rock that houses diamonds) ‘pipes’ in the surrounding area.

“The board decided to invest in a comprehensive ground geophysical survey as a prelude to identifying drilling targets. The survey has been successful not only in terms of potentially doubling the size of the kimberlite pipe, but also finding four new kimberlite indicative targets within close vicinity of the Droujba pipe,” said WAD’s deputy chairman James Campbell.