Golden future awaits exploration firm

Mineral exploration firm Conroy Gold & Natural Resources has announced impressive recovery test results from its gold target in Co Monaghan, significantly enhancing its chances of establishing a commercial gold mine there.

Results from testing — undertaken by South African mining giant, Goldfields — on Conroy’s Clontibret gold target have shown a 90% gold flotation rate — a figure described by the Dublin company as being higher than assumed, “highly positive”, and “most encouraging, both technically and financially”. The rate means that after the rock containing the gold is ground down, potentially 90% of the resulting material is gold.

The results also indicated an 8% sulphur grade in concentrate, when 12% had been anticipated. The lower sulphur grade is highly advantageous, as it will reduce process operating costs.

Conroy’s founder and chairman, Richard Conroy, said he was “extremely pleased” with the results.

“Further metallurgical test work is ongoing. The results to date are very positive and fit in with the company’s plan to bring a mine into production in three years’ time,” he added.

He said the company was open to talks with potential developmental partners and was alive to the possibility of entering a farm-out agreement.

Conroy now controls and has under licence a 30-mile area along the border, potentially containing between 15m and 20m ounces of gold.

The company recently said it has established that a gold mine is viable, with work now progressing towards bringing it into production.