Conroy Gold and Natural Resources has moved a significant step closer to realising its goal of establishing a second gold mine in the border region.
The Dublin-based firm is on course to establish Ireland’s first commercial gold mine at its Clontibret prospect in Monaghan over the next three years.
The company yesterday announced that an independent structural study at its Clay Lake target in Armagh has suggested the potential for “high tonnage and overall gold content”.
Results of the survey confirm the presence of a gold-bearing anticline structure.
“This is very encouraging and, indeed, exciting news as in addition to the widths of gold which have been encountered during drilling, it adds further geological evidence that the Clay Lake gold target could have the potential for high tonnage and overall gold content,” company chairman Richard Conroy said.
The next step will be to start a trench-digging programme to closer evaluate the rock at the asset, an important precursor to deciding on the location and direction of drill holes.
Separately, the conditional raising of £500,000 (€603,000) in additional funding, via a share subscription, was formally approved by shareholders at an extraordinary general meeting yesterday. The proceeds are set to go towards funding Conroy’s ongoing work programme at Clontibret.
© Irish Examiner Ltd. All rights reserved