27th Feb 2020 14:36
(Alliance News) - Conroy Gold & Natural Resources PLC said Thursday progress has continued at the Orlock Bridge fault in Ireland during the half-year period.
The Irish-based resources company said for the six months ended November, its pretax loss narrowed to EUR278,008 from EUR285,604 at the same period a year ago.
During the period the company raised a total of EUR350,000 in two separate tranches, by way of an unsecured convertible loan note with an existing shareholder.
During the period, the presence of gold in bedrock in target area 4, a new gold zone in target area 1, and gold mineralisation between the Clontibret deposit and Corcaskea was confirmed at Orlock.
Conroy said "it is envisaged the development will take the form of a joint venture agreement with a suitable industry partner," and noted significant interest in the project has been shown from potential partners.
Richard Conroy, chair, said: "The drill programme has confirmed our belief in multi-million-ounce gold exploration targets on the 65 kilometre (40 mile) district scale gold trend we have discovered.
"We intend to actively continue and accelerate our development and exploration programme along the trend including our first gold mine and to this end we are in talks with a number of potential partners," Conroy said.
Conroy shares were trading 6.1% lower in London at 11.50 pence each on Thursday.
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