26th Feb 2014 11:57
LONDON (Alliance News) - Conroy Gold and Natural Resources PLC Wednesday said the structural study at its Clay Lake gold target in Ireland has confirmed the presence of gold bearing anticline structures.
The Ireland-based exploration company said the structural study, which was carried out by independent consultant structural geologists, previously found one gold mineralised anticline at the Clay Lake gold target with intense shearing and has now found another gold mineralised anticline to the northwest of the first structure.
The company said the structural study, which included field mapping and detailed core investigation, was designed to indicate the nature of the geological structure, in which gold had been intersected during drilling by the company.
Anticline structures are important because they can host significant volumes of gold and are thus a key target in exploration.
The first anticline intersected a 53 metre space at 0.60 grams per tonne gold including a 10.25 metre space at 1.37 grams per tonne of gold.
Conroy said that results suggest the potential for high tonnage production and strong overall gold content.
The company is also currently planning to develop its first operational gold mine at Clontibret in County Monaghan, Ireland, which is one of four target areas, along with Clay Lake, identified within a 30 mile gold trend.
Conroy Gold shares were up 7.7% to 2.10 pence, putting it in the top AIM risers Wednesday.
By Tom McIvor; [email protected]; @TomMcIvor1
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