16th Jun 2015 09:07
LONDON (Alliance News) - Conroy Gold and Natural Resources PLC Tuesday said a new gold target has been discovered in County Monaghan in Ireland that's between its existing targets, adding further evidence to the continuity of the gold trend that it's targeting.
The gold explorer said a 700 metre by 300 metre gold-in-soil anomaly has been found near Rockcorry in County Monaghan, about seven kilometres southwest of its Glenish gold target in the same county and 14 kilometres southwest of Clontibret, where Conroy is proposing to develop its first gold mine in the area.
It said the latest discovery adds to the evidence of a gold trend that runs from County Armagh in Northern Ireland across Counties Monaghan and Cavan in the Republic of Ireland. The trend lies along the major geological structure known as the Orlock Bridge Fault.
"Four gold-in-soil samples in the anomaly were above 20 parts per billion gold and a further five above 10 parts per billion gold. The anomaly will be further investigated but from the company's experience such levels of gold-in-soil samples have tended to be associated with gold-in-bedrock. The anomaly remains open on its Northern side," Conroy said.
"This discovery confirms the gold potential of the company's licences in the area lying between the company's existing gold targets to the Northwest at Clay Lake, Clontibret, where a mine is being developed, and Glenish, as well as those to the South at Slieve Glah," Chairman Richard Conroy added.
Conroy Gold shares were flat at 0.800 pence in London Tuesday morning.
By Steve McGrath; [email protected]; @stevemcgrath1
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