8th May 2014 11:09
LONDON (Alliance News) - Conroy Gold and Natural Resources PLC Thursday said a follow up trenching programme showed wide mineralised zones at its Clay Lake gold project in County Armagh, Northern Ireland.
The trenching was carried out to further define the veins, cleavage, bedding, structural orientations and general geological units at surface and to relate these orientations to previous drilling. Four trenches were dug, a total of 666 metres, using a large track mounted excavator. Bedrock was encountered in most of the trenching.
Wide sheared and mineralised black shale was present in three of the trenches with a regional East Northeast strike trend. Mineralised black shale in this area tends to be associated with the presence of gold, the company said.
"Correlation of the trench data with drilling data indicates that the central part of the system is steep dipping to the North and may have significant depth extent which is as yet untested," it said in a statement.
Conroy said the new information further reinforces its view that the Clay Lake gold target may have the potential for high tonnage and overall gold content.
The stock was trading at 1.69 pence Thursday morning, up 0.14 pence or 9.0%, making it one of the biggest gainers on AIM.
By Anthony Tshibangu; [email protected]; @AnthonyAllNews
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