Conroy in ‘extensive’ gold zone find

NATURAL resource exploration company Conroy Gold has announced the discovery of a further “extensive” gold zone from its ongoing drilling programme in Monaghan.

The discovery was made at the company’s 100pc-owned Clontibret gold deposit, where a previous gold zone, announced in February this year, was discovered 30m below a historic antimony mine.

“I am delighted at these additional excellent drilling results which include both high grades and wide intersections,” said Conroy Gold chairman Professor Richard Conroy.

“Our technical work on the deposit had identified the historic Tullybuck antimony mine area as a key target and these results confirm the effectiveness of our team’s pre-drilling technical review.”

The latest results are for the 1,000m drill campaign announced by the company on February 12, 2018.

This drill programme is focused on the Clontibret gold deposit where a Joint Ore Reserves Committee compliant resource of 517,000 ounces of gold has already been defined on 20pc of the Clontibret gold target.

High grades at the site include up to 21.6 grammes per tonne gold, and wide intersections include up to 3.9m at 9.2 grammes per tonne gold, the company said.

The news is a welcome boost to the Irish and Finland-focused company, which in February announced losses of €458,222 for the six-month period to November 30, 2017, according to the group’s financial report.

The loss before taxation has increased from a loss of €178,660 in the same period in 2016.

Last year, the company found itself embroiled in legal proceedings after Patrick O’Sullivan, a minority shareholder, claimed that he and his two nominees had been wrongfully stopped from becoming members of the board of directors at the company’s EGM in August.

Conroy Gold was successful against Mr O’Sullivan in the proceedings and costs were awarded to the company, with a stay on that order pending any appeal.