Exploration firm Conroy discovers gold in Monaghan
Conroy Gold and Natural Resources has confirmed the discovery of a 700m by 300m gold-in-soil anomaly near Rockcorry in Co Monaghan.
The discovery, which the company said revealed four gold-in-soil samples above 20ppb gold and a further five above 10ppb gold, is situated within the 50km gold trend that Conroy outlined.
"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," said Professor Richard Conroy, inset, chairman of the firm.
The discovery is approximately 7km southwest of the company's Glenish gold target and 14km southwest of Clontibret where the company proposes to develop its first gold mine in the area.
It has been claimed that the gold mine at Clontibret could be worth as much as €150m.
This deposit lies along a major geological structure, known as the Orlock Bridge Fault.
Gold found in the Republic is officially owned by the State and extracted under licence.
In practice that means a royalty payment of typically 2pc to 3pc of the value of extracted gold is paid over to taxpayers.
In addition, mining companies pay corporate tax at a higher than normal 25pc.