Business Irish

Thursday 27 July 2017

Monaghan's stony grey soil is golden for Conroy

Mining

Thomas Molloy

Thomas Molloy

CONROY Gold shares jumped by almost 10pc after the company revealed it has discovered more gold at its Clontibret mine in Co Monaghan.

Conroy, which is listed on London and Dublin's junior markets, said the find is in the part of Clontibret where it plans to develop a conventional open-pit gold mine.

It added that drilling also revealed better-than-expected deposits in previously discovered gold zones.

Conroy believes there is about 500,000 ounces of gold, distributed about 200 metres below the ground in Monaghan.

"It is another important step forward in the company's plans to develop a gold mine at Clontibret," Conroy Gold chairman Richard Conroy said in a statement to the stock exchange.

"The results also confirm a sustained increase in the widths and gold grades together with continuity with previously established gold zones."

Conroy hopes to bring a mine into operation as soon as possible. The infill drilling programme is aimed at enhancing the resource, evaluating possible extensions and providing material for test work.

Shares rose 9.5pc to 4.25p in London, valuing the company at £9.8m (€11.2m).

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