CONROY Gold has discovered an "extensive" gold intersection from a drill hole at its Clay Lake gold target close to the Monaghan-Armagh border.
In a statement today, Richard Conroy, chairman of group, said that the intersection is "strong evidence" of a very large gold mineralising system in the Clay Lake area.
The gold intersection extends for 150.5 metres at 0.3 grams per tonne, and adds to previous drilling and trenching results, which suggest potential for high tonnage and overall gold content in the Clay Lake gold target, the company said.
The intersection of two metres at 2.7 grams per tonne gold at a downhole depth of 252 metres (199 metres vertical depth) is the deepest intersection to-date on the Clay Lake gold target, which remains open in all directions.
This drill hole at the north eastern end of the Clay Lake gold target follows on a series of 10 drill holes in the Clontibret gold deposit, and forms part of an overall drilling programme encompassing the 17km long gold district of the Clontibret – Clay Lake – Glenish gold target in the northeast of company’s licence area.
"It is very encouraging to see such a wide intersection giving the potential for high tonnage and overall gold content in a target that is 3km in length and where we have also intersected high grade," Professor Conroy said.
"It is also pleasing to see the extension of the mineralisation at depth to 200m."
Conroy Gold has been active in the Monaghan area since 1996.
Earlier this year it raised £500,000 (€556,545) in a share placing to further develop the Monaghan deposit.