Conroy chairman hails 'exceptional' gold find
Natural resource exploration company Conroy Gold has announced the discovery of "an extensive gold zone" at its 100pc owned site in Clontibret, County Monaghan.
The gold is located 30m below the historic Tullybuck antimony mine, and the news comes just two weeks after the company announced that it was to accelerate development on its Irish gold property.
A spokesperson for the company said that it was not possible to provide a specific figure on the value of the find at this time.
However, the chairman of Conroy Gold, Richard Conroy, described the results as "exceptional" in the context of the Clontibret deposit. Mr Conroy went on to say that the confirmation of the extensive gold zone builds significantly on what the company had previously identified.
"As a result, the team are excited with this additional gold zone discovery and what it means for the Clontibret project and our company as a whole," Mr Conroy said.
Mr Conroy that the company has "a number of development initiatives on which we will be updating shareholders shortly".
The first drill hole intersected at the Monaghan site confirmed seven gold lodes with high-grade gold with wide intersections - these high grades include up to 24g/t gold and wide intersections that include up to 5m at 6.11g/t gold, Mr Conroy said. Drilling and analysis of the results are continuing, and the company will update the stock market as additional findings are confirmed it said in a statement yesterday.
The news is a welcome boost to the Irish and Finland-focused company, which last year posted a loss of €431,922 for its financial year ending May 31, 2017. The loss has increased from a loss of €292,165 in the previous year. Net assets also fell to €16.8m, down from €17.1m 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.