Tuesday 25 September 2018

Conroy discovers 'extensive' gold zone in Monaghan

Stock photo: Reuters
Stock photo: Reuters
Ellie Donnelly

Ellie Donnelly

Conroy Gold has announced the discovery of "an extensive gold zone" at Clontibret, County Monaghan.

The gold is located 30 metres 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.

Describing the results as "exceptional" in the context of the Clontibret deposit, chairman, Professor Richard Conroy said 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.

The chairman went on to say 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 including up to 24g/t gold and wide intersections that include up to 5.00 metres at 6.11g/t gold, Conroy said.

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 31 May 2017. The loss has increased from a loss of €292,165 in the previous year.

Last year the company found itself embroiled in legal issues after Patrick O’Sullivan, a minority shareholder in the company, 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 High Court proceedings.

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