Conroy discovers more gold in Monaghan
CONROY Gold has discovered a new area of bedrock gold mineralisation in Monaghan.
The group has been active in Monaghan since 1996, however there is no timeline in place yet to dig-out the sites.
The latest discovery, which has a grade of 5.6 grams per tonne, lies to the north of its gold deposit at Clontibret on which the company has defined a Joint Ore Reserves Committee resource of 517,000 ounces of gold. While it is to the south of the Corcaskea gold target which, the group says, has yielded "significant" gold intersections in trenches, including 16.5m at 6.5 grams per tonne gold and 12m at 4.9 grams per tonne gold.
CEO Richard Conroy said a direct link between the Clontibret deposit and the Corcaskea target could indicate "significantly" increased gold potential in the area, adding that the discovery was "an exciting development" for the group.
"We are working to both increase the overall resource of the licence area and to develop a mine, initially at Clontibret where we have the current defined JORC resource," he added.
The mining group in August announced that it had raised €556,000 to further develop the area through a share placing.