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Conroy strikes gold and sees share prices sparkle
Conroy Gold and Natural Resources announced on Monday that it has discovered "an extensive gold zone" at its wholly owned Clontibret gold deposit in the North of Ireland.
The results stem from the completion of the company's first drilling project at the site, which intersected seven gold lodes and identified high grades of up to 24 g/t gold and wide intersections including of up to 5 metres at 6.11 g/t gold.
The drilling was intended to test the extent of high grade gold lodes in the historic Tullyback antimony mine.
Richard Conroy, chairman of Conroy Gold and Natural Resources, said: "In the context of the Clontibret deposit where we already have a JORC compliant resource of 517,000 ounces of gold from just 20% of the single target tested, results of this nature are exceptional."
The AIM traded company, which seeks to discover and develop economic gold deposits in the North of Ireland and Northern Finland, said the results also confirm the effectiveness of its teams pre-drilling technical review.
"The confirmation of an extensive gold zone builds significantly on what we have 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," said Conroy.
The company also said that it has a number of other developments in the pipeline on which it will update its shareholders in the near future.
As of 1003 GMT, Conroy's shares were up 15.74% at 27.20p.