Conroy Gold losses narrow as it pins hopes on Clay Lake

Ireland-based resource company Conroy Gold announced results for the year ended 31 May on Thursday.

The still-exploring AIM-traded firm posted zero revenue, and operating expenses of €20.29m, less than the €0.32m reported last year.

Its loss before tax was also €0.29m, again narrowing from the €0.32m in 2015.

During the year, Conroy discovered new gold zones at Clontibret, with high grades and wide zones intersected.

A multi million ounce gold potential was also targeted at Clay Lake-Clontibret.

Fundraises of £0.38m in December 2015 and £1.02m in May were held, to help fund the advancement of the company’s principal gold opportunities and general working capital purposes.

“I am delighted with the excellent progress in the company’s exploration programme at Clay Lake-Clontibret,” said chairman Richard Conroy.

“The high gold grades, gold continuity and wide intersections in the gold mineralisation, which is open at depth and along strike, lends further credence to the company’s targeted multi million ounce gold potential at Clay Lake-Clontibret.”