Conroy Gold shares rise on new gold outcrop discovery

Exploration and development company Conroy Gold and Natural Resources announced the discovery of a new gold mineralised outcrop on its Glenish gold target in the Longford - Down gold trend discovery on Thursday.

The AIM-traded firm said channel sampling in the target identified gold-in-bedrock, one metre at 0.4 grams of gold per tonne, from an outcrop of Arenite gouge, with pyrite mineralisation.

It said that the newly discovered gold outcrop was located more than 500 metres northeast from the gold-in-bedrock, previously intersected by drilling, enhancing the overall prospectivity of the Glenish gold target.

Further outcrops of Arenite gouge was also identified around 240 metres northeast, and about 1,500 metres east, respectively, of the drilling location, but had not yet been assayed for gold.

Pyrite mineralisation had, however, been observed in both of these outcrop locations.

The Glenish target is an extensive gold-in-soil geochemical anomaly situated on the intersection of two major geological faults - the Orlock Bridge Fault and the Glenish Fault.

Conroy said the target is located about seven kilometres to the southwest of its Clontibret gold target, on which it proposed to develop its first gold mine, in the new district-scale gold trend which extends for 65 kilometres.

In addition, a review by the company of the Geological Survey of Ireland’s (GSI) online digital archive of historic data identified areas within the Glenish licence, in which deep overburden sampling was conducted in 1987 and 1989.

While the samples collected were not assayed for gold, they were assayed for an associated element, and Conroy said the results suggested the possibility for further gold mineralisation one kilometre to the northeast and over 1.5 kilometres southwest of the currently known Glenish gold target.

The results would be followed up by the form as part of its future exploration programme.

“The discovery of a new area of bedrock gold mineralisation, combined with possible indications of gold from historical data, significantly increases the prospectivity of the Glenish gold target and gives further confirmation of the overall potential of the district scale gold trend which the company has discovered,” said chairman Richard Conroy.

“The Glenish gold target is one of a series of gold targets along the trend and on another of these targets, Clontibret, the company is looking to develop its first gold mine and is actively engaged in seeking a joint venture partner.”

At 1500 BST, shares in Conroy Gold and Natural Resources were up 15.11% at 11.05p.