Conroy Gold upbeat after identifying new features at Clontibret

Conroy Gold and Natural Resources announced on Monday that the interpretation of a ground geophysical survey, conducted by Golder Associates before the outbreak of Covid-19 on the Clontibret gold deposit, has identified new geological and structural features.

The AIM-traded firm said those features are important in regard to controls on high gold grades within the deposit.

It said the survey was centred over the Clontibret gold deposit, which is on a small fraction of the Clontibret gold target area and is where the company was proposing to develop its first gold mine.

The Clontibret target was one of a series of gold targets on the 65 kilometre district-scale gold trend that Conroy discovered, and was granted licences over, in the Longford-Down Massif in Ireland.

Conroy explained that the ground geophysical survey, which comprised both induced polarisation (IP) and resistivity, totalled around 2000 metres, in four lines, starting in the west of the Clontibret gold deposit.

Each line ran for about 500 metres, in a north-south orientation with a 50-metre line spacing.

IP and resistivity ground geophysical techniques, which are electrical techniques, can play an important role both in defining drill targets and also in enabling enhanced interpretation of the underlying geology, the board said, and thus could be important in visualising the controls over the high gold grades in a deposit such as that at Clontibret.

The ground geophysical survey enhanced, in particular, geological interpretations in regard to fold axial traces, lithological contacts and faulting, all of which were described as important factors in regard to the controls on the high gold grades intersected at Clontibret.

“The results of the geophysical survey in conjunction with the drilling results post the resource estimate being completed are very encouraging, particularly in relation to tracking the higher gold grades within the Clontibret gold deposit,” said chairman Richard Conroy.

At 0815 BST, shares in Conroy Gold were up 8.77% at 11.48p.