Conroy Gold completes due diligence drilling at Clontibret

The AIM-traded firm also confirmed the completion of a drill hole on the Cargalisgorran section of the Clay Lake gold target, and the start of drilling on other targets in the new district-scale gold trend which it discovered in the Longford-Down Massif in Ireland.

It also said it was making further positive progress towards finalising the documentation and other matters in connection with the proposed joint venture with Demir Export.

The Clontibret gold target was described as one of a series of potentially multimillion-ounce gold targets located along the 65 kilometre new district-scale gold trend, which Conroy discovered in the Longford-Down Massif in Ireland.

A JORC 2012-compliant gold resource of 517,000 ounces, consisting of 320,000 ounces of indicated gold and 197,000 ounces of inferred gold, had been estimated on part of the Clontibret target.

Conroy Gold signed a letter of intent with Demir Export for a planned joint venture on an earn-in basis over the 12 licences it held in the Longford-Down Massif in February.

The primary focus of the joint venture project, dubbed ‘Project Inis’, would be the development of the gold deposit at Clontibret to construction-ready status, and then bringing it into operation as a gold mine.

Conroy said the further aim of the venture would be to have the other licences subject to the joint venture given the same status one after the other, providing a foundation for a long-term relationship.

The due diligence drilling of two drill holes at Clontibret, which was now complete, was part of the overall process leading to the finalisation of definitive documentation, including the final joint venture agreement.

“I am delighted that due diligence drilling for the company’s proposed joint venture with Demir Export has been completed, and we look forward to completing the final parts of the joint venture documentation and signing the definitive agreement,'' said chairman Richard Conroy.

At 1004 BST, shares in Conroy Gold and Natural Resources were up 19.02% at 24.4p.