Conroy strikes more Irish gold

The Irish resource company released its final results for the year ended 31 May 2015 on Monday, which showed equity and liabilities of €17.67m (£12.39m) and an annual loss of €315,000 as the group continued its exploratory activities.

It said recent drilling results at the Clontibret site have provided “further evidence of continuity of gold mineralisation at depth”.

As a result, Conroy has accelerated its total project capital payback projection to within the mine’s second year of operation.

Among the firm’s other exploratory sites, a so-called wide gold zone was encountered at Clay Lake and a structural survey at Slieve Glah revealed the potential for a concentration of gold mineralised faults and target zones.

“We have made further progress towards the development of the mine at Clontibret, with continuity of gold at depth confirmed by drilling”, said chairman Professor Richard Conroy.

“The infill drilling has enhanced the economics of the project, which show excellent reutrns even at the current gold price, and the presence of potentially commercial amounts of antimony further improve the prospects.”