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Conroy Gold and Natural Resources sees 'encouraging' survey results
StockMarketWire.com
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Gold exploration and development company, Conroy Gold and Natural Resources, has said its results from a ground geophysical survey were 'encouraging'.
The survey was conducted by Golder Associates over the Cargalisgorran part of the company's Clay Lake gold target.
The Cargalisgorran part of the Clay Lake gold target has already generated significant results from drilling (6.6 metres at 6.2 g/t Au) and trenching (12 metres at 2.2 g/t Au).
The value of such geophysical data in relation to drilling has been demonstrated on the Derryhennet part of the Clay Lake gold target, where the data indicated a geological feature which, on subsequent drilling, yielded a c. 100 metre drill intersection grading 0.6 g/t Au - which the Directors believe is one of the longest publicly recorded gold drill intersections in Britain or Ireland.
The Clay Lake gold target, of which Cargalisgorran forms a part, is one of a series of major gold targets along the Orlock Bridge Fault zone along a 65km (40 mile) district-scale gold trend that the Company has discovered in the Longford-Down Massif in Ireland.
The survey totalled c.2,800 metres and consisted of seven parallel lines, trending in an east-west direction, and one cross-line trending in a north-south direction.
Professor Richard Conroy, chairman at Conroy Gold and Natural Resources, commented: 'We consider there is substantial potential to increase our compliant gold resource, accelerate Clontibret mine development and also to test the geological comparability of our Clontibret deposit to the Fosterville deposit in Victoria, Australia, where the occurrence of visible gold is becoming increasingly significant at depth.
'We are looking forward to an exciting year ahead and to a joint venture partnership accelerating the development and further exploration of our district-scale gold trend.'
At 2:47pm: (LON:CGNR) Conroy Gold And Natural Resources PLC share price was 0p at 34p
Story provided by StockMarketWire.com
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