Shares in Conroy Gold and Natural Resources PLC (AIM:CGNR, OTC:CGDNF) shot up over 18% after the gold explorer announced a new discovery in the Longford-Down Massif in Ireland.
Visible gold was observed at two locations within the new discovery area and assay results from five quartz samples returned values of up to 123.0 grammes per tonne (g/t) gold, the company said in a statement.
The samples had the highest gold assay results returned since the company began exploration in the Longford–Down Massif, it added.
The discovery was made during prospecting over Conroy Gold’s Mines Royal (Newtownhamilton) option area in County Armagh in Northern Ireland. The discovery location is south of the company’s Mines Royal (Keady) option area, which contains its Clay Lake gold discovery.
The company said a trenching and drilling programme is planned to follow up on the discovery and achieve a better assessment and understanding of the mineralisation in the area.
“This new discovery is potentially a transformational event for gold exploration and development in this very large gold district,” commented chairman Professor Richard Conroy.
At 10 am, Conroy Gold shares were 18.56% higher, changing hands at 20.16p.