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Conroy Gold and Natural Resources discovers new gold area at Clontibret project

Published: 08:52 14 Sep 2011 BST

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Shares in Conroy Gold and Natural Resources (LON:CGNR) added nearly 10 percent this morning after the junior explorer discovered a new gold area at its Clontibret project in Ireland.

In addition to confirming a new area of gold mineralisation within the proposed mining zone, the results from the ongoing infill drilling campaign have shown a sustained increase in the widths and gold grades as well as continuity with previously established gold zones.

“I am delighted to see the continuing good results from the infill drilling with a new area of gold mineralisation identified...it is another important step forward in the company's plans to develop a gold mine at Clontibret,” said chairman of Conroy Gold and Natural Resources Richard Conroy.

The drilling results included intercepts of 3.6 metres grading 2.22 grammes per tonne (g/t) gold and 9.1 metres at 2.87 g/t gold, which included an interval of 1.05 metres at 11.24 g/t gold.

Conroy hopes to bring a mine into operation as soon as possible. The infill drilling programme is aimed at enhancing the resource, evaluating possible extensions and providing material for test work.

Infill drilling is focused around the open pit area that was defined in a scoping study completed by Wardrop Engineering.

Back in July, Conroy reported that Golder Associates had completed preliminary environmental studies at Clontibret and initiated detailed environmental impact assessment, a key element in mine planning.

Investors welcomed the report as shares in Conroy Gold rose 9.5 percent to trade at 4.25 pence in early deals in London, valuing the company at £9.8 million.

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