Conroy Gold and Natural Resources PLC (LON:CGNR) said it has discovered a new gold mineralised outcrop on its Glenish gold target in the Longford-Down gold trend in Ireland.
The gold exploration and development company said channel sampling in the Glenish gold target has identified gold-in-bedrock – 1.0 metres (m) at 0.4 grams per tonne (g/t) - from an outcrop of Arenite gouge, with pyrite mineralisation.
This newly discovered gold outcrop is located over 500m northeast from the gold-in-bedrock previously intersected by drilling and enhances the overall prospectivity of the Glenish gold target, Conroy said in a statement.
Further outcrops of Arenite gouge have also been identified roughly 240m northeast, and some 1,500m east, respectively, of the drilling location, but have not yet been assayed for gold. Pyrite mineralisation has, however, been observed in both of these outcrop locations, the firm added.
The Glenish target is an extensive gold-in-soil geochemical anomaly situated on the intersection of two major geological faults: the Orlock Bridge Fault and the Glenish Fault.
The Glenish target is located around four miles to the southwest of Conroy’s Clontibret gold target in Ireland, on which the company proposes to develop its first gold mine.
Meanwhile, a review by Conroy of the Geological Survey of Ireland’s (GSI) online digital archive of historic data has identified areas within the Glenish Licence in which deep overburden sampling was conducted in 1987 and 1989.
While the samples collected were not assayed for gold they were assayed for an associated element and the results suggest the possibility for further gold mineralisation just over half a mile to the northeast and about a mile southwest of the currently known Glenish gold target.
“The discovery of a new area of bedrock gold mineralisation, combined with possible indications of gold from historical data, significantly increases the prospectivity of the Glenish gold target and gives further confirmation of the overall potential of the district scale gold trend which the company has discovered,” Richard Conroy, the company's chairman declared in the statement.
“The Glenish gold target is one of a series of gold targets along the trend and on another of these targets, Clontibret, the company is looking to develop its first gold mine and is actively engaged in seeking a joint venture partner,” he added.