The reinterpretation of the geology using the new geophysical data has had a transformative impact on understanding the subsurface geology and gold mineralisation at the Cargalisgorran target.
The interpretation highlights details of the gold mineralisation trend and newly discovered parallel structures, upgrading the discovery potential for additional gold mineralisation.
The Cargalisgorran part of the Clay Lake gold target has already generated significant results from drilling, including 6.6 metres at 6.2 grams per tonne gold.
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 drill intersection of approximately 100 metres grading 0.6 grams per tonne gold, one of the longest publicly recorded gold drill intersections in Britain or Ireland.
“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,” said Professor Richard Conroy.