Due diligence drilling on the Clontibret deposit controlled by Conroy Gold and Natural Resources (LON:CGNR) is now complete.
The drilling was conducted ahead of the final sign-off of the proposed joint venture between Conroy and Demir Export, a Turkish conglomerate.
Exploration drilling across the wider district-scale discovery on the Longford Down Massif continues.
Conroy also said it continues to make positive progress towards finalising the documentation and other matters in connection with the proposed joint venture with Demir Export.
The Clontibret gold target is one of a series of potentially multi million ounce gold targets located along the 40 mile gold trend in the Longford-Down Massif in Ireland, and already boasts a gold resource of 517,000 ounces of gold.
Under the terms of a Letter of Intent already signed, Demir Export will make a cash payment of €1mln to Conroy upon final approval of the definitive agreement in recognition of prior work carried out in relation to the project.
It will then proceed through various earn-in phases by funding staged work programmes.
“I am delighted that due diligence drilling for the Company’s proposed joint venture with Demir Export has been completed and we look forward to completing the final parts of the JV documentation and signing the definitive agreement,” said Conroy Gold chairman Professor Richard Conroy.”