A gold mining company has found what appears to be the mother lode of one of its newer mining sites, worth an estimated €546 million.
Conroy Gold operates the Tullybuck mine site near Clontibret, County Monaghan. The first drill hole at the site penetrated 1000m into the ground and found seven gold lodes with high grade gold, some registering as much as 24g per tonne of gold ore. Typically, gold ore deposits register an average of 2-3g per tonne.
In a statement issued to the Irish Stock Exchange, the company chairman Professor Richard Conroy said: “Our technical work on the deposit had identified the Tullybuck antimony mine area as a key target for next stage gold focused drilling and the results confirm the effectiveness of our team’s pre-drilling technical review.
“The confirmation of an extensive gold zone builds significantly on what we have previously identified. As a result, the team are excited with this additional gold zone discovery and what it means for the Clontibret project and our Company as a whole.”
The location of the Conroy Gold drill site, near Clontibret, Ireland. Photo courtesy of Google Maps.
Conroy Gold and Natural Resources no doubt welcomes the news in the face of reported losses of €292,165 and €431,922 in each of the last two years respectively.
The company has projects across the north of Ireland and in northern Finland and their license around Tullybuck allows them to drill across a 30 mile stretch of land near the border of County Monaghan and Armagh. Analysts estimated four years ago was that there could be in the region of 15-20 million ounces of gold in the district.
The company also operates a nearby site at Clay Lake, where an estimated 517,000 ounces of gold ore has already been identified.
