Conroy Gold and Natural Resources (LSE:CGNR) dipped 6.6pc to 5.7p on Wednesday after revealing that it has completed a 600m drilling programme on its Slieve Glah gold target in the Longford-Down Massif in Ireland.
The primary focus of the programme – which saw the firm drill four holes - was to follow up on encouraging gold-in-soil, deep overburden and trenching results in the Slieve Glah area. Detailed logging of the drill core is now underway, with completion expected by July this year.
According to Conroy, a controlling feature at Slieve Glah called the Orlock Bridge Fault undergoes a significant strike swing. These can often act as focal points for mineralisation. Meanwhile, an extensive gold-in-soil geochemistry exploration programme carried out by Conroy at Slieve Glah has demonstrated the presence of a series of c.3km-long gold-in-soil targets. Follow-up deep overburden and trenching at numerous sites have confirmed the area’s prospectivity for the precious metal.
Slieve Glah is found at the south-western end of the 65km gold trend discovered by Conroy in the Longford-Down Massif. It is around 40km downtrend from the Glenish-Clontibret-Clay Lake gold target in the northeast of the gold trend. Conroy is targeting high tonnage and high-contained-ounce deposits in the area. Examples of deposits with similarities to the mineralisation at Clay Lake and Clontibret are the orogenic Macraes mine in New Zealand and the intrusion-related Murantau mine in Uzbekistan.
All-in-all, Conroy has given Glenish-Clontibret-Clay Lake an estimated gold exploration target of 8.8MMoz. This excludes a JORC-compliant resource of 517,000oz of gold at the Clontibret deposit.
On Wednesday’s update, Conroy’s chairman Richard Conroy said: ‘The company’s emphasis remains on its potential multi-million-ounce gold target in the Glenish -Clontibret- Clay Lake area. However, the nature and extent of the Slieve Glah gold target area in the southwest of the gold trend suggests that it could add significantly to the 8.8 million ounce gold potential seen in the Glenish-Clontibret-Clay Lake gold target area.’
Author: Daniel Flynn
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