Irish gold explorer, Conroy Diamonds and Gold, has announced a substantial upgrade to its gold resource at its Clontibret property in Ireland with its latest JORC compliant estimate of 1.03 million contained ounces in an area representing only 20% of the property's target anomaly. The psychologically important million ounce status should ease Conroy's path in interesting other developers in the project and/or raising finance for further exploration and development.
Conroy, which in a previous entity found the Galmoy lead/zinc property and subsequent mine, also in Ireland, has been exploring on the Longford Down Massif, which traverses the border between Northern Ireland and the Irish Republic, and has identified a number of gold targets of which Clontibret, on the Northern Ireland side, is the most advanced.
The latest figures, compiled by independent consultants, define an indicated resource of 11m tonnes grading 1.24g/t gold for 440,000oz contained, and an inferred resource of 14m tonnes at a grade of 1.32g/t for 590,000oz contained have been calculated, bringing the total resource to date to over 1 million ounces. These figures, to JORC standards and based on a 0.75g/t cut-off. These figures relate to one area (Tullybuck-Lisglassan), representing less than 20% of the overall Clontibret Target, which is the first to be investigated in detail.
Commenting today, the company's chairman, Professor Richard Conroy said: We are very pleased to have achieved our initial target of over 1 million ounces of gold in only 20 per cent of the Clontibret target with an increase in Indicated Resources to over 400,000 ounces. The revised cut-off grade brings us in line with our peer group and gives the company a sound basis for pre-feasibility studies.
The location is far from remote and has all the necessary basic infrastructure close at hand should a feasibility study indicate the likelihood of a mine development. The deposit outlined so far is relatively shallow and open at depth and ongoing infill drilling work is expected to further increase the size of the resource.
The area has seen mining activity in the past - but primarily for antimony, which is also present. Gold bearing structures had been noted, but as the gold mineralisation is extremely fine grained investigatory core recoveries were poor and almost certainly undersampled the gold content.
Conroy's directors believe this is the first plus 1 million ounce gold resource to be discovered in Ireland and with the aforementioned infill drilling work and a restarted drilling programme on other parts of the anomaly there are high hopes that the resource will be able to be upgraded further.