Sam is a professional trader and the lead stock market news writer at AskTraders. After starting his career in the forex market, Sam now focuses on gold and stocks with a preference for fundamental and macroeconomic analysis.
Shares of Conroy Gold and Natural Resources have climbed on Thursday after the company said it has discovered a new extensive gold-in-soil anomaly on its licence area in the Longford-Down Massif in Ireland, where it has found a district-scale gold trend.
The newly discovered gold-in-soil target is located between Conroy's Derryhennet gold target, where drilling and trenching have identified “significant grades and widths of gold-in-bedrock,” and the site where the Clay Lake gold nugget was discovered in the 1980s, with a weight of 30.05g and gold content of 28g.
The target covers an area of approximately 40 acres.
The discovery was made during a follow-up soil sampling programme. The follow-up sampling programme identified a further fifteen samples above 10 ppb Au, including a very high value of 92ppb Au.
The company's drilling programme in the Longford – Down Massif is continuing, while results are awaited from drilling at Clontibret and Cargalisgorran. Drilling has also been completed on licence PL1870. In addition, drilling is in progress on licence PL2683.
Professor Richard Conroy, Chairman of Conroy, commented:
“This discovery highlights the continued potential for new gold discoveries on the company’s licences in the district scale gold trend which it has discovered in the Longford-Down Massif.
“The new anomaly is in addition to the series of potentially multi million ounce gold targets already discovered by the company along the trend.
I look forward to receiving the results from the ongoing drilling programme on the company’s licences and to the proposed joint venture with Demir Export A.S. (“Demir Export”) progressing to final documentation.”
Conroy's share price is up 6.71% on Thursday, priced at 21.9p.
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