Business

Conroy Gold discovers more gold in Co Armagh

Conroy Gold chairman Professor Richard Conroy

PROSPECTORS looking for gold in south Armagh said they have found new zones containing the precious metal.

Conroy Gold and Natural Resources is drilling across the Clontibret gold deposit.

Yesterday, the firm said it had discovered five new gold zones in the south-west of Clay Lake near Keady.

It said gold intersections were also made in four known gold zones in the area, confirming continuity of these lode zones.

Conroy Gold said the drilling focused on upgrading to a depth of 200m, an area where previous drilling had indicated the potential for "significant widths and gold grades".

Company chairman Professor Richard Conroy said he was "delighted at these latest excellent drilling results".

"The discovery of new gold zones, high grades and wide intersections of gold add further support that the Clay Lake – Clontibret Gold property could become a multi-million ounce deposit.”

Conroy Gold even has licence to a 30-mile stretch of land which, in 2013, it claimed has the potential to yield 15 to 20 million ounces of gold. This would make the gold worth billions of pounds and the site one of the largest deposits in Europe.

The company - founded in the late 1990s - has poured more than £12 million into the sites over the years, carrying out metallurgical testing, sample drilling and digging, and has attracted millions in investment from shareholders.

To actually start mining at just one of the sites, would cost at least £50m.

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