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(Sharecast News) - Conroy Gold and Natural Resources announced the discovery of a new area of gold mineralisation in the Longford-Down Massif in Ireland on Wednesday.
The AIM-traded gold exploration and development company, focussed on Ireland and Finland, said it had found visible gold in the prospecting process conducted in the Mines Royal Newtownhamilton option area in County Armagh in Northern Ireland.
It said the discovery's location was south of the company's Mines Royal Keady option area, which contains its Clay Lake gold discovery.
The discovery was made in collaboration with the company's joint venture partner Demir Export, with visible gold observed at two locations within the new discovery area.
Conroy Gold said the quartz breccia samples collected from the area were sent for assay, and the results returned values of up to 123 grams of gold per tonne.
The assay results of 123 grams, 76.7 grams, and 44.1 grams of gold per tonne were the highest gold assay results returned since the company began exploration in the Longford-Down Massif.
All samples were analysed by ALS OMAC Laboratories in Loughrea, using 30g fire assay fusion with gravimetric finish.
The firm said it planned to follow up with trenching and drilling programmes to better assess and understand the mineralisation in the area.
"This new discovery is potentially a transformational event for gold exploration and development in this very large gold district," said chairman Richard Conroy.
"The presence of visible gold and the outstanding gold grades of up to 123 grams of gold per tonne in these initial samples are exceptional and, taken in conjunction with the company's other significant discoveries, indicate the potential for the district to become a tier-one gold area."
At 1122 GMT, shares in Conroy Gold and Natural Resources were up 17.65% at 20p.
Reporting by Josh White for Sharecast.com.
