LONDON (ShareCast) - (Sharecast News) - Ireland and Finland-focussed exploration and development company Conroy Gold and Natural Resources reported "significant" gold intersections from drilling completed in the Cargalisgorran section of its Clay Lake gold target in the Longford-Down Massif in Ireland on Thursday, where it discovered a new 65 kilometre-long district-scale gold trend.
The AIM-traded firm said three gold zones were intersected in a vertical hole drilled to a depth of 103 metres.

It said the intersections included one metre at 0.7 grams of gold per tonne from 12.5 metres down hole, 3.5 metres at 0.6 grams per tonne from 16 metres down hole, and two metres at 3.8 grams per tonne, including one metre at 6.6 grams per tonne, from 72.5 metres down hole.

The third intersection, at 72.5 metres down hole, identified a new zone of gold mineralisation below the previously-known gold zones, closer to surface, which included intersections of 6.6 metres at 6.1 grams of gold per tonne, and 22 metres at two grams per tonne.

Conroy said the "substantial" Clay Lake gold target, which stretches from Cargalisgorran in the southwest to Derryhennet in the northeast, is over 200 hectares in area, lying at the northeastern end of the gold trend and forming part of the 17 kilometre-long gold district, covering Clontibret-Clay Lake-Glenish.

An updated exploration target of 8.8 million ounces of gold, excluding the 517,000 ounce Clontibret deposit, was estimated there and announced by the company on 2 August.

A further extensive, 700 metre by 250 metre new gold target to the southwest of the Clay Lake target was recently identified by the company during a detailed gold-in-soil sampling programme, which it announced on 29 July.

The firm's drilling programme elsewhere in the Longford-Down Massif was ongoing, including drilling on licences PL 1870 and PL 2386.

"These drilling results, combined with the previous results from the Clay Lake gold target, where high grade and wide gold intersections have been recorded, further indicate the significant potential of this extensive gold target, which is one of a series of gold targets along the 65 kilometre district-scale gold trend in Ireland which it has discovered," said chairman Richard Conroy.

"I look forward to receiving further results from the company's ongoing drilling programme on its licences in the Longford-Down Massif in due course, and to the finalisation of the proposed joint venture with Demir Export."

At 1110 BST, shares in Conroy Gold and Natural Resources were down 5.62% at 21p.

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