Conroy Gold continues drilling, explores TSX-V listing

(Sharecast News) - Conroy Gold said on Thursday that drilling was continuing at its Clontibret gold deposit in Ireland with three rigs now on site, as the company also confirmed it was at an exploratory stage of considering a dual listing on Canada's TSX-Venture Exchange. The AIM-traded firm said the first two holes in its current programme, CGC-25-001 and CGC-25-003, had been drilled and core was being logged, cut and sampled.

Initial samples had been sent to ALS's laboratory in Loughrea for assay, with results awaited.

Hole CGC-25-001 was halted due to technical difficulties during a re-entry at around 150 metres after a drill bit change.

The hole had reached about 415 metres but not yet hit its target depth in the stockwork zone.

Conroy said zones of sulphide mineralisation were encountered, including at around 410 metres, representing the deepest sulphide zones intersected at Clontibret to date.

A new deep hole, CGC-25-007, was permitted and was being drilled to directly target the stockwork zone informed by observations in CGC-25-001.

With a third rig secured earlier this month, three holes were currently underway - CGC-25-007 to 500 metres, CGC-25-002 to 340 metres targeting the antimony zone, and CGC-25-005 to 420 metres aimed at confirming gold mineralisation in the north-west corner of the deposit, where previous drilling had been limited.

The company said it expected to complete this phase of drilling in the second quarter, with analytical and assay results to follow.

Clontibret forms part of Conroy's 'Discs of Gold' project, which comprises two parallel district-scale gold trends extending around 95 kilometres across Ireland.

The Clontibret target hosts a JORC 2012 resource of 517,000 ounces of gold at two grams per tonne, including 320,000 ounces in the indicated category and 197,000 ounces inferred, and remains open in multiple directions.

On the corporate front, Conroy said it remained in discussions with prospective strategic and financial investors regarding funding for future phases of the Discs project.

Following a £1.73m non-brokered private placement in October, which was supported by North American investors, the board said it was considering a potential dual listing on the TSX-V.

The firm said a TSX-V listing would provide North American investors with easier access to its shares and potentially broaden its capital base beyond the UK.

However, it stressed that the proposal remained at an early, exploratory stage and there was no guarantee that a dual listing would proceed or on the timing of any such move.

At 1026 GMT, shares in Conroy Gold and Natural Resources were down 1.64% at 15p.

Reporting by Josh White for Sharecast.com.