Mining firm Conroy Gold and Natural Resources has unveiled the results of a structural study at Clay Lake gold target in County Armagh, Ireland, which confirmed the presence of a gold-bearing anticline structure.

Conroy said that the structural study included field mapping and detailed core investigation, and was designed to indicate the nature of the geological structure in which gold had been intersected during drilling.

The study results also indicated the presence of a second gold mineralised anticline to the north-west of the first anticline.

"The Clay Lake gold target could have the potential for high tonnage and overall gold content."

Conroy stated that the target may be similar to the first anticline, where previous drilling intersected 53m at 0.60g per tonne of gold, including 10.25m at 1.37g per tonne of gold.

Conroy Gold and Natural Resources chairman Richard Conroy said: "This is very encouraging and indeed exciting news as, in addition to the widths of gold which have been encountered during drilling, it adds further geological evidence that the Clay Lake gold target could have the potential for high tonnage and overall gold content."

The company is also planning to develop its first operational gold mine at Clontibret in County Monaghan, Ireland, which is one of four target areas identified within a 30 mile gold trend, along with Clay Lake.

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Conroy Gold’s exploration in Ireland has led to the discovery of a new European gold district, which extends for 30 miles across counties Armagh, Monaghan and Cavan.