Conroy Gold and Natural Resources (AIM:CGNR) on Tuesday told investors that its deepest drill hole yet at the Clontibret gold deposit in Ireland has intersected gold mineralisation at 464.5 metres downhole, the deepest gold intersection recorded at the site to date.
The AIM-listed Irish gold explorer, which is advancing its Discs of Gold project toward resource definition, said the result came from CGC-25-007, the final hole of the Phase I drilling programme at Clontibret.
The hole was drilled to 592.1 metres specifically to target the stockwork zone beneath the historic Tullybuck antimony mine, and intersected a broad 77.6-metre stockwork zone between 330.8 and 408.4 metres downhole, bounded by hanging wall and footwall fault zones.
Gold mineralisation within the stockwork included 7.0 metres at 0.4 g/t gold from 369.0 metres and 2.4 metres at 0.6 g/t gold from 361.0 metres, including 0.6 metres at 1.5 g/t gold, with the metal occurring alongside disseminated arsenopyrite and pyrite.
Below the footwall of the stockwork, the company intersected 0.5 metres at 0.35 g/t gold at 464.5 metres, which it described as its first indication that gold mineralisation continues at depth beneath the stockwork.
Conroy Gold said the gold zone between 361 and 376 metres in CGC-25-007 lies at the same elevation as, and roughly 40 metres from, mineralisation at the base of CGC-25-001, reported in March, and that the two holes together point to continuity of gold mineralisation at that depth.
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"This drill hole intersected the stockwork zone where our geological model predicted it would, and returned the deepest gold yet recorded at Clontibret", said John Sherman, chairman, adding that the result is "one data point in a system that remains open in all directions, including at depth".
The Phase I programme, which used three drill rigs across five holes, was completed in July, and Phase II drilling has since commenced, targeting the Orlock Bridge Fault along the roughly 7km corridor between Clay Lake and Clontibret.
Results from CGC-25-007 are being incorporated into the company's geological model and will guide further drilling targeting the stockwork zone at depth and along strike.