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(Sharecast News) - Conroy Gold announced the discovery of a new gold target in County Monaghan, Ireland on Friday, which led to the identification of a second gold trend in the Longford-Down Massif.
The AIM-traded company said the discovery followed a recent gold discovery in County Armagh, which it announced on 22 February.
It said assay results from gold-in-soil sampling by the company on prospecting licence 4554 in County Monaghan yielded values greater than 10 parts per billion gold over an area of 1.5 kilometres by 1.1 kilometres.
The licence area also previously yielded sediment samples, which returned gold values of up to 170 parts per billion as part of the nationwide 'TELLUS' survey.
It said the new discovery in County Monaghan, and the recent gold discovery in quartz breccia samples in County Armagh, were both recorded along a major geological structure dubbed the Skullmartin Fault Zone.
That, the board said, indicated the presence of a second gold trend in the Longford-Down Massif, which runs parallel to and south of the Orlock Bridge Fault Zone, on which the firm had made a series of gold discoveries along a 65 kilometre gold trend.
Conroy Gold said applications for five further prospecting licences along the new 24-kilometre trend had been made.
"The identification of a new gold trend in the Longford-Down Massif is a further step forward in relation to the very extensive new gold district discovered by the company," said chairman Richard Conroy.
At 1214 GMT, shares in Conroy Gold and Natural Resources were up 9.59% at 20p.
Reporting by Josh White for Sharecast.com.
