(Sharecast News) - Conroy Gold announced assay results from the fourth drill hole of the eight-hole, 3,000 metre drilling programme on its Clontibret gold deposit in Ireland on Thursday.
The AIM-traded firm said a 33.2 metre gold zone was intersected within the Stockwork, grading 0.8 grams of gold per tonne.
It said the drilling programme was being carried out in conjunction with its joint venture partner, Demir Export.
Drill hole four reached a targeted down hole depth of 136 metres, at an inclined angle.
The company said the drill hole intersected gold mineralisation in the stockwork at a down hole depth of 91.8 metres.
It said the gold mineralisation extended to a down hole depth of 125 metres, including eight metres at 1.2 grams of gold per tonne from 96 metres.
The number four drill hole was located 100 metres up dip from drillhole TW001 - one of the holes from Demir Export's due diligence drilling as announced on 21 February, which encountered the widest gold intercept yet drilled at Clontibret of 94.5 metres grading one gram of gold per tonne, including 45 metres grading 1.5 grams per tonne.
Conroy said the presence of a further intersection of wide gold mineralisation in the stockwork in drillhole four, 100 metres away from the wide gold intersection in TW001, demonstrated the continuity of gold mineralisation in the stockwork in this area.
"I am very pleased with these results from drillhole four - they confirm the presence in the stockwork of significant widths of over 30 metres of gold mineralisation, together with gold grades of up to 2.3 grams per tonne," said chairman Richard Conroy.
"The earlier results on holes one to three showed 18 gold intersections, four new zones to the north-east of the existing Clontibret target, with significant intersections made."
Conroy said the results from hole four, in conjunction with those from the first three drill holes, indicated the potential for high tonnage and overall gold content within the stockwork gold zone, in addition to the known gold content of the lode zones.
"The drill programme so far has significantly extended the stockwork continuity, added new gold lodes and, most importantly, it has further enhanced our understanding of the ore body, which we are confident remains open along strike and at depth."
At 1207 BST, shares in Conroy Gold and Natural Resources were up 3.51% at 19.15p.
Reporting by Josh White at Sharecast.com.
Conroy Gld&nres (CGNR)
