The outcrop reportedly has returned a sample grade of 5.6g/t and lies north of the Clontibret deposit, which has a JORC resource of 517,000 ounces and is open in all directions and to depth, and south of Corcaskea, where the company has intersected gold in trenches, including 16.5m at 6.5g/t and 12m at 4.9g/t.
Conroy's share price rose 7.41% on the news to 14.5p (US18.81c).
It said geological interpretation suggested continuity between Clontibret and Corcaskea was starting to be established.
Chairman professor Richard Conroy said the discovery showed the possibility of a direct link between the two deposits, which was a "further strong indication of the overall gold potential of the 17km Clontibret-Clay Lake-Glenish gold district".
"We are working to both increase the overall resource of the licence area and to develop a mine, initially at Clontibret where we have the current defined JORC resource," he said.
