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Controversy dulls Conroy Gold exploration progress

Indications of gold mineralisation in bedrock below widespread surface gold indications at London AIM-listed Conroy Gold and Natural Resources' (CGNR) Slieve Glah project in Ireland's Country Cavan has the company's founder hoping for a change in fortunes.
Controversy dulls Conroy Gold exploration progress Controversy dulls Conroy Gold exploration progress Controversy dulls Conroy Gold exploration progress Controversy dulls Conroy Gold exploration progress Controversy dulls Conroy Gold exploration progress

Drilling at Conroy Gold's Slieve Glah project in Ireland

Staff reporter

Drilling that picked up low-grade gold at depths to about 100m at Slieve Glah has given the junior something to chase in an area in which it claims to have generated "extensive gold-in-soil targets".

Chairman Richard Conroy said while drill intercepts were low-grade he was encouraged "that the drilling intersected gold in bedrock in Target 4 as this confirms the presence of a gold mineralisation system 3.5km from a previous gold mineralised drill hole".

"Once again this confirms the sheer size of the Slieve Glah target area and the potential of the overall licence area," he said.

The news hasn't been enough to arrest the long-term slide in Conroy's share price, with controversy dogging the founder likely working as a brake. 

The share price traded down from 5.8p to 5.4p Wednesday.

Unhappy shareholders at another of his companies, Karelian Diamond Resources, are seeking an extraordinary general meeting to remove Conroy from the board, according to a report in the Irish Times on Wednesday. Conroy stands accused of wasting half the company's fundraising (£4.1 million) on directors' pay - an accusation he denies. 

Conroy Gold's share price is down from 10p in January and an all-time high of 39p back in December 2017. The company has several gold projects in Ireland, including Clontibret, 20 miles to the northeast, which it says is geologically similar to Slieve Glah. Conroy Gold has a market capitalisation of £1.28 million.

"Slieve Glah is located at the south western end of the 65km (40 mile) gold trend discovered by the company and is regarded as a very large and promising gold area within the company's overall 700km squared licence area," Conroy Gold said.