Five new gold zones in south Armagh created ripples of excitement on the stock market today (Thursday).
Prosepectors scouring Keady’s Clay Lake for gold have identified further rich deposits of the precious metal.
And Conroy Gold and Natural Resources – which has been involved in underwater mining at the lake for some time now – has seen the value of its shares shoot up today.
The company, which was founded almost 20 years ago, has pumped over £12 million into its Keady operation and others in the area.
Shareholders were quick to buy into the company with the expectation of high returns.
And today they have been rewarded.
The company, which is also operating south of the border at Clontibret, confirmed the exciting developments earlier.
It said “five new gold zones” were discovered during the latest drilling.
And it added: “Gold intersections were also made in four known gold zones in the area, confirming continuity of these lode zones. The deposit remains open to depth and in all directions.”
It said the drilling focused on upgrading at this stage to a depth of 200 metres in an area where previous drilling had indicated “the potential forsignificant widths and gold grades”.
Conroy chairman, Professor Richard Conroy, said he was “delighted” with the results of the latest drilling.
“The discovery of new gold zones, high grades and wide intersections of gold add further support that the Clay Lake – Clontibret Gold property could become a multi-million ounce deposit,” he said.
As the news was confirmed today, shares in the company shot up by more than 8.5 per cent.
The company has a licence to a 30-mile stretch of land and claimed three years ago that it could witness between 15 and 20 million ounces of gold being discovered.