Planning approval is expected to be sought next year to establish the first commercial gold mine in Ireland between Keady and Monaghan.
It comes after approximately £1 million was raised in December through shares by Conroy Gold and Natural Resources plc.
The company, which is focused on Ireland and Finland, has confirmed that the “recent strategic financing” will see it “accelerating development on its Irish gold property”.
This will be with a focus on commercialisation of key business interests and proactive ground exploration of significant gold targets.
It is estimated that in the region of six million ounces of gold are present at the combined Clay Lake/Clontibret area.
A ‘considerable’ drilling programme is planned to expand the overall gold resource in the company’s licence area.
Professor Richard Conroy, Chairman of Conroy Gold, said: “I am very pleased to report that following the strategic financing in December that we now have the funds in place to accelerate the work necessary to enable us develop a mine at our Clontibret/Clay Lake target.
“Based on the work already done we believe we have the opportunity on our licence area in Ireland to develop a world class mining project.
“The focus will be on Clontibret initially as we look to bring in the first gold mine on our property into production at the earliest opportunity.”
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