The firm has recently concluded the first phase of its joint venture with Demir Export, one of Turkey’s leading miners, announcing the completion of 6,000 meters of drilling.
In exchange for €9 million to finance Conroy’s drilling exploration program and cover all expenses to prepare subsequent developments, Demir will acquire a 57.5% stake in the projects.
Conroy Gold, listed in London, has identified four gold zones near its ‘Creenkill gold target’ in Creenkill, Armagh, Northern Ireland as a result of the initial drilling phase of the joint venture with Demir.
Demir initially invested €4.5 million during the first phase to obtain a 25% stake in all joint venture licenses with Conroy Gold, and will contribute an additional €4.5 million in the second phase for an additional 15% share.
As part of the agreement, Demir will cover all expenses required to advance a project to construction-ready status, including planning and land acquisition costs, to earn a further 17.5% stake (reaching a total of 57.5%) in that specific project.
Conroy Gold will retain a 42.5% interest in the projects.
Professor Richard Conroy, Chairman of Conroy Gold, expressed his satisfaction with the completion of over 6,000 meters of drilling in the first phase, along with the detailed technical work and extensive deep overburden sampling program. He added that the collected 1,500 samples have provided valuable information for future drilling efforts conducted in partnership with Demir Export.
Conroy Gold’s joint venture project with Demir focuses on exploring gold deposits in the Clontibret area of Co Monaghan, specifically on the Longford-Down massif rock formation. The company believes that the gold samples previously discovered indicate the potential for the development of Ireland’s first commercial gold mine near the Irish border.
Professor Conroy stated that Demir possesses the expertise and financial resources to bring the Clontibret gold mine to construction-ready status and operationalize it.
Conroy Gold confirmed that the primary objective of the joint venture is to develop a mine at Clontibret, or in other locations along the gold trends, with the ultimate aim of establishing a series of mine developments across the new gold districts.
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