Conroy Gold and Natural Resources PLC set to open up new gold district in Ireland
- Prime mover in Irish gold exploration scene
- Significant landholder
- Management has track record of success in Irish mining scene
What it does
Conroy Gold and Natural Resources PLC (LON:CGNR) is a gold explorer and developer run by Professor Richard Conroy and his team of experienced Irish explorationists. Professor Conroy has enjoyed previous success in the Irish zinc sector, and in oil and gas.
The company was recently partnered by Anglo Asian Mining (LON:AAZ) which sees the potential of the Irish ground as a good way to diversify out of its existing area of operations, Azerbaijan.
What it owns
Conroy owns significant swathes of ground in Ireland, including Clontibret, where there’s already an existing resource, and Clay Lake, the source of the largest single gold nugget ever found in Ireland
What’s the latest?
Even in a strong gold market the re-rating that has occurred in respect of Conroy Gold and Natural Resources PLC (LON:CGNR) has been remarkable.
From a low of less than 4.5p in mid 2019, the shares have traded comfortably above 30p for many months now, helped in part by the high gold price, in part by the sheer prospectivity of the ground, and in part by the arrival of Anglo Asian.
Recent exploration success at Clay Lake has only gone to strengthen the positive sentiment.
What does the chairman say
“I think what’s happening is that people are starting to realise that we have a fairly substantial discovery,” says the company’s guiding hand, Professor Richard Conroy.
“They’re realizing that we’ve found a new gold trend and that we’re now going to be getting on with the mine development.”
And what of Anglo Asian?
“Firstly,” he says, “they’ve done a good job with their own mines. Secondly, they’re very anxious to expand, and because of that they really want to get on with things.”
From the Professor’s point of view that second factor was crucial, since although other suitors made promising noises, there was no urgency about moving the projects on from exploration and development and into construction.
“Thirdly,” continues the Professor, “they have the cash and the people.”
“Clontibret could grow to three million ounces,” opines the Professor. “And Clay Lake is likely to be much larger than that. It’s a fairly good position to be in.”