Conroy Gold and Natural Resources has announced the discovery of five new gold zones and additional likely deposits in four known zones, in its Clay Lake Clontibret gold property in County Monaghan.

"I am delighted at these latest excellent drilling results. 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," chairman Richard Conroy said.

Conroy Gold and Natural Resources

The drilling focused on upgrading, at this stage to a depth of 200m, an area where previous drilling had indicated the potential for significant widths and gold grades.

Tellus boarder survey - darker shades indicate areas where gold is more likely to be found

The area along the border between Nothern Ireland and the Republic may have more elevated gold than previous studies suggested.

Conroy Gold’s exploration in Ireland has led to the discovery in Ireland of a new European gold district. This extends for 30 miles (50 km) across counties Armagh, Monaghan and Cavan.

The company is now planning its first operational gold mine in the area.