The discovery and development of the Galmoy Zinc Ore Bodies, by Professor Conroy and his colleagues, led to the revival of the Irish base metal industry and to Ireland becoming an international zinc province. Ireland now ranks 10th in the world in the production of zinc.
Ireland has an established mining tradition, actively encouraging governments in both the Republic of Ireland and Northern Ireland, user-friendly legislation, excellent infrastructure and pragmatic environmental controls. There are no restrictions on foreign investment in Ireland and no difficulties with capital repatriation.
Prospecting licences give the exclusive right to seek a mining licence. In order to receive a mining licence applicants are required to obtain planning permission and an Integrated Pollution Control Licence (IPCL). For a large deposit containing state owned minerals (e.g. gold) the Irish Government has indicated that the time scale in obtaining these permits in the Republic of Ireland should be within eighteen months.
|Major Zinc Mine at Galmoy, County Kilkenny
|Open Pit Gypsum Mine, County Monaghan
Extensions to mine planning permissions have been granted to existing mines in recent years.
The Company proposes to develop a conventional open pit gold mine on 20% of one of these major gold targets – Clontibret in County Monaghan. The County has a history of mining including historic lead mines and an Antimony mine in what was known as the Armagh – Monaghan Mining District. A large open pit Gypsum mine is currently in operation in County Monaghan.
Professor Conroy and his colleagues, as well as having been involved in the major zinc discovery at Galmoy in Ireland, were also founder members with Sumitomo of the Stoneboy consortium, an exploration group which led to the discovery of the Pogo gold deposit in Alaska, now in production as a world class gold mine.
He and his colleagues in Conroy Gold and Natural Resources plc (“Conroy Gold”) considered, on geological and historic grounds, that significant potential for gold existed in Ireland as well as the possibility of further large base metal discoveries.
Noting the presence of gold mineralisation associated with historical antimony workings at Clontibret in County Monaghan in a geological terrain known as the Longford–Down Massif Conroy Gold applied for prospecting licences.
|Two pound gold cloak clasp, found in Clones, County Monaghan, 700 BC
|Gold sun disc, found also in County Monaghan, 2200-2000 BC
The subsequent exploration programme led to the discovery of over 1 million ounces of gold on 20% of the Clontibret target together with a 30 mile gold trend containing a series of major gold targets which conceptual studies by the Company estimate a potential for 15–20+ million ounces of gold within the gold trend covered by the Company’s licences.*
The Company proposes to develop a conventional open pit gold mine on 20% of one of these major gold targets – Clontibret, located in County Monaghan. The area has a history of mining and was known as the Armagh–Monaghan Mining District. The mines included lead, zinc and copper mines as well as the antimony mine. A large open pit gypsum mine is currently in operation in County Monaghan.
* This projection is based on the 1m ounce JORC-compliant resource outlined in only 20 per cent of the Clontibret target, the potential of the remaining 80 per cent of that target, the new discovery at Clay Lake and other large gold-in-soil anomalies that have been outlined elsewhere on its licences. To date there has been insufficient exploration carried out to define the mineral resources as estimated above (other than the scoping study resource). There can be no certainty that exploration will result in resources of the above magnitude being realised.