Gulf starts at Sheikh Adi-2 25/05/2012
Iraq-focused oil explorer Gulf Keystone Petroleum (GKP) has begun drilling at the Sheikh Adi-2 well in the Sheikh Adi block.
Conroy ponders zinc spin-off
Irish gold play Conroy Gold & Natural Resources (CGNR) is considering potentially spinning off promising zinc deposits at its Longford Down project. Chairman Professor Richard Conroy, who played a key role in the early discovery and development of Ireland's major Galmoy zinc deposit, claims his Dublin-based company's zinc finds, with latest shows of around 200 parts of zinc per million of rock, are 'much bigger than Galmoy and Lichine [another major Irish zinc deposit] combined.'
AIM-quoted Conroy recently reported a scoping study into the Tullybuck-Lisglassen area in Longford Down's Clontibret deposit near the Irish border, showing an indicated and inferred resource of 505,900 oz of gold (most of it inferred) at a low grade of 1.7 grammes of gold per tonne of ore. The professor, who points out this is only 20 per cent of the whole project area, suggests the target for Clay Lake, another gold prospect in the same project, is 'bigger than Clontibret' and adds Slieve Glah, another prospect in the project, has also shown gold indications.
A zinc spin-off would not be a first for Conroy, which floated off Finland gem prospector Karelian Diamonds (KJY) onto AIM six years go at 5p. Karelian has obtained crucial data on prospects in the area from mining giant Rio Tinto in return for giving Rio an option to participate and is bullish on recent indications.
Shares in Conroy Gold lost favour with investors after its 25p float 11 years ago on its perceived caution and reluctance to advance developments and now languishes at 5.63p, valuing the company at £13 million. Karelian has also sagged somewhat, trading now at 4.2p.
Conroy fans argue it is now a new beast, with a formal resource estImate at last and £2 million in the bank,10 times its monthly cash burn. Sceptics will still take some persuading, but, while not without risk, it has speculative possibilities for the determinedly bold, as does Karelian.
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