Mineral exploration firm Conroy Gold and Natural Resources has raised €400,000 to accelerate exploration on its exploration programmes for gold and other minerals.
The new fundraising will be used for activity in Ireland and Finland, and is expected to increase the company’s exploration capacity and strengthen its working capital position.
The funds raised are to be put towards exploration programmes which are not covered by the its joint venture agreement with Turkish conglomerate Demir Export.
The joint venture with Demir, agreed in 2021, is expected to fund and develop, on an earn-in basis, a gold mine at the deposit it has found near Clontibret, Co Monaghan.
“I am very pleased with this fundraising,” said company chairman Richard Conroy.
He said that exploration expenditures of over €4.5m at the Clontibret prospect would be covered by the first phase of the joint venture with Demir.
“The company has other exploration interests, both in Ireland and in Finland, which are not covered by the joint venture – and which, for relatively low expenditures, could potentially yield highly interesting results. Other working-capital expenditures must also be covered.”