An updated study includes the Glenish gold-in-soil anomaly, increasing the target from the previous 5Moz announced in 2016, with the updated target depth now at 200m.

The updated exploration target was calculated using a 5% drilling success estimate to reflect the drilling success rate to date in the area, available geological data, and the understanding of the gold mineralisation in the area.

It also used the Clontibret deposit JORC grade of 2g/t Au as the preferred comparator of grade across all three gold-in-soil anomalies.

Conroy chairman Professor Richard Conroy said the update demonstrated "substantial world class potential".

"A potential 8.8Moz of gold in only the Clontibret, Clay Lake and Glenish areas in the north-east of our 700sq.km of licence area, using conservative grades and drilling success estimates and not including the already defined gold resource of over half a million ounces at Clontibret is a remarkable achievement, which we will build further upon," he said.

Conroy's shares were up 4.03% Thursday to 14.2p (US18.6c).