Exploration company Conroy Gold and Natural Resources increased its estimate of gold reserves across some of its assets to 8.8 million ounces of gold, or almost 230,000kg.

In an announcement to shareholders it revised the estimated target up from 5 million ounces with “conservative interpretations” to ensure a “realistic estimate” was reached.

Consulting geologist Garth Earls based calculations on a 5 per cent drilling success estimate focused around the company's Clontibret asset in Co Monaghan.

An exploration target is an estimate of the potential of a mineral deposit in a geological setting,

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Conceptual

The potential quality and grade of the exploration target are conceptual, according to a statement from the company.

Were the company to have a lesser drilling rate successes, of around 2.5 per cent, that potential find could be as low as 4.4 million ounces. With a 15 per cent drilling success rate that rises to 26.4 million ounces.

"It is excellent to be able to demonstrate such substantial world class potential," Richard Conroy, the company chairman said.