Exploration firm Conroy Gold and Natural Resources has announced what it called its "definitive mining plan" for its Clontibret gold project in Co Monaghan.
Phase one of the plan will see the building of a starter pit and pit extension, while phase two will comprise underground mining and/or further surface pits.
In-house preliminary estimates of capital costs for Phase 1 come to $41.5m, including working capital of $3.6m and sustaining capital of $2.4m, the company said.
It also said that work continues on its licences along the 30 mile gold trend it has discovered, which stretches from Co Armagh across Co Monaghan and Cavan.
Chairman Professor Richard Conroy said the definitive mining plan using a starter pit underwrites and de-risks the project.
He said it is "set within what we believe is the beginning of a new European gold mining district with exploration and conceptual studies by the company suggesting the potential for 15-20+ million ounces of gold within the 30 mile gold trend and also possibly zinc and other mineral potential".