( CNN ) -- A mining company has found what may be the largest gold deposit ever found in the British Isles , the company 's chairman said Tuesday . The price of gold is at historic highs , making new prospects very valuable . Drill samples indicate more than 1 million ounces of gold may lie below what is now rolling Irish countryside , said Richard Conroy , the chairman of Dublin , Ireland-based Conroy Diamonds and Gold . With the price of gold near historic highs , the find could be worth as much as $ 300 million on the market , Conroy told CNN . The company has been working for 10 years to find gold in a 1,500-square kilometer ( 600-square-mile ) area spanning the border between Northern Ireland and the Republic of Ireland , he said . The site where the company found the gold is near Clontibret , a village in the northern part of Ireland , he said . `` I think it 's a major development in Ireland that we now have a significant gold resource , '' Conroy said . `` It 's the largest amount of gold , the largest number of ounces , that 's ever been reported in Ireland , or indeed in either Britain or Ireland . '' The price of gold is currently around $ 900 an ounce on global commodities markets . Factoring in costs for mine construction and operation , Conroy said , the gold near Clontibret could fetch roughly $ 300 million . The company now plans to do more drilling at the site and conduct feasibility studies before moving ahead , he said . An analyst cautioned , however , that the reported amount of gold is still only an estimate . `` Until you 've actually mined the stuff , there 's always a moderate level of uncertainty , '' said William Tankard , a senior analyst at metals consultancy GFMS in London . One million ounces , if confirmed , would be significant for both Conroy and Ireland , Tankard said . Ireland has small precious metal deposits but nothing as large as Conroy 's reported find , Tankard said . Conroy said only one gold mine is currently active in Ireland . `` By no means is it world-leading , but a million ounces is certainly worth thinking about , '' Tankard said . Tankard added that the quality of the gold -- including grade and how concentrated it is -- will also affect its value .
Company finds what may be largest gold deposit found in Ireland or Britain . a million ounces of gold may lie below rolling Irish countryside . With price of gold near historic highs , find could be worth roughly $ 300 million .