Gardaí searched an apartment in the North Circular Road area at 2.30pm on Friday.
Heroin worth €49,000 and crack cocaine to the value of €8,500 was discovered and seized.
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Three men, two aged in their 30s and one in his 40s, were arrested at the scene and are being detained at Bridewell Garda station.
Gardaí said the operation represented "significant progress" in the ongoing investigation into the illegal sale and supply of drugs in the area.
