Clay Lake Gold Potential
26/02/2014 07:00
26 February 2014
Conroy Gold and Natural Resources plc
("Conroy" or "the Company")
CLAY LAKE GOLD POTENTIAL
* Clay Lake Structural Study Confirms Presence Of Gold Bearing Anticline
Structure
* Second Gold Bearing Anticline Structure Also Identified In Clay Lake Gold Target
* Results Suggest Potential For High Tonnage And Overall Gold Content
Conroy Gold and Natural Resources plc (AIM: CGNR, ESM: CGNR.I), is pleased to
announce the results of a structural study at its Clay Lake gold target in Co.
Armagh by independent consultant structural geologists, Dr Francis Murphy and
Dr David Coller.
The study has yielded important new geological information which adds further
evidence that the Clay Lake gold target may have the potential for high tonnage
and overall gold content.
The structural study, which included field mapping and detailed core
investigation, was designed to indicate the nature of the geological structure,
in which gold had been intersected during drilling by the Company.
The results of the study showed that not only is a gold mineralised anticline
present at the Clay Lake gold target, with intense shearing, but that a second
gold mineralised anticline is also present to the northwest of the first
anticline.
Anticline structures are important because they can host significant volumes of
gold and are thus a key target in exploration. The identification of the
anticlinal structure is of particular significance as gold mineralisation tends
to accumulate within the hinge, or top, of the anticline.
The presence of a second anticline to the northwest, where gold mineralisation
has also been intersected during drilling, is very exciting as this target
could be similar to the first anticline where previous drilling by the Company
intersected 53m at 0.60g/t gold including 10.25m at 1.37g/t gold.
Taken in conjunction with the widths of gold which have been intersected in the
Clay Lake target the presence of anticlinal structures is a further indicator
of the potential of Clay Lake target for high tonnage and overall gold content.
Conroy is also currently planning to develop its first operational gold mine at
Clontibret in County Monaghan, Ireland, which is one of four target areas,
along with Clay Lake, identified within a 30 mile gold trend.
This release has been approved by Kevin McNulty PGeo, who is a member of the
Company's technical staff, who holds a BSc/MSc in Geology and Remote Sensing,
in accordance with the guidance note for Mining, Oil & Gas Companies issued by
the London Stock Exchange in respect of AIM Companies, which outlines standards
of disclosure for mineral projects.
Professor Richard Conroy, Chairmancommented:
"This is very encouraging and indeed exciting news as in addition to the widths
of gold which have been encountered during drilling it adds further geological
evidence that the Clay Lake gold target could have the potential for high
tonnage and overall gold content.
For further information please contact:
Conroy Gold and Natural Resources plc Tel: +353-1-661-8958
Professor Richard Conroy, Chairman
Sanlam Securities UK Limited (Nomad) Tel: +44-20-7628-2200
Virginia Bull/Simon Clements
Hybridan LLP (Broker) Tel: +44-20-7947-4350
Claire Louise Noyce/William Lynne
IBI Corporate Finance Limited (ESM Adviser) Tel: +353-766-234-800
Ger Heffernan
Lothbury Financial Services Tel: +44-20-7868-2010
Michael Padley/Michael Spriggs
Hall Communications Tel: +353-1-660-9377
Don Hall
Visit the website at: www.conroygoldandnaturalresources.com
END