REG-Conroy Gold & Natural Resources Plc: Appointment of Chairman and Company Update

Conroy Gold and Natural ResourcesAnnouncement

04/11/2024 07:00

4 November 2024


 

Conroy Gold and Natural Resources PLC

(“Conroy Gold” or “the Company”)

 

APPOINTMENT OF NEW CHAIRMAN AND COMPANY UPDATE

 
* John Sherman appointed as Company Chairman
* Update on current Company activity
 

Conroy Gold and Natural Resources PLC (AIM: CGNR) is pleased to announce that
the Board of Directors of Conroy Gold has unanimously voted to appoint its
deputy Chairman, Mr. John Sherman, as Chairman with immediate effect.  Mr.
Sherman assumes leadership of the Board following the death of Company founder
and Executive Chairman, Professor Richard Conroy, last month.

Professor Conroy had a unique ability to discover mines and his leadership has
left the Company with an excellent foundation in the Discs of Gold project, a
gold exploration project that includes the Clontibret gold deposit, two
district-scale gold trends (Orlock Bridge and Skullmartin), and several gold
targets with multi-million ounce potential. This project is a significant
value opportunity for the Company and the Board would like to take this
opportunity to update shareholders on the work the Company is currently
undertaking to advance the prospective value of the project while
simultaneously working on securing new partnerships to support the project.

Discs of Gold Project

The “Discs of Gold” project in Ireland is defined by two parallel district
scale gold trends extending over c.90km, which are 100% held under license by
CGNR, and anchored by the Clontibret gold deposit.  The Clontibret target
area contains a currently defined 517Koz gold resource @ 2.0 g/t Au (320Koz Au
Indicated and 197Koz Au Inferred (2017)) which remains open in multiple
directions.   The Company has identified a further 7 gold targets in its
license area with the Clay Lake and Creenkill gold targets being of particular
interest.

Gold occurs in multiple styles in the Company’s license area which covers
two gold trends, together totalling 90km, suggesting multiple hydrothermal
events, including free gold, refractory gold in arsenopyrite and gold
associated with pyrite and antimony. There are clear geological analogies
between the “Discs” targets and large gold deposits in Southeastern
Australia and Atlantic Canada.

The “Discs” name references two gold “Sun Discs” in the collection of
the National Museum of Ireland, dated to 2000BC found in Co. Monaghan,
adjacent to the Company’s license area, in the 19th century. The extensive
“Discs of Gold” project is profiled in the Company’s new corporate
presentation, available on the Company’s website (www.conroygold.com). 
 

Preparing for the Next Major Investment Cycle in the “Discs of Gold”
Project

The Conroy Gold geological team has initiated a re-logging program covering
over 30,000m of drill core to extract more comprehensive and consistent
information.  The purpose of this work is to build a robust geological model,
identify controls to mineralisation, progress /advance each target and realise
the full growth potential of the emerging gold district in Conroy Gold’s
license area.  The ongoing learnings from this effort will inform our
choices for the next cycle of major investment in the project, including in
the context of potential joint venture partnerships.

The re-logging work and evaluation will apply the geological knowledge gained
from recent successes at similar ore systems, including those in the Lachlan
Fold Best of southeast Australia (Agnico’s Fosterville mines (~10M oz),
Southern Cross Gold’s recent Sunday Creek discovery and Atlantic Canada (St
Barbara’s Atlantic operations (~2Moz), Calibre Mining’s Valentine Lake
deposit (5Moz+ MI&I), and New Found Gold’s Queensway project).

The Company intends to upgrade the geological model to provide a robust
foundation upon which follow up drill programs will be based.  Specifically,
the understanding of alteration halos around such mineral systems has
developed and can provide a larger footprint for targeting and growing ore
zones.  The zonation of such alteration halos, in addition to the structural
understanding, can also be used as a vector to higher grade zones within the
system.

Whilst there are c.90km of favourable geochemical and structural trends which
have barely been screened to date, a particularly attractive 7km trend from
Clontibret to Clay Lake is an emerging focus of the geological work.  The
Clontibret target has a current resource of 517Koz @ 2g/t Au (320Koz Au
Indicated and 197Koz Au Inferred (2017)).  The Clontibret target generated
favourable economics in an early study of a prior resource (601Koz @ 1.6g/t Au
resource generated an 11 year mine life with 49% IRR and a 2 year payback,
2011).  Since the last 2017 resource, additional drilling has been undertaken
which intersected a large stockwork zone (95m @ 1.0g/t Au) associated with the
Orlock Bridge Fault zone.  A similar broad zone of mineralisation has been
intersected in a shear zone c.7km to the northeast at Clay Lake gold target
(100m @ 0.6g/t Au).  Geochemical anomalism extends for the entirety of this
c.7km corridor with negligible drill testing, and the styles of gold
mineralisation indicates the potential for multiple hydrothermal events which
are considered favourable for the formation of large gold deposits.

The Clontibret gold deposit is sited on a historic Antimony (Sb) mine.  The
demand for antimony is increasing due to a constrained supply and its
recognition as a critical mineral by many countries, and as such the metal is
seeing record high prices.  As part of the upgrading of the geological model
and mineralisation controls, a focus on the antimony mineralisation, controls
and potential contribution to project economics is being incorporated.

Mr. Sherman commented:

“I am honoured to have the confidence of my fellow directors to lead the
Company as we all work diligently to commercialise its Discs of Gold project
through the development of a mine. The geological team has initiated an
intensive programme to re-log drill core, whose main purpose is to extract
more comprehensive and consistent information from the drill core that will
underwrite a more robust geological model to assist in identifying the
controls to higher grade mineralization.  This work will further inform the
Company’s choices in the next round of major investment in the ground. 
Simultaneously, the Company is actively engaging with interested parties to
develop partnerships to accelerate and fund the next phases of the Discs of
Gold project.”

 

For further information please contact:

 

 Conroy Gold and Natural Resources plc                                                          Tel: +353-1-479-6180                            
 John Sherman, Chairman Maureen Jones, Managing Director                                                                                        
 Allenby Capital Limited (Nomad)                                                                Tel: +44-20-3328-5656                           
 Nick Athanas/Nick Harriss                                                                                                                      
 Peterhouse Capital Limited (Broker) Lucy Williams / Duncan Vasey  Lothbury Financial Services  Tel: +44-20-7469-0930    Tel: +44-20-3290-0707  
 Michael Padley                                                                                                                                 
 Hall Communications                                                                            Tel: +353-1-660-9377                            
 Don Hall                                                                                                                                       

 

 

Visit the website at: www.conroygold.com

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