REG-Conroy Gold & Natural Resources Plc: Further Gold Targets Identified

Conroy Gold and Natural ResourcesAnnouncement

04/09/2023 07:15

4 September 2023


 

Conroy Gold and Natural Resources plc

("Conroy Gold" or "the Company")

 

6,000 METRES DRILLING COMPLETED: FURTHER GOLD TARGETS IDENTIFIED BY DEEP
OVERBURDEN SAMPLING PROGRAMME

 
* 6,000 metres drilling completed to date in Phase 1 of Joint Venture ("JV")
programme
 
* 500 samples in deep overburden ("DOB") sampling programme returned values of
10ppb Au or above with 2 samples returning values over 400ppb Au
 
* New drilling targets over 5 licence areas identified by DOB sampling
 
* 4 new anomalous gold areas identified in the vicinity of the newly
discovered Creenkill gold target
 

 

Conroy Gold and Natural Resources PLC (AIM: CGNR), the gold exploration and
development company focused on Ireland and Finland, is pleased to
announce that over 6,000 metres of drilling has been completed to date in
Phase 1 of the Company's joint venture with Demir Export AS ("Demir Export")
in the Longford-Down Massif. Additionally, a deep overburden ("DOB") sampling
programme has identified new drilling targets over five licence areas. 4 new
anomalous gold areas have been identified in the vicinity of the newly
discovered Creenkill gold target, in Co Armagh. The drilling and DOB sampling
programmes are being carried out in association with the Company's JV partner,
Demir Export.

 

The JV programme, which is an earn-in JV, is structured over three phases of
work.

 
* Phase 1 - €4.5 million, plus minimum regulatory work commitments ("MRWC")
on all JV licences (plus €1m on signing agreement) to earn an initial 25%
across all of the JV licences.
* Phase 2 - €4.5 million, plus MRWC, to earn a further 15%.
* Phase 3 - all expenditure required to bring a given project to shovel ready
status (including all planning and land acquisition costs) to earn a further
17.5% (total 57.5%) in that given project with Conroy Gold retaining the right
to a 42.5% interest or to avail of one or other of the various options under
the joint venture agreement, details of which have been previously announced.
The DOB assay results reported in today's announcement form part of an
on-going overall technical assessment, incorporating drilling together with
extensive soil and deep overburden sampling and geophysics, across both
district scale gold trends which the Company has discovered in the Longford -
Down gold district. The primary focus of the joint venture is to develop a
mine at Clontibret, or elsewhere along the gold trends, with the long-term
objective of the delivery of a series of mine developments across the new gold
districts.

 

A total of 1,519 DOB samples have been collected over 5 separate areas
(Creenkill 470 samples, Dunraymond 363, Rackwallace 137, Rockcorry 422 and
Avalbane 127) within the Longford-Down Massif on a c.50m grid basis.  500
samples returned results greater than, or equal to, 10 ppb Au (samples of 10
ppb Au, or higher, tend to be associated with the presence of underlying
bedrock gold). 11 samples returned results greater than, or equal to, 100 ppb
Au.  The maximum gold value returned was 447 ppb Au, in a sample taken in the
Dunraymond area. The second highest result returned was 442 ppb Au from the
Rockcorry gold target.

 

In the Creenkill gold target, four anomalous gold areas have been identified,
two to the south of the exciting quartz breccia discovery, which returned
values up to 123.0 g/t Au (announced by the Company on 22 February 2023) and
the other two up strike 250m to the Northeast and 400m down strike to the
Southwest from the quartz breccia. A further DOB sampling programme is planned
to extend the current coverage of DOB sampling to the Northeast. Drilling is
ongoing at Creenkill.

 

In Dunraymond, which lies within the Glenish gold target, and where the
anomalous gold value of 447 ppb Au was discovered, the programme has
identified a consistently anomalous gold area covering 550m by 600m. Follow up
drilling is underway.

 

In Rackwallace, the sampling has extended the Rackwallace gold anomaly 180
metres to the Southwest. The gold anomaly still remains open to the South.
Follow up drilling is planned.

 

In Rockcorry, a highly anomalous gold target area, measuring 700 metres by 350
metres has been defined. The anomaly is still open to the Northwest and
Southeast. Follow up drilling is planned.

 

In Avalbane, an anomalous gold target measuring 200 metres by 180 metres, was
defined by the deep overburden sampling programme. Follow up drilling is
planned.

 

This release has been approved by Kevin McNulty, PGeo, who is a member of the
Company's technical staff and 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, Chairman, commented: 

 

"I am very pleased that over 6,000 metres of drilling has been completed to
date in Phase 1 of the JV programme together with other detailed technical
work including the extensive deep overburden sampling programme reported
above. This DOB programme has substantially raised the prospectiveness of each
of the five areas surveyed. The collection of over 1,500 samples and resultant
data has yielded extensive information for follow up drilling which we will
pursue in partnership with Demir Export."

 

For further information please contact:

 

 Conroy Gold and Natural Resources plc                                       Tel: +353-1-479-6180                           
 Professor Richard Conroy, Chairman                                                                                         
 Allenby Capital Limited (Nomad)                                             Tel: +44-20-3328-5656                          
 Nick Athanas/Nick Harriss                                                                                                  
 First Equity Limited (Broker) Jason Robertson  Lothbury Financial Services  Tel: +44-20-7330-1883   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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