REG-Conroy Gold & Natural Resources Plc: CLAY LAKE GOLD TARGET GEOPHYSICAL SURVEY RESULTS

Conroy Gold and Natural ResourcesAnnouncement

10/02/2021 10:30

10 February 2021

Conroy Gold and Natural Resources plc

(“Conroy Gold” or “the Company”)

CLAY LAKE GOLD TARGET GEOPHYSICAL SURVEY RESULTS
* New additional parallel structures identified
* Important geological structures outlined
* Follow up drilling planned
Conroy Gold and Natural Resources plc (AIM: CGNR), the gold exploration and
development company focused on Ireland and Finland, is pleased to announce
encouraging results from a ground geophysical survey, including defining
similar structural features that are known to host gold mineralisation. The
survey was conducted by Golder Associates over the Cargalisgorran part of the
Company’s Clay Lake gold target.

The reinterpretation of the geology using the new geophysical data has had a
transformative impact on understanding the subsurface geology and gold
mineralisation at the Cargalisgorran target.  The interpretation highlights
details of the gold mineralisation trend and newly discovered parallel
structures upgrading the discovery potential for additional gold
mineralisation.

The Cargalisgorran part of the Clay Lake gold target has already generated
significant results from drilling (6.6 metres at 6.2 g/t Au) and trenching (12
metres at 2.2 g/t Au).

The value of such geophysical data in relation to drilling has been
demonstrated on the Derryhennet part of the Clay Lake gold target, where the
data indicated a geological feature which, on subsequent drilling, yielded a
c. 100 metre drill intersection grading 0.6 g/t Au – which the Directors
believe is one of the longest publicly recorded gold drill intersections in
Britain or Ireland.

The Clay Lake gold target, of which Cargalisgorran forms a part, is one of a
series of major gold targets along the Orlock Bridge Fault zone along a 65km
(40 mile) district-scale gold trend that the Company has discovered in the
Longford–Down Massif in Ireland.

The ground geophysical survey comprised Electrical Resistivity Imaging
(“ERI”) and Induced Polarization (“IP”). Both are electrical
techniques. ERI provides, in particular, information on rock type.  IP
facilitates geological mapping by indicating variations in chargeability.

The survey totalled c.2,800 metres and consisted of seven parallel lines,
trending in an east-west direction, and one cross-line trending in a
north-south direction.

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: 

“ These positive geophysical results at Cargalisgorran on the Company’s
Clay Lake gold target located 7 km to the northeast of the Clontibret Gold
deposit, complement the results recently announced (4 February 2021) at
Glenish, 7 km to the southeast of Clontibret.

The Longford –Down Massif is an extremely significant and scalable
opportunity where we have already demonstrated an existing JORC compliant gold
resources of 517,000 ounces and a series of targets across a 65 km long
district scale gold trend.

We consider there is substantial potential to increase our compliant gold
resource, accelerate Clontibret mine development and also to test the
geological comparability of our Clontibret deposit to the Fosterville deposit
in Victoria, Australia, where the occurrence of visible gold is becoming
increasingly significant at depth.

We are looking forward to an exciting year ahead and to a joint venture
partnership accelerating the development and further exploration of our
district-scale gold trend.”

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                                                                                                           
 Brandon Hill Capital Limited (Joint Broker)                                                      Tel: +44-20-3463-5000              
 Jonathan Evans                                                                                                                      
 First Equity Limited (Joint Broker)  Jason Robertson   Lothbury Financial Services  Tel: +44-20-7330-1883   T el: +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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