REG-Conroy Gold & Natural Resources Plc: Drilling Demonstrates Extension of Clontibret Deposit

Conroy Gold and Natural ResourcesAnnouncement

18/01/2023 07:15

18 January 2023

Conroy Gold and Natural Resources plc

(“Conroy Gold” or “the Company”)

STEP-OUT DRILLING DEMONSTRATES EXTENSION OF CLONTIBRET GOLD DEPOSIT TO
NORTH-EAST
* Three further drill holes totalling 1,053 metres completed in step-out
drilling programme
* Gold mineralisation in bedrock intersected in all three holes
* Deposit shown to extend for over 375 metres to the north-east
Conroy Gold and Natural Resources PLC (AIM: CGNR) is pleased to announce that
assay results from three further drill holes from its step-out drilling
programme at the Clontibret gold deposit have demonstrated an extension of the
deposit for over 375 metres to the northeast. The drilling programme was
carried out in conjunction with the Company’s joint venture partner, Demir
Export A.? (“Demir Export”).

The three drill holes, totalling 1,053.4 metres, were drilled at -60 degrees.
Gold mineralisation in bedrock was intersected in all three holes, in both the
stockwork and in lode zones. Stockwork gold mineralisation was intersected
over 375 metres to the north-east from the nearest previously intersected
resource stockwork gold mineralisation.

Previous drilling had already identified gold mineralisation outside the
anomalous gold-in-soil footprint at Clontibret which has a surface area of
c.125 hectares. The current step-out drilling programme has extended the
bedrock gold mineralisation further outside the surface gold-in-soil
footprint. The deposit still remains open in all directions and to depth.

The first drill hole was located 270 metres from the previous resource
drilling (announced by the Company on 6 October 2022) and reached a downhole
depth of 342.0m. The gold mineralisation intersected in the stockwork included
14.0m @ 0.5 g/t Au. The drill hole also intersected two lode zones with grades
of 2.0m @ 1.4 g/t Au including 4.4g/t Au over 0.5 metre and 2.0m @ 0.8 g/t Au
including 2.6g/t Au over 0.5 metre.

Drill Hole Intersections:

•            2.0m @ 1.4 g/t Au from 107.0m

Including 0.5m @ 4.4g/t Au from 107.5m

•            2.0m @ 0.8 g/t Au from 112.0m

Including 0.5m @ 2.6 g/t Au from 113.0m

•            14.0m @ 0.5 g/t Au from 291m

Including 6.4m @ 0.8 g/t Au from 294.6m

The second drill hole was located 340 metres from the previous resource
drilling and reached a down hole depth of 373.1m.

Drill Hole Intersections:

•            0.5m @ 0.7 g/t Au from 39.5m

•            0.4m @ 0.6 g/t Au from 98.6m

•            0.5m @ 1.2 g/t Au from 173.0m

•            3.6m @ 0.4 g/t Au from 287.0m

•            1.0m @ 0.4 g/t Au from 350.0m

The third drill hole was located over 375 metres from the previous resource
drilling and reached a down hole depth of 338.3m.

Drill Hole Intersections:

•            0.5m @ 0.7 g/t Au from 65.0m

•            2.0m @ 0.4 g/t Au from 174.0m

•            2.0m @ 0.3 g/t Au from 184.0m

(Only intercepts of 0.3 g/t or greater are presented)

In the Clontibret gold deposit the stockwork represents a series of
crosscutting veins and the lode zones are represented by a series of parallel
sheet-like higher grade mineralised structures. The lithology of the drill
core comprised arenaceous turbidite sediments and shales.

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 delighted at the extension of gold mineralisation in the Clontibret
gold deposit demonstrated by these three holes in the step out drilling
programme. The results extend the stockwork gold mineralisation over 375
metres to the northeast of the existing area and importantly it remains open
in all directions and to depth.  Future drilling will look to again extend
the area and enhance the known resource.”

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    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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