REG-Conroy Gold & Natural Resources Plc: Gold lodes intersected

Conroy Gold and Natural ResourcesAnnouncement

02/02/2023 07:15

 This announcement contains inside information for the purposes of Regulation
11 of the Market Abuse (amendment) (EU Exit) Regulations 2019/310.

2 February 2023

Conroy Gold and Natural Resources plc

(“Conroy Gold” or the “Company”)

GOLD LODES INTERSECTED BETWEEN CLONTIBRET GOLD DEPOSIT AND CORCASKEA GOLD
TARGET
* Three gold lode zones with grades up to 8.3 g/t gold over 0.5 of a metre
* Drill hole located between Clontibret gold deposit and Corcaskea gold target
 
* Continuity between Clontibret gold deposit and the Corcaskea gold target is
further established
* Further indication of gold potential in the northeastern area of gold trend
Conroy Gold and Natural Resources PLC (AIM: CGNR), the gold exploration and
development company focused on Ireland and Finland, is pleased to report that
assay results from a drill hole have provided further evidence of continuity
between the Clontibret gold deposit and the Corcaskea gold target in Ireland.

The drill hole was located approximately 200 metres to the south of the
Corcaskea gold target, which has yielded significant gold intersections in
trenches, including 16.5 metres of 6.5 g/t gold and 12 metres of 4.9 g/t gold.

The drill hole was 70 metres north-east of the gold outcrop (5.6g/t gold)
(announced by the Company on 22 October 2018), which was the crucial first
step in establishing continuity between the Clontibret gold deposit, on which
the Company has defined a JORC resource of 517,000 ounces of gold (announced
by the Company on 28 July 2017), and the Corcaskea gold target.

The three gold lode zones intersected are in addition to this gold outcrop.
These three gold zones include 2 metres at 2.1 g/t gold (including 0.5m @
6.7g/t Au), 1.5 metres at 3.2 g/t gold (including 0.5m @ 8.3 g/t Au) and 0.5
metre at 0.8 g/t Au. The first gold mineralisation was intersected at a
relatively shallow down hole depth of 27.5 metres.

The Clontibret gold resource is known to be open in all directions and to
depth and comprises two style of gold mineralisation: (i) lodes; and (ii)
stockwork. The assay results reported on today relate to the lode style
mineralisation.

The stockwork resource also contributes to the overall contained ounces. Three
previous drill holes totalling 1,053 metres in a step out drilling programme
have also demonstrated, through intersections of gold in the stockwork, that
the Clontibret gold deposit extends 375 metres to the north-east (announced by
the Company on 18 January 2023).  

The lode gold zone intersections between the Clontibret gold resource and the
Corcaskea gold target, which were reported in the assay results from this
drill hole, open up the surrounding area for further step out drilling and the
probability of linking the Corcaskea gold target and the Clontibret resource
area which are 535 metres apart.  

The drill hole was drilled to a down hole depth of 268.5 metres at a -60
degree angle and drilled to the east (Azimuth 090).

Drill Hole Intersections:

•             2.0m @ 2.1 g/t Au from 27.5m

Including 0.5m @ 6.7g/t Au from 28.5m

•             1.5m @ 3.2 g/t Au from 40.0m

Including 0.5m @ 8.3 g/t Au from 41.0m

•             0.5m @ 0.8 g/t Au from 88.5m

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

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: 

“The Board believes that these results provide further evidence of the
continuity between the Clontibret gold target and the Corcaskea area, where
excellent gold intersections have been recorded in trenching, including 16.5
metres at 6.5 g/t gold, and 12 metres at 4.9 g/t gold.

The results are also a further indication of the overall gold potential of the
65 km gold trend which the Company has discovered. Many other gold targets
have been identified along the trend including, for example, the Clay Lake
gold target, which has a far larger gold-in-soil target footprint than
Clontibret.

In addition to Clontibret, the Board looks forward to demonstrating the
overall potential of the gold trend, on which in the north-eastern segment
alone, we have a gold exploration target of 8.8 million ounces in addition to
the JORC resource of 517,000 oz gold.”

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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