EXTENSIVE GOLD INTERSECTION CLAY LAKE GOLD TARGET

RNS Number : 9519F

Conroy Gold & Natural Resources PLC

01 November 2018

 

The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014 ("MAR"). With the publication of this announcement via a Regulatory Information Service, this inside information is now considered to be in the public domain.

1 November 2018

Conroy Gold and Natural Resources plc

("Conroy Gold" or "the Company")

EXTENSIVE GOLD INTERSECTION AT CLAY LAKE GOLD TARGET

Highlights:

·    52.5m grading 0.5 g/t Au intersected from 108.5m depth

·    18.0m grading 0.6 g/t Au intersected from 240.0m (including 2.0m grading 2.7 g/t Au)

·    Mineralisation grading 0.3 g/t Au over 150.5m interval from 108.5m depth

Conroy Gold and Natural Resources plc (AIM: CGNR), the gold exploration and development Company focused on Ireland and Finland is pleased to report an extensive gold intersection from a drill hole completed in the north eastern end of its Clay Lake gold target.  This intersection is strong evidence of a very large gold mineralising system in the Clay Lake area.

The gold intersection extends for 150.5 metres at 0.3g/t gold. This wide gold intersection adds to previous drilling and trenching results which suggest potential for high tonnage and overall gold content in the Clay Lake gold target.

The intersection of 2 metres at 2.7 g/t gold at a downhole depth of 252 metres (199 metres vertical depth) is the deepest intersection to date on the Clay Lake gold target which remains open in all directions as well as to depth.

This drill hole at the north eastern end of the Clay Lake gold target follows on a series of 10 drill holes in the Clontibret gold deposit and forms part of an overall drilling programme encompassing the 17km long gold district of the Clontibret - Clay Lake - Glenish gold target in the northeast of Company's licence area on which an updated exploration target of 8.8 million ounces gold (excluding the 517,000 ounce Clontibret deposit) has been estimated (announced by the Company on 2 August 2018).

The drill hole also intersected elevated silver - 28.8 metres at 0.9g/t Ag from 112.5 metres suggesting the possibility of a different metallurgy from that seen in the Clontibret gold deposit.

Additional Detail

The Clay Lake gold target covers an area of over 200 Ha (c.500 Acres), and is nearly 3km in length and, in places, 2km wide. The gold mineralisation comes to surface in the Clay Lake gold target both in the north eastern end of the target where trenching has intersected 5 metres at 3.0g/t gold and in the south western end of the target where trenching has intersected 12 metres at 2.2g/t gold c.2km apart.

The drill hole was drilled at an angle of 52 degrees and was 325 metres in length to a vertical depth of c.256 metres. The drill hole intersected a black shale stockwork zone and lode style mineralisation.

Drill Hole Intersections

• 150.5m @ 0.3 g/t Au from 108.5m

• Including 52.5m @ 0.5 g/t Au from 108.5m

• Including 18.0m @ 0.6 g/t Au from 240.0m (Including 2.0m @ 2.7 g/t Au from 252.0m)

• 28.8m @ 0.9 g/t Ag from 112.5m

http://www.rns-pdf.londonstockexchange.com/rns/9519F_1-2018-10-31.pdf

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: 

"It is very encouraging to see such a wide intersection giving the potential for high tonnage and overall gold content in a target that is 3km in length and where we have also intersected high grade. It is also pleasing to see the extension of the mineralisation at depth to 200m."

For further information please contact:

Conroy Gold and Natural Resources plc	Tel: [phone]
Professor Richard Conroy, Chairman
Allenby Capital Limited (Nomad)	Tel: [phone]
Virginia Bull/Nick Harriss
Brandon Hill Capital Limited (Broker)	Tel: [phone]
Jonathan Evans
Lothbury Financial Services	Tel: [phone]
Michael Padley
Hall Communications	Tel: [phone]
Don Hall

Visit the website at: www.conroygold.com

 

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