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THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES OF REGULATION 11 OF THE MARKET ABUSE (AMENDMENT) (EU EXIT) REGULATIONS 2019/310.
29 July 2021
Conroy Gold and Natural Resources plc
(“Conroy Gold” or “the Company”)
Discovery of Extensive New Gold Target in Longford-Down Massif
Update on Drilling Programmes on Other Licences
High gold-in-soil values
Approximately 40 acres in extent (c.700 x c.250 metres)
Trend similar to gold lodes in Clontibret Gold Deposit
Drilling programme on other licences continues
Conroy Gold and Natural Resources plc (AIM: CGNR), the gold exploration and development Company focused on Ireland and Finland, is pleased to announce the discovery of a new extensive gold-in-soil anomaly on its licence area in the Longford-Down Massif in Ireland, where it has discovered a district scale gold trend.
The newly discovered gold-in-soil target lies between the Company’s Derryhennet gold target, where drilling and trenching have identified significant grades and widths of gold-in-bedrock, and the site where the Clay Lake Gold nugget was discovered in the 1980s, with a weight of 30.05g and gold content of 28g (http://www.conroygoldandnaturalresources.com/sites/default/files/190613ch027.jpg).
The anomaly covers an area of approximately 40 acres (c.700 metres by c.250 metres) and trends north northwest – south southeast. It is aligned on a similar trend to the gold lodes in the Clontibret gold deposit where the Company has a (JORC 2012) gold resource of 517,000 ounces Au (320,000 oz Au indicated and 197,000 oz Au inferred).
The discovery was made during a detailed follow up soil sampling programme, totalling over 100 soil samples, to a regional sampling programme which had yielded three samples with elevated (above 10ppb Au) gold-in-soil levels, (anomalies greater than 10ppb gold-in-soil in the Longford-Down Massif tend to be associated with gold-in-bedrock). The follow up sampling programme identified a further fifteen samples above 10 ppb Au including one with a very high value of 92ppb Au.
The discovery adds further to the series of gold targets in the north-eastern area of the Company’s licences in the Longford – Down Massif on which an exploration target (JORC 2012) of 8.8 Million ounces Au has been estimated (announced 2 August 2018), in addition to the already defined JORC compliant gold resource of 517,000 ounces Au referred to above.
The Company’s drilling programme in the Longford – Down Massif also continues. Results are awaited from drilling at Clontibret and Cargalisgorran. Drilling has also been completed on licence PL1870 and core samples will shortly be sent for analysis. Drilling is in progress on licence PL2683.
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:
“This discovery highlights the continued potential for new gold discoveries on the Company’s licences in the district scale gold trend which it has discovered in the Longford-Down Massif. The new anomaly is in addition to the series of potentially multi million ounce gold targets already discovered by the Company along the trend.
I look forward to receiving the results from the ongoing drilling programme on the Company’s licences and to the proposed joint venture with Demir Export A.S. (“Demir Export”) progressing to final documentation.”
For further information please contact:
Conroy Gold and Natural Resources plc
Professor Richard Conroy, Chairman
Nick Athanas/Nick Harriss
Visit the website at: www.conroygold.com