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Conroy Gold & Natural Resources Plc - Initial Drill Results From Clontibret

·5-min read

THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES OF REGULATION 11 OF THE MARKET ABUSE (AMENDMENT) (EU EXIT) REGULATIONS 2019/310.

1 September 2022

Conroy Gold and Natural Resources plc

(“Conroy Gold” or “the Company”)

INITIAL DRILL RESULTS FROM CLONTIBRET

STEP-OUT DRILLING INTERSECTS NEW ZONES OF GOLD

  • Eighteen gold zones intersected in total

  • Four new gold zones to the northeast of the Clontibret gold deposit discovered in Drill Hole 1

  • 3.0m @ 8.2 g/t gold identified in Drill Hole 2

  • 22.0m @ 0.6 g/t gold intersected in stockwork in Drill Hole 3

Conroy Gold and Natural Resources plc (AIM: CGNR), the gold exploration and development company focused on Ireland and Finland, is pleased to announce assay results for the first three drill holes in the c. 3,000m eight-hole step-out drilling programme on its Clontibret Gold deposit in Ireland. Eighteen gold zones were intersected, including four new gold zones, and further continuity to the gold mineralisation in the stockwork was established. The programme was carried out in conjunction with the Company’s joint venture partner, Demir Export A.? (“Demir Export”).

Drill Hole 1

This drill hole was located over 200m to the northeast of previous drilling at the Clontibret gold deposit, demonstrating that the deposit is open along strike with four new additional gold zones discovered. This drill hole also confirmed the presence of stockwork gold mineralisation in this area thus also demonstrating further continuity to the gold mineralisation in the stockwork.

Drill Hole 1 reached a depth of 285.8 metres through an inclined (-50 Degree) hole.

Drill Hole 1 Intersections:

  • 2.0m @ 1.1 g/t Au from 56.0m

  • 0.5m @ 1.8 g/t Au from 59.0m

  • 0.5m @ 0.5 g/t Au from 112.5m

  • 0.5m @ 0.3 g/t Au from 115.5m

  • 2.0m @ 0.4 g/t Au from 279.0m

Drill Hole 2

This drill hole intersected eight gold lodes relating to the central lodes of the ore body thus enabling the extension of these lodes through this area of historically difficult ground conditions for drilling. The 3.0m @ 8.2 g/t gold intersection, which suffered poor recovery of only 17 per cent, is interpreted to represent the zone (5.0m @ 6.1 g/t Au) 270m to the south which was drilled below the historic antimony workings (announced 26 February 2018).

Drill Hole 2 reached a depth of 179.0 metres through an inclined (-60 Degree) hole.

Drill Hole 2 Intersections:

  • 0.5m @ 0.6 g/t Au from 11.5m

  • 1.0m @ 0.6 g/t Au from 32.5m

  • 0.5m @ 1.5 g/t Au from 40.0m

  • 0.5m @ 0.8 g/t Au from 51.0m

  • 1.5m @ 1.3 g/t Au from 97.0m

  • 0.5m @ 4.2 g/t Au from 116.5m

  • 0.5m @ 2.2 g/t Au from 137.0m

  • 3.0m @ 8.2 g/t Au from 143.0m

Drill Hole 3

This drill hole targeted the up-dip zone of the stockwork identified in Drill Hole 1 and was just over 160m to the southeast of that hole. The targeted stockwork zone was reached with an intersection of 22 metres at 0.6 g/t Au and grades of up to 1.35 g/t Au were recorded from within this stockwork zone. This intersection further demonstrated the continuity of the gold mineralisation in the stockwork and was in terms of gram metres was double that of the closest previous intersection in the stockwork. Four gold lodes were also intersected in this drill hole.

Drill Hole 3 reached a depth of 188.0 metres through an inclined (-60 Degree) hole.

Drill Hole 3 Intersections:

  • 1.0m @ 1.6 g/t Au from 19.0m

  • 1.0m @ 0.5 g/t Au from 44.0m

  • 5.5m @ 0.8 g/t Au from 81.5m

  • 1.0m @ 0.3 g/t Au from 95.0m

  • 22.0m @ 0.6 g/t Au from 135.0m

Drilling is continuing on site with two drill rigs currently in operation with a third drill rig scheduled to commence.

Further announcements will be made as the drilling programme progresses.

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 to see the first results from the initial drilling programme, in our joint venture with Demir Export. These results have extended the known stockwork and discovered new gold lodes further enhancing the potential of the Clontibret target area.”

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


Tel: +44-20-3290-0707

Michael Padley

Hall Communications

Tel: +353-1-660-9377

Don Hall

Visit the website at: www.conroygold.com