Step out drilling results at Clay Lake
July 29 2010 - 2:01AM
UK Regulatory
TIDMCDG
29 July 2010
Conroy Diamonds and Gold Plc
("Conroy" or "the Company")
SUCCESSFUL RESULT FROM FIRST DRILL HOLE ON STEP OUT
DRILLING PROGRAMME AT CLAY LAKE GOLD TARGET
* Step out drill programme commences with positive results
* 24 metres of 0.49 grammes per tonne ("g/t") gold and 0.6g/t silver,
including 3 metres of 2.74g/t gold and 0.6g/t silver
* Also intersections of 4 metres of 2.29g/t gold, and 3 metres of 1.53g/t
gold in separate lodes
Conroy (AIM: CDG; ESM: CDGI) is pleased to announce that the first drill hole
in a step out drilling programme, in the north-western corner of its Clay Lake
gold target in Co. Armagh, has returned positive results with three zones of
mineralisation intersected. The step out programme follows on from previous
positive gold results which demonstrated the presence of a broad zone of gold
mineralisation. The step out programme is ongoing and further drill holes are
planned.
The first drill hole was an inclined hole, which was 94.4 metres in length to a
vertical depth of approximately 67 metres, intersected 4 metres of 2.29g/t gold
from 12 metres. This was followed by 3 metres of 1.53g/t gold from 38 metres
followed by a 24 metres intersection of 0.49g/t gold and 0.6g/t silver from 47
metres, including 3 metres from 48.5 meters which averaged 2.74g/t gold and
0.6g/t silver. 31 metres out of the 94.4 metres drilled contained gold
mineralisation.
Arenites and argillites (shales) were the main lithologies in this hole.
Drill Hole From (m) Intercept (m) Au (g/t) Ag (g/t)
Intersection: 12 4 2.29 -
Intersection: 38 3 1.53 -
Intersection: 47 24 0.49 0.6
incl. 48.5 3 2.74 0.6
The 24 metres zone of mineralisation in this hole occurred in a sequence of
argillites with quartz stockwork and is approx 65 metres away from similar
material encountered in drilling earlier this year and over 350 metres away
from similar stockwork material seen in outcrop.
Two lode style mineralised zones were encountered above the stockwork zone. The
highest gold value intersected in this drill hole over a single metre was 4.57g
/t in the first lode.
The Clay Lake anomaly covers an area of about 141 hectares ("ha") and has
returned the highest gold-in-soil values ever recorded by the Company on its
Irish exploration licences. It is larger than that at Clontibret (125ha), 7km
to the south-west, where the Company has established a JORC-compliant gold
resource of over 1 million ounces on only 20 per cent. of the target. Both
targets are located along the 50km (30 mile) gold trend outlined on its
licences.
This release has been approved by Kevin McNulty PGeo, who is a member of the
Company's technical staff, who 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.
Commenting today, Chairman, Professor Richard Conroy said:
"These are excellent results from Clay Lake. They show we are starting to see
continuity of the stockwork, which will help to build a resource in this area
which we believe to be even more prospective than Clontibret. Also, having a
drill hole with nearly one third of it in mineralisation is extremely
encouraging."
Further Information:
Professor Richard Conroy, Chairman, Conroy Diamonds and Tel: +353-1-661-8958
Gold plc
Simon Clements/Virginia Bull, Merchant Securities Tel: +44-20-7628-2200
Limited (Nomad)
John Tuite, IBI Corporate Finance Limited (ESM Adviser) Tel +353-1-637-7800
David Newton /John Grant XCap Securities Limited Tel: +44-20-7101 7010
(Broker)
Michael Padley/Michael Spriggs, Lothbury Financial Tel: +44-20-7868-2567
Services
Don Hall, Hall Communications Tel: +353-1-660-9377
Visit website at: www.conroydiamondsandgold.com
END
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