Conroy Gold & Natural Resources Plc Clontibret Drilling
February 26 2018 - 3:46AM
UK Regulatory
TIDMCGNR
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").
26 February 2018
Conroy Gold and Natural Resources plc
("Conroy" or "the Company")
DISCOVERY OF EXTENSIVE GOLD ZONE - CLONTIBRET DRILLING
Conroy Gold and Natural Resources plc (AIM: CGNR), is pleased to report the
discovery of an extensive gold zone from the first drill hole completed on the
Company's 100% owned Clontibret gold deposit.
The results below are in respect of a new 1,000 metre drill campaign announced
by the Company on 12 February 2018. This drill campaign is focused on the
Clontibret gold deposit in the south west of the Clay Lake-Clontibret gold
target where a JORC compliant resource of 517,000 ounces of gold has already
been defined on 20% of the Clontibret gold target
Highlights:
* Drilling completed successfully on the first hole which was designed to
test the extent of high grade gold lodes indicated by channel samples in
the historic Tullybuck antimony mine;
* An extensive gold zone 30 metres below the antimony mine has been
discovered during drilling;
* Results confirm the first drill hole intersected seven gold lodes with high
grade gold with wide intersections also confirmed;
* High grades include up to 24g/t gold and wide intersections include up to
5.00 metres at 6.11g/t gold;
* Drilling and analysis of the results continues and the Company will update
the market as additional findings are confirmed.
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 at these
excellent drilling results, including both high grades and wide intersections.
Our technical work on the deposit had identified the Tullybuck antimony mine
area as a key target for next stage gold focused drilling and the results
confirm the effectiveness of our team's pre-drilling technical review.
In the context of the Clontibret deposit where we already have a JORC compliant
resource of 517,000 ounces of gold from just 20% of the single target tested,
results of this nature are exceptional.
The confirmation of an extensive gold zone builds significantly on what we have
previously identified. As a result the team are excited with this additional
gold zone discovery and what it means for the Clontibret project and our
Company as a whole.
Further news will follow on this current drill programme in the near term. In
addition, the Company has a number of development initiatives on which we will
be updating shareholders shortly."
Further Information
Drilling highlights include:
* 5.00m grading 6.11g/t gold at a depth of 49.5m including 2.00m at 14.24g/t
gold.
* 0.90m grading 6.32g/t gold at a depth of 59.0m
* 1.50m grading 1.14g/t gold at a depth of 37.5m
First hole objective and outcome:
The drill hole was designed to test the extent of high grade lodes indicated by
channel samples in the historic Tullybuck antimony mine. An extensive gold zone
30 metres below the antimony mine was identified which included an intersection
of 0.50m at 24g/t gold.
The drill hole, 62.6 metres in length, intersected seven gold lodes in total.
Overall drill programme objectives:
The objectives of the new 1,000m drill programme are to:
i. upgrade the overall mineral resource at the Clontibret gold deposit;
ii. convert inferred into indicated resources in order to apply mining
parameters; and
iii. test the extent of high grade lodes indicated by channel samples in the
historic Tullybuck antimony mine.
The current drilling programme is focused on the Clontibret gold deposit in the
south west of the Clay Lake-Clontibret gold target; where a JORC resource of
517,000 ounces of gold has already been defined on 20 per cent. of the
Clontibret gold target.
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
Virginia Bull/Nick Harriss
Beaufort Securities (Broker) Tel:
+44-20-7382-8300
Jon Bellis/Elliot Hance
Lothbury Financial Services Tel:
+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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