Conroy Gold & Natural Resources Plc - Gold lodes intersected

 This announcement contains inside information for the purposes of Regulation 11 of the Market Abuse (amendment) (EU Exit) Regulations 2019/310.

2 February 2023

Conroy Gold and Natural Resources plc

(“Conroy Gold” or the “Company”)

GOLD LODES INTERSECTED BETWEEN CLONTIBRET GOLD DEPOSIT AND CORCASKEA GOLD TARGET

• Three gold lode zones with grades up to 8.3 g/t gold over 0.5 of a metre

• Drill hole located between Clontibret gold deposit and Corcaskea gold target  

• Continuity between Clontibret gold deposit and the Corcaskea gold target is further established

• Further indication of gold potential in the northeastern area of gold trend

Conroy Gold and Natural Resources PLC (AIM: CGNR), the gold exploration and development company focused on Ireland and Finland, is pleased to report that assay results from a drill hole have provided further evidence of continuity between the Clontibret gold deposit and the Corcaskea gold target in Ireland.

The drill hole was located approximately 200 metres to the south of the Corcaskea gold target, which has yielded significant gold intersections in trenches, including 16.5 metres of 6.5 g/t gold and 12 metres of 4.9 g/t gold.

The drill hole was 70 metres north-east of the gold outcrop (5.6g/t gold) (announced by the Company on 22 October 2018), which was the crucial first step in establishing continuity between the Clontibret gold deposit, on which the Company has defined a JORC resource of 517,000 ounces of gold (announced by the Company on 28 July 2017), and the Corcaskea gold target.

The three gold lode zones intersected are in addition to this gold outcrop. These three gold zones include 2 metres at 2.1 g/t gold (including 0.5m @ 6.7g/t Au), 1.5 metres at 3.2 g/t gold (including 0.5m @ 8.3 g/t Au) and 0.5 metre at 0.8 g/t Au. The first gold mineralisation was intersected at a relatively shallow down hole depth of 27.5 metres.

The Clontibret gold resource is known to be open in all directions and to depth and comprises two style of gold mineralisation: (i) lodes; and (ii) stockwork. The assay results reported on today relate to the lode style mineralisation.

The stockwork resource also contributes to the overall contained ounces. Three previous drill holes totalling 1,053 metres in a step out drilling programme have also demonstrated, through intersections of gold in the stockwork, that the Clontibret gold deposit extends 375 metres to the north-east (announced by the Company on 18 January 2023).  

The lode gold zone intersections between the Clontibret gold resource and the Corcaskea gold target, which were reported in the assay results from this drill hole, open up the surrounding area for further step out drilling and the probability of linking the Corcaskea gold target and the Clontibret resource area which are 535 metres apart.  

The drill hole was drilled to a down hole depth of 268.5 metres at a -60 degree angle and drilled to the east (Azimuth 090).

Drill Hole Intersections:

•             2.0m @ 2.1 g/t Au from 27.5m

Including 0.5m @ 6.7g/t Au from 28.5m

•             1.5m @ 3.2 g/t Au from 40.0m

Including 0.5m @ 8.3 g/t Au from 41.0m

•             0.5m @ 0.8 g/t Au from 88.5m

 (Only intercepts of 0.3 g/t or greater are presented)

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: 

“The Board believes that these results provide further evidence of the continuity between the Clontibret gold target and the Corcaskea area, where excellent gold intersections have been recorded in trenching, including 16.5 metres at 6.5 g/t gold, and 12 metres at 4.9 g/t gold.

The results are also a further indication of the overall gold potential of the 65 km gold trend which the Company has discovered. Many other gold targets have been identified along the trend including, for example, the Clay Lake gold target, which has a far larger gold-in-soil target footprint than Clontibret.

In addition to Clontibret, the Board looks forward to demonstrating the overall potential of the gold trend, on which in the north-eastern segment alone, we have a gold exploration target of 8.8 million ounces in addition to the JORC resource of 517,000 oz gold.”

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Visit the website at: www.conroygold.com