28 January
2016
Conroy Gold and Natural Resources plc
(“Conroy” or “the Company”)
ENLARGEMENT OF
CLAY LAKE GOLD TARGET
- Single Gold Anomaly Is Now Approximately 3km In Length And
Up To 2km In Width
- Surface Area Of Over 200 Ha (c.500 Acres)
- Drilling And Trenching Results Suggest Possible Continuity
Between The Mineralisation Events At Either End of the
Anomaly
Conroy Gold and Natural Resources
plc (AIM: CGNR, ESM: CGNR.I), the gold exploration and development
company focused on Ireland and
Finland, is pleased to announce
that positive results from a gold-in-soil sampling programme have
shown that the Clay Lake and Cargalisgorran gold targets in
Co. Armagh form a single large
gold-in-soil target anomaly, over 200 Ha (c.500 Acres) in area,
nearly 3km in length and, in places, 2km wide.
Gold-in-bedrock has already been demonstrated at either end of
this enlarged gold target. This includes a drilling intersection of
7.5m @ 5.58 g/t Au and trenching of 10m @ 2.46g/t Au at the
southwest end (Cargalisgorran), and drilling of 100m @ 0.56g/t Au
including 11.5m @ 1.55g/t Au, and trenching of 5m @ 3.02g/t Au in
the northeastern end. Between the northeast and southwest portions
of the anomaly, intersections of low grade gold and black
carbonaceous stockwork material have been encountered suggesting
the possibility of continuity between the mineralisation events at
either end of the anomaly.
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.
Professor Richard Conroy, Chairman commented:
“This is a positive and exciting step forward and the
new information supports the potential for the presence of very
significant underlying resources at the Clay Lake Gold
Target.”
For further information please contact:
Conroy Gold and
Natural Resources plc |
Tel:
+353-1-661-8958 |
Professor Richard
Conroy, Chairman |
|
Sanlam Securities
UK Limited (Nomad) |
Tel:
+44-20-7628-2200 |
Virginia Bull/Simon
Clements |
|
Hybridan LLP
(Broker) |
Tel:
+44-20-3764-2341 |
Claire Louise
Noyce/Niall Pearson/William Lynne |
|
IBI Corporate
Finance Limited (ESM Adviser) |
Tel:
+353-766-234-800 |
Ger Heffernan / Jan
Fitzell |
|
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
Editors’ Note
At Clontibret (125ha) the Company has established a
JORC-compliant economic gold resource of over 600,000 ounces on
only 20 per cent. of the target area. A conventional open pit
operation was designed by Tetra Tech as part of a Preliminary
Economic Assessment (PEA). Infill drilling has enhanced the
economics of the project, which show attractive returns even at the
current gold price, and the presence of potentially commercial
amounts of antimony further improve the prospects.
Conroy has identified a 50km (30 mile) gold trend in
Ireland. The licences, which are 100 per cent. owned by the
Company, cover c.400 sq. miles (1000km²) and run from County Armagh in Northern Ireland across Counties Monaghan and
Cavan in the Republic of
Ireland.
There are five main gold targets, along with significant base
metal anomalies that have been discovered. The Company believes
there is potentially over 15 – 20+ million ounces of gold within
the licence area.