Conroy Gold & Natural Resources Plc Enlargement of Clay Lake gold target
28 January 2016 - 6:00PM
UK Regulatory
TIDMCGNR
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.
END
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