Conroy Gold & Natural Resources Plc Targeting 5 million oz of gold at Clay Lake - Clontibret
31 March 2016 - 5:00PM
UK Regulatory
TIDMCGNR
31 March 2016
Conroy Gold and Natural Resources plc
("Conroy" or "the Company")
TARGETING 5 MILLION OZ OF GOLD AT CLAY LAKE - CLONTIBRET
* Clay Lake and Clontibret Targets To Be Combined
* Clontibret Over 0.6 million Oz Of Gold (JORC Compliant) Previously
Established
* Clay Lake Gold Anomaly Now Extends Over 200 Hectares (c500 acres)
* Exploration Target Of 5 Million Oz Of Gold is Conceptual in Nature
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 a quantitative risk assessment by independent consulting
geologist, Professor Garth Earls, has established a combined Exploration Target
of 5 million oz of gold at the Company's adjacent Clay Lake and Clontibret gold
targets.
A JORC compliant resource of over 0.6 million oz Au, using a minimum mining
width of 2 metres and a cutoff grade 0.6 g/t Au has already been established on
20% of the geochemical target at Clontibret. The mineralisation at Clontibret
remains open along strike, at depth and over the remaining 80% of the
geochemical target area.
The adjacent Clay Lake geochemical target has recently been shown to be
approximately 3km in length, up to 2km in width and to have a surface area of
over 200 hectares (c500 acres). The results of structural studies and wide
zones of gold mineralisation already reported indicate the potential for high
tonnage and overall gold content at Clay Lake.
This Exploration Target of 5 million oz of gold is, however, conceptual in
nature as the combined Clay Lake and Clontibret target requires further
drilling and there can be no certainty that future resource estimates for the
project will achieve the Exploration Target.
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:
"The establishment of a combined exploration target of 5 million oz of gold at
Clay Lake - Clontibret is a major step forward for the Company, at a time when
the price of gold is also rising again".
For further information, please contact:
Conroy Gold and Natural Resources plc Tel:
+353-1-661-8958
Professor Richard Conroy, Chairman
Allenby Capital Limited (Nomad) Tel:
+44-20-3328-5656
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
END
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