Conroy Gold & Natural Resources Plc Drilling Targets Confirmed on Finland Gold Claims
09 March 2021 - 11:23PM
UK Regulatory
TIDMCGNR
9 March 2021
Conroy Gold and Natural Resources plc
("Conroy Gold" or "the Company")
DRILLING TARGETS CONFIRMED ON FINLAND GOLD CLAIMS
* High resolution ground magnetic survey completed
* Potentially gold bearing structures identified
* Survey delineates multiple prospective magnetic targets for drilling
* Applications to be made over other gold and copper targets identified in
Northern Finland
Conroy Gold and Natural Resources plc (AIM: CGNR), the gold exploration and
development company focused on Ireland and Finland, is pleased to announce the
completion of a detailed high resolution ground magnetic survey which has
identified a series of drilling targets on its gold exploration acreage in the
Sodankylä area of Northern Finland. The Company holds a total of eight gold
exploration licences in Finland.
The high resolution ground magnetic survey data, in combination with multiple
datasets, including geochemistry, aerial photography, digital elevation data
and airborne geophysical data, has delineated a series of prospective drilling
targets.
Previous geochemistry in the Company's permit area in Sodankylä has been
encouraging with gold-in-soil values, of up to 4,470 Au ppb, and copper-in-soil
values. Gold grains have also been observed in the till. The presence of the
Nattanen granite suite and extensive haematitic alteration together with
regional and local structural controls indicate Iron Oxide Copper Gold ("IOCG")
prospectivity.
The targets shown by the ground magnetic survey include two highly magnetic
bodies, which are considered to be IOCG targets, together with a series of
targets which are interpreted as being Shear Zone Hosted Gold targets.
The detailed high resolution ground magnetic survey consisted of 33 lines at
100m separation, ranging from 1km to 3km in length, for a total of 49 line
kilometres covering an area c.4.5 km2.
Finland is a mining friendly country with established mining traditions and
highly prospective geology for gold. Europe's largest gold mine - the
4 million Oz Au Kittila gold mine - is situated in Northern Finland where the
Company's permit area is located. Finland has a favourable business climate,
security of tenure and fiscal framework as well as excellent infrastructure and
technical services readily available.
The Company is reviewing the results of its extensive exploration programme for
gold in Finland which has included the collection and analysis of more than
2,300 regional samples, with a view to applying for further gold exploration
acreage in Finland.
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 Company's gold exploration programme in Finland is an extension of the
Company's highly successful gold exploration programme in Ireland which has led
to the discovery of a new district scale gold trend on which the Company is
currently finalising a joint venture agreement with the Koç family owned Demir
Export A.S..
The results to date on the Company's Sodankylä target are highly encouraging
with a series of IOCG and Shear Zone hosted gold targets highlighted for
drilling and the Company is commencing preparations for a drilling programme
over these targets."
For further information please contact:
Conroy Gold and Natural Resources plc Tel: +353-1-479-6180
Professor Richard Conroy, Chairman
Tel: +44-20-3328-5656
Allenby Capital Limited (Nomad)
Nick Athanas/Nick Harriss
Brandon Hill Capital Limited (Joint Broker)
Tel:
+44-20-3463-5000
Jonathan Evans
First Equity Limited (Joint Broker) Tel: +44-20-7330-1883
Jason Robertson
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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