30 March
2021
Conroy Gold and Natural Resources plc
(“Conroy Gold” or “the Company”)
HIGH VALUE ZINC
RESULTS FROM INFILL SAMPLING PROGRAMME IN LONGFORD-DOWN MASSIF
- Values recorded up to 3,700ppm zinc
- 10 samples greater than 1,000ppm zinc
- High value Zinc-in-Soil anomaly extends over an area of
c.0.8 km by c.0.9 km
- Underlying geology associated with sedimentary hosted
Lead-Zinc style deposits worldwide
Conroy Gold and Natural Resources
plc (AIM: CGNR), the exploration and development company focused on
Ireland and Finland, is pleased to announce results from
an infill zinc-in-soil sampling programme on the northern
(Aughnagurgan) section of the extensive (20km2) zinc
zone which the Company has discovered in the Longford-Down Massif
in Ireland (originally announced
by the Company on 4th June
2009).
Twenty-three of the sixty-five samples collected recorded values
greater than 500ppm zinc over an area of c.0.8 km by c.0.9 km (68.7
Ha) at Aughnagurgan. Ten of the samples were reported as being
greater than 1,000ppm zinc, with the overall range being from 74ppm
to 3,700ppm zinc.
The results also indicated the presence of a range of associated
elements including; lead, cadmium, manganese and nickel.
The zinc zone in the Longford-Down Massif lies to the south of
the new district scale gold trend which the Company has discovered
in the Massif and where, at Clontibret, the Company proposes to
develop its first gold mine.
The Longford-Down Massif has an established history of base
metal mining including the Antimony mines at Clontibret, where gold
was first discovered, and a series of shallow lead and zinc mines
which were worked in the nineteenth century forming what was known
as the Armagh – Monaghan mining district.
The Tullynawood and Aughnagurgan mines in the area, which were
worked for lead, were situated within c.1 km of the Aughnagurgan
zinc target. Historical records report the trend of the lead veins
worked from these mines, and if projected, they would appear to
coalesce in the area of the Aughnagurgan zinc target, providing
further evidence of the possible presence of base metal
mineralisation.
The underlying geology at Aughnagurgan (the Avaghon formation)
consists of fine to coarse grained greywacke sandstone with minor
black shales, volcanic horizons and calcareous silty
turbidites.
Black shales and calcareous turbidites are associated with
clastic-dominated lead-zinc ore deposits around the world and in
particular a subtype known as sedimentary hosted Lead-Zinc
deposits.
A follow-up drilling programme to test the target is
planned.
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 primary focus remains
on the district scale gold trend which it has discovered in the
Longford-Down Massif within its 800km2 licence area and on bringing
in a mine at the Clontibret deposit where we have already an
existing JORC compliant gold resource of 517,000 ounces.
I am particularly pleased at these
highly encouraging results from the Aughnagurgan zinc target.
Management has a track record of successful involvement in base
metals in Ireland, its discovery
and development of the Galmoy zinc orebodies leading to the revival
of the Irish base metals industry and the recognition of
Ireland as a world class zinc
province.
The Longford – Down Massif is
enriched with base metals, as well as gold, and has a significant
history of mining for base metals, including Zinc, Lead, Copper and
Antimony which demonstrate the size and extent of the metalliferous
system in the Massif and its mining potential for both gold and
base metals.
We have recently signed a letter of
intent with Demir Export A.S. for a proposed joint venture on an
earn-in basis over the twelve licences held by Conroy Gold in the Longford-Down Massif. Demir
Export is a long established mining company with interests in iron,
coal, gold and base metals, including zinc and copper, in
Turkey.
Demir Export has the mining expertise
and the financial resources not only to bring the Clontibret gold
deposit to construction ready status and into operation as a mine,
but also to advance the significant gold potential of the other
licences along the gold trend to the same status and also the base
metal potential of the Massif.”
For further information please contact:
Conroy Gold and
Natural Resources plc |
Tel: +353-1-479-6180 |
Professor Richard
Conroy, Chairman |
|
Allenby Capital
Limited (Nomad) |
Tel: +44-20-3328-5656 |
Nick Athanas/Nick
Harriss |
|
Brandon Hill
Capital Limited (Joint Broker) |
Tel: +44-20-3463-5000 |
Jonathan Evans |
|
First Equity Limited (Joint Broker)
Jason Robertson |
Tel: +44-20-7330-1883 |
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