14 August
2019
Conroy Gold and Natural Resources plc
(“Conroy Gold” or “the Company”)
NEW GOLD ZONE
DISCOVERED AT SLIEVE GLAH TARGET
Conroy Gold and Natural Resources
plc (AIM: CGNR), the gold exploration and development Company
focused on Ireland and
Finland, is pleased to report that
assay results from two ‘Scout’ drill holes have identified a new
gold zone on Target Area 1 of its Slieve Glah exploration property
on its licence area in the Longford – Down Massif in
Ireland.
Highlights:
- Drilling identifies 11 metre new zone of gold mineralisation
in Slieve Glah Target Area 1
- Both drill holes intersect gold
- The new gold zone is located over 1.5km from the gold
mineralised zone in Slieve Glah Target Area 2 and over 5.5km from
the gold mineralisation in Slieve Glah Target Area 4
Two ‘Scout’ drill holes, totalling 308 metres, were drilled in
Slieve Glah Target Area 1. The first drill hole intersected low
grade gold mineralisation in bedrock of 1.0 metre at 0.5 g/t Au
from 95.0m down hole and 1.0 metre at
0.3 g/t Au from 87.5m down hole in a
zone of 11m @ 0.1 g/t Au from
86m. The second hole intersected 4.0
metres of 0.1 g/t Au from 124.0m down
hole.. The discovery of gold in bedrock together with extensive
sulphide mineralisation proves the presence of the mineralising
system, which the Directors believe provides a solid starting point
for further exploration.
The new zone of gold mineralisation identified is located over
1.5km from where previous drilling and trenching discovered gold in
Target Area 2 and is over 5.5km from the gold-in-bedrock
intersected by drilling on Target Area 4 (as announced by the
Company on 3 July 2019). Information
from this recent work will help focus on locations where the
mineralising system could be higher grade for the ongoing work
programme of the Company.
The Slieve Glah target has a series of four huge / extensive
gold-in-soil Target Areas located at the south western end of the
65km (40mile) gold tend discovered by the Company in the
Longford-Down Massif. Slieve Glah Target Area 1, alone, encompasses
an area 3.5km long by 2.6km wide.
The Orlock Bridge Fault plays a major role in relation to gold
mineralisation in the region; as seen at Clontibret and other
locations. At Slieve Glah the Orlock Bridge Fault undergoes a
significant flexure, such flexures are associated with significant
gold deposits and, in the Directors view, Slieve Glah is a very
large and promising target with considerable gold potential and
will form an important element of the ongoing work programme.
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:
“This new discovery, at a time when the gold price is
touching US$1500, is a wonderful
result for an early drill hole in this target area and
confirms the encouraging results that were observed in
the gold-in-soil and deep-overburden sampling and drilling
elsewhere on the Slieve Glah Target and the overall potential of
the Longford-Down Massif. At the north eastern end of its extensive
licence area the Company has an established JORC resource of over
0.5M ounces gold and an estimated
exploration target of a further 8.8M
ounces gold.”
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 (Broker) |
Tel: +44-20-3463-5000 |
Jonathan Evans |
|
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