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 |
|
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
Lothbury Financial Services |
Tel: +44-20-7330-1883
Tel: +44-20-3290-0707 |
Michael Padley |
|
Hall
Communications |
Tel: +353-1-660-9377 |
Don Hall |
|
Visit the website at: www.conroygold.com