18 May 2021
Conroy Gold and Natural Resources plc
(“Conroy Gold” or “the Company”)
DRILLING AT
CLONTIBRET GOLD TARGET
- 2021 drilling programme has commenced with two drill holes
currently being drilled at Clontibret
- The first drill holes of the programme will form part of the
ongoing work programme planning and due diligence for the Company’s
proposed joint venture partnership with Demir Export A.S.
Conroy Gold and Natural Resources
plc (AIM: CGNR), the gold exploration and development company
focused on Ireland and
Finland, is pleased to announce
that its 2021 drilling programme has commenced with the first holes
being drilled on its gold target at Clontibret in County Monaghan.
The Clontibret gold target is one of a series of potentially
multimillion ounce gold targets located along the 65km (40 mile)
new district scale gold trend which the Company has discovered in
the Longford-Down Massif in Ireland. A (JORC 2012) gold resource of
517,000 Oz Au has been estimated on part of the Clontibret gold
target.
As announced by the Company on 25
February 2021, Conroy Gold
has signed a Letter of Intent with Demir Export for a proposed
joint venture on an earn-in-basis over the twelve licences held by
Conroy Gold in the Longford-Down
Massif. Further details on the proposed joint venture are contained
in the announcement released by the Company on 25 February 2021.
The primary focus of the joint venture project (Project Inis) is
the development of the gold deposit at Clontibret to construction
ready status and bringing it into operation as a gold mine.
The joint venture with Demir Export remains subject, inter
alia, to the completion of due diligence and entering into of
definitive documentation including the final joint venture
agreement.
Some of the current drilling programme at Clontibret will form
part of the technical due diligence process and assist with the
planning of the proposed joint venture work programme. In this
context, Demir Export has appointed consultants to facilitate
carrying out work on the ground in Ireland bearing in mind the travel and other
restrictions due to the COVID-19 pandemic which are in place both
in Ireland and Turkey.
Demir Export is a long established mining company with interests
in iron, coal, gold and base metals, including zinc and copper, and
has a strong in-house technical team with mining and exploration
expertise. It brings over 60 years of mine operating experience to
bear on the project and places a strong emphasis on the adoption of
international environmental, and health and safety management
standards.
Professor Richard Conroy,
Chairman, commented:
“I am delighted that drilling has
commenced at Clontibret. My colleagues and I are very pleased to
work with the Demir Export team on the proposed joint venture
partnership-Project Inis. Notwithstanding the COVID-19 restrictions
progress is being made on progressing the joint venture
partnership.
We believe that 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.”
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 |
|
First Equity
Limited (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