CGNR Conroy Gold & Natural Resources Plc

 
TIDMCGNR 
 
4 September 2023 
 
[2011 Jan 28 CGNR Logo] 
 
Conroy Gold and Natural Resources plc 
 
("Conroy Gold" or "the Company") 
 
6,000 METRES DRILLING COMPLETED: FURTHER GOLD TARGETS IDENTIFIED BY DEEP 
OVERBURDEN SAMPLING PROGRAMME 
 
  · 6,000 metres drilling completed to date in Phase 1 of Joint Venture ("JV") 
programme 
 
  · 500 samples in deep overburden ("DOB") sampling programme returned values of 
10ppb Au or above with 2 samples returning values over 400ppb Au 
 
  · New drilling targets over 5 licence areas identified by DOB sampling 
 
  · 4 new anomalous gold areas identified in the vicinity of the newly 
discovered Creenkill gold target 
 
Conroy Gold and Natural Resources PLC (AIM: CGNR), the gold exploration and 
development company focused on Ireland and Finland, is pleased to announcethat 
over 6,000 metres of drilling has been completed to date in Phase 1 of the 
Company's joint venture with Demir Export AS ("Demir Export") in the Longford 
-Down Massif. Additionally, a deep overburden ("DOB") sampling programme has 
identified new drilling targets over five licence areas. 4 new anomalous gold 
areas have been identified in the vicinity of the newly discovered Creenkill 
gold target, in Co Armagh. The drilling and DOB sampling programmes are being 
carried out in association with the Company's JV partner, Demir Export. 
 
The JV programme, which is an earn-in JV, is structured over three phases of 
work. 
 
  · Phase 1 - ?4.5 million, plus minimum regulatory work commitments ("MRWC") on 
all JV licences (plus ?1m on signing agreement) to earn an initial 25% across 
all of the JV licences. 
  · Phase 2 - ?4.5 million, plus MRWC, to earn a further 15%. 
  · Phase 3 - all expenditure required to bring a given project to shovel ready 
status (including all planning and land acquisition costs) to earn a further 
17.5% (total 57.5%) in that given project with Conroy Gold retaining the right 
to a 42.5% interest or to avail of one or other of the various options under the 
joint venture agreement, details of which have been previously announced. 
 
The DOB assay results reported in today's announcement form part of an on-going 
overall technical assessment, incorporating drilling together with extensive 
soil and deep overburden sampling and geophysics, across both district scale 
gold trends which the Company has discovered in the Longford - Down gold 
district. The primary focus of the joint venture is to develop a mine at 
Clontibret, or elsewhere along the gold trends, with the long-term objective of 
the delivery of a series of mine developments across the new gold districts. 
 
A total of 1,519 DOB samples have been collected over 5 separate areas 
(Creenkill 470 samples, Dunraymond 363, Rackwallace 137, Rockcorry 422 and 
Avalbane 127) within the Longford-Down Massif on a c.50m grid basis. 500 samples 
returned results greater than, or equal to, 10 ppb Au (samples of 10 ppb Au, or 
higher, tend to be associated with the presence of underlying bedrock gold). 11 
samples returned results greater than, or equal to, 100 ppb Au.  The maximum 
gold value returned was 447 ppb Au, in a sample taken in the Dunraymond area. 
The second highest result returned was 442 ppb Au from the Rockcorry gold 
target. 
 
In the Creenkill gold target, four anomalous gold areas have been identified, 
two to the south of the exciting quartz breccia discovery, which returned values 
up to 123.0 g/t Au (announced by the Company on 22 February 2023) and the other 
two up strike 250m to the Northeast and 400m down strike to the Southwest from 
the quartz breccia. A further DOB sampling programme is planned to extend the 
current coverage of DOB sampling to the Northeast. Drilling is ongoing at 
Creenkill. 
 
In Dunraymond, which lies within the Glenish gold target, and where the 
anomalous gold value of 447 ppb Au was discovered, the programme has identified 
a consistently anomalous gold area covering 550m by 600m. Follow up drilling is 
underway. 
 
In Rackwallace, the sampling has extended the Rackwallace gold anomaly 180 
metres to the Southwest. The gold anomaly still remains open to the South. 
Follow up drilling is planned. 
 
In Rockcorry, a highly anomalous gold target area, measuring 700 metres by 350 
metres has been defined. The anomaly is still open to the Northwest and 
Southeast. Follow up drilling is planned. 
 
In Avalbane, an anomalous gold target measuring 200 metres by 180 metres, was 
defined by the deep overburden sampling programme. Follow up drilling 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: 
 
"I am very pleased that over 6,000 metres of drilling has been completed to date 
in Phase 1 of the JV programme together with other detailed technical work 
including the extensive deep overburden sampling programme reported above. This 
DOB programme has substantially raised the prospectiveness of each of the five 
areas surveyed. The collection of over 1,500 samples and resultant data has 
yielded extensive information for follow up drilling which we will pursue in 
partnership with Demir Export." 
 
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                        Tel: +44-20-3290-0707 
 
Lothbury Financial Services 
Michael Padley 
Hall Communications                    Tel: +353-1-660-9377 
Don Hall 
 
Visit the website at: www.conroygold.com 
 
 
This information was brought to you by Cision http://news.cision.com 
The following files are available for download: 
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END 
 
 

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