Conroy Gold & Natural Resources Plc Clontibret Drilling

 
TIDMCGNR 
 
The information contained within this announcement is deemed by the Company to 
constitute inside information as stipulated under the Market Abuse Regulations 
                          (EU) No. 596/2014 ("MAR"). 
 
                                                               26 February 2018 
 
                     Conroy Gold and Natural Resources plc 
 
                          ("Conroy" or "the Company") 
 
            DISCOVERY OF EXTENSIVE GOLD ZONE - CLONTIBRET DRILLING 
 
Conroy Gold and Natural Resources plc (AIM: CGNR), is pleased to report the 
discovery of an extensive gold zone from the first drill hole completed on the 
Company's 100% owned Clontibret gold deposit. 
 
The results below are in respect of a new 1,000 metre drill campaign announced 
by the Company on 12 February 2018.  This drill campaign is focused on the 
Clontibret gold deposit in the south west of the Clay Lake-Clontibret gold 
target where a JORC compliant resource of 517,000 ounces of gold has already 
been defined on 20% of the Clontibret gold target 
 
Highlights: 
 
  * Drilling completed successfully on the first hole which was designed to 
    test the extent of high grade gold lodes indicated by channel samples in 
    the historic Tullybuck antimony mine; 
  * An extensive gold zone 30 metres below the antimony mine has been 
    discovered during drilling; 
  * Results confirm the first drill hole intersected seven gold lodes with high 
    grade gold with wide intersections also confirmed; 
  * High grades include up to 24g/t gold and wide intersections include up to 
    5.00 metres at 6.11g/t gold; 
  * Drilling and analysis of the results continues and the Company will update 
    the market as additional findings are confirmed. 
 
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 delighted at these 
excellent drilling results, including both high grades and wide intersections. 
 
Our technical work on the deposit had identified the Tullybuck antimony mine 
area as a key target for next stage gold focused drilling and the results 
confirm the effectiveness of our team's pre-drilling technical review. 
 
In the context of the Clontibret deposit where we already have a JORC compliant 
resource of 517,000 ounces of gold from just 20% of the single target tested, 
results of this nature are exceptional. 
 
The confirmation of an extensive gold zone builds significantly on what we have 
previously identified.  As a result the team are excited with this additional 
gold zone discovery and what it means for the Clontibret project and our 
Company as a whole. 
 
Further news will follow on this current drill programme in the near term. In 
addition, the Company has a number of development initiatives on which we will 
be updating shareholders shortly." 
 
Further Information 
 
Drilling highlights include: 
 
  * 5.00m grading 6.11g/t gold at a depth of 49.5m including 2.00m at 14.24g/t 
    gold. 
  * 0.90m grading 6.32g/t gold at a depth of 59.0m 
  * 1.50m grading 1.14g/t gold at a depth of 37.5m 
 
First hole objective and outcome: 
 
The drill hole was designed to test the extent of high grade lodes indicated by 
channel samples in the historic Tullybuck antimony mine. An extensive gold zone 
30 metres below the antimony mine was identified which included an intersection 
of 0.50m at 24g/t gold. 
 
The drill hole, 62.6 metres in length, intersected seven gold lodes in total. 
 
Overall drill programme objectives: 
 
The objectives of the new 1,000m drill programme are to: 
 
 i. upgrade the overall mineral resource at the Clontibret gold deposit; 
ii. convert inferred into indicated resources in order to apply mining 
    parameters; and 
iii. test the extent of high grade lodes indicated by channel samples in the 
    historic Tullybuck antimony mine. 
 
The current drilling programme is focused on the Clontibret gold deposit in the 
south west of the Clay Lake-Clontibret gold target; where a JORC resource of 
517,000 ounces of gold has already been defined on 20 per cent. of the 
Clontibret gold target. 
 
For further information please contact: 
 
Conroy Gold and Natural Resources plc                    Tel: 
                                                         [phone] 
 
Professor Richard Conroy, Chairman 
 
Allenby Capital Limited (Nomad)                          Tel: 
                                                         [phone] 
 
Virginia Bull/Nick Harriss 
 
Beaufort Securities (Broker)                             Tel: 
                                                         [phone] 
 
Jon Bellis/Elliot Hance 
 
Lothbury Financial Services                              Tel: 
                                                         [phone] 
 
Michael Padley 
 
Hall Communications                                      Tel: 
                                                         [phone] 
 
Don Hall 
 
Visit the website at: www.conroygold.com 
 
 
 
END 
 

(END) Dow Jones Newswires

February 26, 2018 03:46 ET (08:46 GMT)