Conroy Gold & Natural Re... (LSE:CGNR)
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6 Months : From Jun 2019 to Dec 2019
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.
- 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
|Professor Richard Conroy, Chairman
|Allenby Capital Limited (Nomad)
|Nick Athanas/Nick Harriss
|Brandon Hill Capital Limited (Broker)
|Lothbury Financial Services
Visit the website at: www.conroygold.com