REG-Conroy Gold & Natural Resources Plc: Scout Drilling Results

Conroy Gold and Natural ResourcesAnnouncement

29/01/2024 07:15

29 January 2024


 

Conroy Gold and Natural Resources PLC

("Conroy Gold" or "the Company")

 

 

SCOUT DRILLING RESULTS ON FOUR GOLD EXPLORATION TARGETS

 

 
* Further demonstration that the Clontibret gold deposit is open in all
directions
 
* Gold-in-bedrock assayed in Corraweelis (Slieve Glah) gold target
 
* Understanding of Creenkill gold target further enhanced
 

Conroy Gold and Natural Resources PLC (AIM: CGNR) is pleased to announce assay
results from a series of scout drill holes on four gold targets- Corcaskea,
Corraweelis and Dunraymond in the Orlock Bridge gold trend and Creenkill in
the Skullmartin gold trend. The ongoing drilling programme is being carried
out in conjunction with the Company's joint venture partner, Demir Export A.Ş
("Demir Export").

 

The Company's licenced areas over the Orlock Bridge and Skullmartin gold
trends now cover an area in excess of 1,000km2. Geophysics and geochemical
sampling have shown a series of targets over both gold trends. These targets
require follow up exploration including scout trenching and/or scout drilling.
A scout drill hole is a drill hole used to ascertain the presence of
mineralisation or to explore an area in a preliminary manner.

 

Orlock Bridge Gold Trend: Corcaskea Gold Target

 

The scout drilling programme at the Corcaskea gold target, which forms part of
the overall Clontibret gold target, consisted of three holes for a total of
666.2 metres.

 

The drilling intersected gold outside the current Clontibret resource area and
to depth which demonstrates that the Clontibret resource is still very much
open in all directions. The drilling is approximately 200 metres north from a
previous drill hole which intersected 8.3 g/t gold over 0.5 of a metre (as
announced by the Company on 2nd February 2023).

 

 Hole Id     Length (m)  Grade (g/t)  From (m)     
 COR-23-001  1.4         0.7          45.9         
 COR-23-003  1.0 2.5     0.4 0.6      154.0 199.0  

           (Only intercepts of 0.3 g/t or greater are presented).

 

A series of shallow dipping mineralised lode structures have been interpreted
at Corcaskea which is different to the lode structures at the Clontibret
deposit which are relatively steep dipping. Some of the mineralised lode
structure intersected in the recent drilling suffered from poor core recovery
particularly the 1.4m @ 0.7 g/t Au from 45.9m which recorded less than 45%
recovery.

 

Orlock Bridge Gold Trend: Corraweelis Gold Target

 

The scout drilling programme at the Corraweelis gold target, which lies within
the overall Slieve Glah gold target area, consisted of two holes for a total
of 544.7 metres.

 

The programme was designed around a deep overburden sampling programme which
gave highly anomalous gold values. 81 deep overburden samples were previously
collected of which 28 samples recorded assay results above 10ppb Au, with 14
samples returning assay results greater than 100 ppb Au. Two samples of 1,160
ppb Au (1.16 g/t Au) and 1,425 ppb Au (1.425 g/t Au), respectively, were
previously recorded at the Corraweelis gold target (as announced by the
Company on 23rd March 2023).

 

The Corraweelis target area is over a 1km northeast from previous drilling and
1.5km northeast from drill hole SG-01-08 which intersected 1.0m @ 1.5 g/t gold
from 94.0m.  

 

 Hole Id      Length (m)   Grade (g/t)  From (m)           
 3130-23-001  1.0 1.2 1.0  0.4 0.3 0.3  122.0 146.9 157.0  
 3130-23-002  1.0 1.0      0.3 0.3      129.0 138.0        

           (Only intercepts of 0.3 g/t or greater are presented).

 

These drill hole results are the first gold-in-bedrock intersections in the
Corraweelis gold target area. The Corraweelis gold anomaly extends over a
length of 500m which is still open at both ends and is 200m wide. Both drill
holes crossed the width of the gold anomaly, one on the very south-western end
and the other on the north-eastern portion.

 

Orlock Bridge Gold Trend: Dunraymond Gold Target

 

A drilling programme consisting of two holes (3028-23-001 and 3028-23-002) for
a total of 582.6 metres at the Dunraymond gold target, which lies within the
overall Glenish gold target, has also been completed.

 

The drilling tested interpreted structures within a large (550m by 600m) deep
overburden geochemical gold anomaly which has previously been identified at
Dunraymond through 363 deep overburden samples, collected on a c.50m grid
basis. These samples included gold values of up to 447 ppb Au (as announced by
the Company on 4th September 2023).

 

The drill holes were located over 700m from the previous drilling (Drill hole
GL10) in Glenish, which gave assay results of 2.3m @ 2.7 g/t gold from 18.0m,
and over 750m from an outcrop where the Company intersected 1.0m @ 9.4 g/t
gold.

 

Drill hole 3028-23-001 tested the large Glenish fault zone within the
geochemical gold anomaly and intersected it from 179.4m to 233.6m, i.e. the
end of the drill hole, giving a 54.2m intersection. Only minor mineralisation
was associated with this fault zone. Analytical results are awaited for
sampling on drill hole 3028-23-001.

 

Drill hole 3028-23-002 was drilled within the geochemical gold anomaly and
targeted on a linear feature. This linear feature has been shown to be a large
dyke which was encountered from 136m to 147.1m (11.1m intersection).

 

 

 

 

 

Skullmartin Gold Trend: Creenkill Gold Target

 

Scout drilling has continued at the Creenkill gold target with an additional
seven holes for a total of 1,094.9 metres completed. These drill holes have
added significantly to the geological understanding of the Creenkill gold
target.

 

To date the Company has identified three distinct occurrences for the gold
mineralisation within the Creenkill gold target. The first was identified in
an outcrop of quartz breccia with disseminated visible gold and which has
yielded assay results of up to 123.0 g/t gold. The second occurs in a quartz
vein with values up to 2.7 g/t gold. The third occurrence is in a fault gouge
where channel sampling previously returned assay values of 1.7 g/t gold.

 

The Creenkill gold target, though at an early stage of understanding, is
particularly exciting as it is now seen to form part of the newly identified
24km (15 miles) Skullmartin gold trend which itself is still open along strike
and lies parallel to, and south of, the Orlock Bridge Fault Zone.

 

 Hole Id    Length (m)  Grade (g/t)  From (m)    
 C3-23-005  0.5         2.4          47.7        
 C3-23-007  0.5 0.5     0.3 0.5      52.5 273.0  
 C3-23-008  0.3         0.3          65.5        

          (Only intercepts of 0.3 g/t or greater are presented)

 

All samples were analysed by ALS (OMAC Laboratories) Loughrea using Au-ICP21
(Au by fire assay and ICP-AES 30g sample).

 

To gain further understanding of the gold deportment, a further 15 coarse
reject samples from Creenkill underwent additional analysis with assay method
Au-SCR24. The 0.5m @ 2.4 g/t Au sample (hole CS-23-005) returned a similar
total gold value, however there was a significant component in the plus 100
micron fraction which assayed 15.0 g/t Au indicating a coarse gold
environment.

Work on the Creenkill gold target continues to enhance the Company's knowledge
of this area where we have visible gold and grades of up to 123 g/t Au and
which forms a key part of the newly identified 24km (15 miles) Skullmartin
gold trend.

 

The Orlock Bridge and Skullmartin gold trends in the Longford-Down Massif in
Ireland were discovered by the Company and both are district scale gold
trends. The Orlock Bridge gold trend extends for over 65km while the newly
discovered Skullmartin gold trend extends for over 24km.

 

A total of 2921.4m and 14 drill holes have been completed in the above scout
drilling 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: 

 

"I am very pleased that the Joint Venture has enabled the Company to carry out
an extensive scout drilling programme which has added considerably to our
knowledge of the geology and mineralisation of the two district scale gold
trends which the Company has discovered."

 

 

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                                                                                                                      
 Peterhouse Capital Limited (Broker) Lucy Williams / Duncan Vasey  Lothbury Financial Services  Tel: +44-20-7469-0930    Tel: +44-20-3290-0707  
 Michael Padley                                                                                                                                 
                                                                                                                                                
 Hall Communications                                                                            Tel: +353-1-660-9377                            
 Don Hall                                                                                                                                       

 

 

Visit the website at: www.conroygold.com

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