Conroy Gld&nres Regulatory News (CGNR)

Conroy Gold & Natural Resources Plc - Drilling Demonstrates Extension of Clontibret Deposit

PR Newswire

London, January 17

18 January 2023

Conroy Gold and Natural Resources plc

(“Conroy Gold” or “the Company”)

STEP-OUT DRILLING DEMONSTRATES EXTENSION OF CLONTIBRET GOLD DEPOSIT TO NORTH-EAST

Conroy Gold and Natural Resources PLC (AIM: CGNR) is pleased to announce that assay results from three further drill holes from its step-out drilling programme at the Clontibret gold deposit have demonstrated an extension of the deposit for over 375 metres to the northeast. The drilling programme was carried out in conjunction with the Company’s joint venture partner, Demir Export A.? (“Demir Export”).

The three drill holes, totalling 1,053.4 metres, were drilled at -60 degrees. Gold mineralisation in bedrock was intersected in all three holes, in both the stockwork and in lode zones. Stockwork gold mineralisation was intersected over 375 metres to the north-east from the nearest previously intersected resource stockwork gold mineralisation.

Previous drilling had already identified gold mineralisation outside the anomalous gold-in-soil footprint at Clontibret which has a surface area of c.125 hectares. The current step-out drilling programme has extended the bedrock gold mineralisation further outside the surface gold-in-soil footprint. The deposit still remains open in all directions and to depth.

The first drill hole was located 270 metres from the previous resource drilling (announced by the Company on 6 October 2022) and reached a downhole depth of 342.0m. The gold mineralisation intersected in the stockwork included 14.0m @ 0.5 g/t Au. The drill hole also intersected two lode zones with grades of 2.0m @ 1.4 g/t Au including 4.4g/t Au over 0.5 metre and 2.0m @ 0.8 g/t Au including 2.6g/t Au over 0.5 metre.

Drill Hole Intersections:

• 2.0m @ 1.4 g/t Au from 107.0m

Including 0.5m @ 4.4g/t Au from 107.5m

• 2.0m @ 0.8 g/t Au from 112.0m

Including 0.5m @ 2.6 g/t Au from 113.0m

• 14.0m @ 0.5 g/t Au from 291m

Including 6.4m @ 0.8 g/t Au from 294.6m

The second drill hole was located 340 metres from the previous resource drilling and reached a down hole depth of 373.1m.

Drill Hole Intersections:

• 0.5m @ 0.7 g/t Au from 39.5m

• 0.4m @ 0.6 g/t Au from 98.6m

• 0.5m @ 1.2 g/t Au from 173.0m

• 3.6m @ 0.4 g/t Au from 287.0m

• 1.0m @ 0.4 g/t Au from 350.0m

The third drill hole was located over 375 metres from the previous resource drilling and reached a down hole depth of 338.3m.

Drill Hole Intersections:

• 0.5m @ 0.7 g/t Au from 65.0m

• 2.0m @ 0.4 g/t Au from 174.0m

• 2.0m @ 0.3 g/t Au from 184.0m

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

In the Clontibret gold deposit the stockwork represents a series of crosscutting veins and the lode zones are represented by a series of parallel sheet-like higher grade mineralised structures. The lithology of the drill core comprised arenaceous turbidite sediments and shales.

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 the extension of gold mineralisation in the Clontibret gold deposit demonstrated by these three holes in the step out drilling programme. The results extend the stockwork gold mineralisation over 375 metres to the northeast of the existing area and importantly it remains open in all directions and to depth. Future drilling will look to again extend the area and enhance the known resource.”

For further information please contact:

Visit the website at: www.conroygold.com