14 September 2011
Conroy Gold and Natural Resources plc
("Conroy" or "the Company")
ADDITIONAL GOLD MINERALISATION AT CLONTIBRET
* New gold area discovered within proposed mining zone
* Higher grades continuing, including 1.05 metres at 11.24 grammes per tonne
(g/t) gold
* Increased widths of mineralisation confirmed, including 9.1 metres at 2.87g
/t gold
* Good continuity with previously established gold zonesConroy (AIM: CGNR; ESM: CGNR.I) is pleased to announce further results from its ongoing infill drilling programme at its Clontibret gold project in Co. Monaghan, Ireland where the Company plans to develop a conventional open pit gold mine.
The latest results add a new gold area within the proposed mining zone, which was identified in the Wardrop scoping study as announced on 7 February 2011. In addition, as well as confirming the higher grades and wider intersections previously reported, the results also demonstrate that there is lateral and vertical continuity within the previously established gold zones.
Gold intersections in an angled drillhole drilled to a down hole depth of 301.6
metres (approximately 213 metres vertically) in the latest series of
drillholes, included 3.6 metres of 2.22 g/t from 79.6 metres and 9.10 metres of
2.87 g/t gold from 117.7 metres, including 1.05 metres of 11.24 g/t gold from
123.5 metres (see Table 1 below). This hole was drilled approximately 65 metres
away from the nearest drillhole within the scoping study resource estimation
and thus represents a new area of gold mineralisation within the proposed pit
area of the mine.
Table 1
Drill Hole From (m) Intercept (m) Au (g/t)
Intersection 79.60 3.6 2.22
Intersection 117.7 9.1 2.87
incl. 123.5 1.05 11.24
Intersection 142.96 5.49 0.69
Intersection 181.68 2.32 3.31
Intersection 277.3 1.95 0.72
A further drillhole in this series was drilled to a down hole depth of 168
metres (approximately 119 metres vertically) and intersected 2.9 metres of 2.21
g/t gold from 64.5 metres, including 0.55 metres at 10.36 g/t gold (see Table 2
below) giving further confirmation and confidence in the continuity within the
established gold zones.
Table 2
Drill Hole From (m) Intercept (m) Au (g/t)
Intersection 64.50 2.90 2.21
incl. 65.85 0.55 10.36
Intersection 143.85 2.00 0.61
This release has been approved by Kevin McNulty PGeo, who is a member of the Company's technical staff, who 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.
Commenting, Chairman, Professor Richard Conroy said:
"I am delighted to see the continuing good results from the infill drilling with a new area of gold mineralisation identified. The results also confirm a sustained increase in the widths and gold grades together with continuity with previously established gold zones. It is another important step forward in the Company's plans to develop a gold mine at Clontibret."
Further Information:
Conroy Gold and Natural Resources plc Tel: +353-1-661-8958
Professor Richard Conroy, Chairman
Merchant Securities Limited (Nomad) Tel: +44-20-7628-2200
Simon Clements/Virginia Bull,
XCAP Securities PLC (Broker) Tel: +44-20-7101-7070
John Grant/ Karen Kelly/ David Lawman
IBI Corporate Finance Limited (ESM Adviser) Tel +353-1-637-7800
Brian Farrell
Lothbury Financial Services Tel: +44-20-7868-2010Michael Padley/Michael Spriggs
Hall Communications Tel: +353-1-660-9377
Don Hall
Visit the website at: www.conroygoldandnaturalresources.com
Background on Scoping Study
As set out in the Company's announcement dated 7 February 2011, a conventional open pit operation was designed by Wardrop Engineering Inc as part of the Scoping Study. Gold mineralisation at Clontibret occurs in two styles - high grade lode style mineralisation and disseminated gold in stockwork. The scoping study concentrated on the high grade lode zones and some higher grade zones within the stockwork at a minimum width of two metres with a total resource of over 500,000 oz gold. A pit optimisation commodity baseline of US$970/oz gold price was applied for the purposes of the study
The area of the Scoping Study comprises only 20 per cent of the Clontibret target. The remaining 80 per cent of the Clontibret target remains open and two other larger targets (Clay Lake and Glenish) lie in close (7km / 4.5miles) proximity. In total there are five large targets along a 50km gold trend.