12 February 2018
Conroy Gold and Natural Resources plc
("Conroy" or "the Company")
DRILLING COMMENCED ON CLONTIBRET GOLD DEPOSIT
- Two Drill Rigs on Site
- 1,000 Metres of Drilling Planned
- Increased Resource Targeted Together With Conversion of Inferred into Indicated Resources
- Extent of High Grade Gold Lodes Indicated by Channel Sampling in The Historic Tullybuck Antimony Mine Also Targeted
Conroy Gold and Natural Resources plc (AIM: CGNR), the gold exploration and development company focused on Ireland and Finland, is pleased to announce that the planned drilling programme on the Company's Clay Lake-Clontibret gold target in Ireland (announced on 29 January 2018) has now commenced. Two drill rigs have been mobilised to site.
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.
The drilling programme has been designed to:
- Upgrade the overall mineral resource at Clontibret.
- Convert inferred into indicated resources in order to apply mining parameters.
- Test extent of high grade gold lodes indicated by channel samples in the historic Tullybuck antimony mine.
The drilling is also planned to gain geotechnical information in relation to the Company's proposed gold mine at Clontibret.
A thousand metres of drilling is planned over a total of 10 drill holes, to a depth of up to 200 metres in this phase of drilling.
Further drilling will follow both on the Clontibret gold deposit and elsewhere on its 100 per cent. owned licences along the 65 km (40 miles) gold trend which the Company has discovered in the Longford-Down Massif.
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 pleased to announce the commencement of this drilling programme at the Clontibret gold deposit. The programme is designed to move the Company forwards towards commercialisation of the major gold property which it has discovered in Ireland. I look forward to updating shareholders as the drilling programme progresses."
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 |
| Virginia Bull/James Thomas/Nick Harriss | |
| Beaufort Securities (Broker) | Tel: +44-20-7382-8300 |
| Jon Bellis/Elliot Hance | |
| Lothbury Financial Services | Tel: +44-20-3290-0707 |
| Michael Padley | |
| Hall Communications | Tel: +353-1-660-9377 |
| Don Hall |
Visit the website at: www.conroygold.com
