Conroy Gold & Natural Reso (CGNR.L) New gold mineralised outcrop discovery

Professor Richard Conroy, Chairman, commented: The discovery of a new area of bedrock gold mineralisation, combined with possible indications of gold from historical data, significantly increases the prospectivity of the Glenish gold target and gives further confirmation of the overall potential of the district scale gold trend which the Company has discovered.

The Glenish gold target is one of a series of gold targets along the trend and on another of these targets, Clontibret, the Company is looking to develop its first gold mine and is actively engaged in seeking a joint venture partner.

NEW GOLD MINERALISED OUTCROP DISCOVERY

  • New Discovery of Gold Mineralisation Enhances Prospectivity of the Glenish Gold Target
  • New Area of Gold Mineralisation Located Over 500m Northeast from Previous Gold-in-Bedrock
  • Historical Data Identifies Other Areas of Possible Gold Mineralisation Within the Glenish Licence

Conroy Gold and Natural Resources plc (AIM: CGNR), the gold exploration and development Company focused on Ireland, is pleased to announce the discovery of a new gold mineralised outcrop on its Glenish gold target in the Longford – Down gold trend discovered by the Company.

Channel sampling in the Glenish gold target has identified gold-in-bedrock, 1.0m @ 0.4 g/t Au, from an outcrop of Arenite gouge, with pyrite mineralisation. This newly discovered gold outcrop is located over 500m northeast from the gold-in-bedrock previously intersected by drilling enhancing the overall prospectivity of the Glenish gold target.

Further outcrops of Arenite gouge have also been identified c. 240m northeast, and c. 1,500m east, respectively, of the drilling location, but have not yet been assayed for gold. Pyrite mineralisation has, however, been observed in both of these outcrop locations.

The Glenish target is an extensive gold-in-soil geochemical anomaly situated on the intersection of two major geological faults: the Orlock Bridge Fault and the Glenish Fault.

The Glenish target is located c. 7km (c.4 miles) to the southwest of the Company’s Clontibret gold target, on which the Company proposes to develop its first gold mine, in the new district-scale gold trend which extends for 65km (40 miles) which the Company has discovered.

In addition, a review by the Company, of the Geological Survey of Ireland’s (GSI) online digital archive of historic data has identified areas within the Glenish Licence in which deep overburden sampling was conducted in 1987 and 1989. While the samples collected were not assayed for gold they were assayed for an associated element and the results suggest the possibility for further gold mineralisation 1km to the northeast and over 1.5km southwest of the currently known Glenish gold target.

These results will be followed up by the Company as part of its future exploration 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.


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