Conroy Gold & Natural Resources Plc - Additional Clay Lake Drill Results

Conroy Gold & Natural Resources Plc - Additional Clay Lake Drill Results

PR Newswire

LONDON, United Kingdom, February 14

14 February 2024

Conroy Gold and Natural Resources plc

("Conroy Gold" or "the Company")

ADDITIONAL CLAY LAKE DRILL RESULTS

FURTHER WIDE GOLD ZONES REPORTED

• 38.0 metres gold zone intersection at 0.9 g/t gold with grades up to 3.2 g/t gold including 31.0 metres at 1.0 g/t gold

• 29.0 metres gold zone intersection at 0.9 g/t gold including 16.0 metres at 1.2 g/t gold

• Potential for high tonnage, overall gold content and mineability

Conroy Gold and Natural Resources PLC (AIM: CGNR) is pleased to announce assay results from a further two drill holes on the Derryhennet section of its Clay Lake gold target in the Longford-Down Massif in Ireland. The results included 31.0 metres gold zone intersection at 1.0 g/t gold (including grades up to 3.2 g/t gold) and a 29.0 metres gold zone at 0.9 g/t gold (including 16.0 metres 1.2 g/t gold).

The Derryhennet section of the gold target is an orogenic folded black carbonaceous shale hosted gold target and is up to 1Km in length and 2Km in width. The step-out drilling programme has confirmed good continuity of the gold Stockwork zone at Derryhennet which now stands at over 400 metres in length and is still open. The continued encountering in this programme of wide gold intersections at relatively shallow depths further indicates the potential for high tonnage, overall gold content and mineability in this part of the Clay Lake gold target.

The drilling programme is being carried out in conjunction with joint venture partner, Demir Export A.S ("Demir Export").

The two drill holes, which totalling 493.8m, complete an eight-hole (2,303.3m) step-out drill programme on the Derryhennet section of the Company's Clay Lake gold target bringing the total drilling to date at Derryhennet to 5,067.0 metres in twenty five drill holes. The overall Clay Lake gold target is 3Km in length and in places 2Km wide.

The first drill hole, CGA-22-001, was drilled to a down hole depth of 190.3 metres, at a 60 degree dip, and intersected a series of gold zones including 29.0 metres grading 0.9 g/t gold from a down hole depth of 26.0 metres and 31.0 metres at 1.0 g/t gold with grades up to 3.2 g/t gold within 38.0 metres grading 0.9 g/t gold from a down hole depth of 107.0 metres.

This hole was situated 300m to the northeast of the drill hole (CGA-22-005) which intersected 40.5 metres at 1.2 g/t gold and c.100.0m to the northeast of the drill hole which intersected 100.0 metres at 0.6 g/t gold, at a depth of 26.4 metres, which is believed to be the longest continuous gold intersection in the British Isles.

The second drill hole, CGA-22-008, was drilled to a down hole depth of 317.5 metres, at a 60 degree dip, and intersected 2.0 metres at 1.0 g/t gold from 126.0m, 4.0 metres at 1.1 g/t gold from 155.0 metres, 3.0 metres to 1.6 g/t gold from 267.0 metres and 2.0 metres at 1.0 g/t gold from 280.0 metres.

Intercepts from drill holes CGA-22-001 and CGA-22-008 at Derryhennet include:

CGA-22-001

• 1.0m @ 0.4 g/t Au from 10.0m
• 2.0m @ 0.3 g/t Au from 19.0m
• 29.0m @ 0.9 g/t Au from 26.0m inc. 16.0m @ 1.2 g/t Au from 26.0m
• 1.0m @ 0.6 g/t Au from 93.0m
• 1.0m @ 0.4 g/t Au from 103.0m
• 38.0m @ 0.9 g/t Au from 107.0m inc. 31.0m @ 1.0 g/t Au from 112.0m
• 1.3m @ 0.6 g/t Au from 172.0m

CGA-22-008

• 1.0m @ 0.3 g/t Au from 55.0m
• 2.0m @ 0.5 g/t Au from 59.5m
• 0.5m @ 0.8 g/t Au from 72.0m
• 2.0m @ 1.0 g/t Au from 126.0m
• 1.0m @ 0.3 g/t Au from 135.0m
• 4.0m @ 1.1 g/t Au from 155.0m
• 1.0m @ 0.3 g/t Au from 165.0m
• 1.0m @ 0.3 g/t Au from 169.0m
• 1.0m @ 0.6 g/t Au from 205.0m
• 1.0m @ 0.4 g/t Au from 219.0m
• 1.0m @ 0.3 g/t Au from 224.0m
• 4.0m @ 0.5 g/t Au from 229.0m
• 3.0m @ 1.6 g/t Au from 267.0m
• 2.0m @ 1.0 g/t Au from 280.0m

(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).

Following these excellent results further step-out drilling is being considered on the Derryhennet section of the Clay Lake gold target.

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:

"These results highlight the massive potential of the Derryhennet folded orogenic black carbonaceous shale hosted section of theClay Lake gold target.

The step-out drilling programme has previously intersected 40.5m at 1.2 g/t gold in the southwest of Derryhennet and, in this drilling to the northeast, 38.0m at 0.9 g/t gold.

Orogenic black carbonaceous shale hosted gold targets can contain multimillion ounce gold deposits such as those seen in Tien Shan and the world class Kinross Paracatu mine in Brazil in which the proven and probable resource levels are at a grade of 0.4 g/t Au."

For further information please contact:

Conroy Gold and Natural Resources plc	Tel: [phone]
Professor Richard Conroy, Chairman
Allenby Capital Limited (Nomad)	Tel: [phone]
Nick Athanas/Nick Harriss
Peterhouse Capital Limited (Broker) Lucy Williams / Duncan Vasey Lothbury Financial Services	Tel: [phone] Tel: [phone]
Michael Padley
Hall Communications	Tel: [phone]
Don Hall

Visit the website at: www.conroygold.com

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