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MarketScreener Homepage  >  Equities  >  London Stock Exchange  >  Conroy Gold And Natural Resources Plc    CGNR   IE00BZ4BTZ13

CONROY GOLD AND NATURAL RESOURCES PLC

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Conroy Gold And Natural Resources : 2019 September 11 CGNR Gold and Antimony results from gold outcrop area

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09/11/2019 | 05:17am EDT

11 September 2019

Conroy Gold and Natural Resources plc

("Conroy Gold" or "the Company")

GOLD AND ANTIMONY RESULTS FROM GOLD OUTCROP AREA

Conroy Gold and Natural Resources plc (AIM: CGNR), the gold exploration and development Company focused on Ireland and Finland, is pleased to report further assay results from the gold outcrop discovered by the Company in October 2018 and from prospecting north of the Company's Clontibret gold deposit.

Highlights:

  • Channel sample extending over 90cm returned 3.1 g/t gold
  • Upstream boulder returns results of 3.9 g/t gold and 23.2 per cent. antimony

Following a dry period, stream water levels dropped allowing channel sampling of the previously reported mineralised outcrop (announced 22 October 2018). A channel sample of the outcrop over 90cm returned 3.1 g/t gold.

Geologically, the structure hosting this recently discovered mineralisation displays strong similarities to the Clontibret gold deposit and to the nearby bedrock gold occurrence at Corcaskea.

Prospecting further upstream (25 metres) discovered a boulder which has returned assay results of 3.9 g/t gold and 23.2 per cent antimony.

The new gold-antimony boulder discovery is 0.5 km from the historic antimony workings which lie in a different stream drainage system.

The boulder is not related to any bedrock mineralisation found to date and therefore provides further evidence of the scale of the mineralising system in the greater Clontibret area and that more gold in bedrock remains to be discovered.

The Board of Conroy believes the presence of gold mineralisation in this area is significant as it suggests that there may be a continuous mineralised zone between the Clontibret deposit and Corcaskea. High gold values have been reported in trenches at Corcaskea (16.5 metres at 6.5 g/t gold and 12 metres at 4.9 g/t gold).

Antimony was historically mined at Clontibret and indeed gold was first discovered in channel samples from the old antimony mine workings.

According to The British Geological Survey Risk List 2015, antimony is ranked second highest (after rare earth elements) on the relative supply risk index. Globally, the primary production of antimony is now isolated to a few countries and is dominated by China with relatively few other economic sources. Global resources and reserves of antimony are being depleting while demand is growing. Hence, antimony is currently deemed a critical and strategic material within the EU.

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:

"The demonstration of gold mineralisation between the Clontibret deposit and Corcaskea is potentially significant as it suggests that there may be a continuous mineralised zone and adds further evidence to support the 8.8M ounce gold exploration target. If the antimony in the area proves to be of an economic scale this would be a bonus."

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

Nick Athanas/Nick Harriss

Brandon Hill Capital Limited (Broker)

Tel: +44-20-3463-5000

Jonathan Evans

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

Disclaimer

Conroy Gold and Natural Resources plc published this content on 11 September 2019 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 11 September 2019 09:16:08 UTC

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Managers
NameTitle
Maureen Theresa Anne Jones Managing Director & Executive Director
Richard Thomas Walter L. Conroy Chairman
James Patrick Jones Secretary & Finance Director
James Garth Taylor Earls Independent Non-Executive Director
Brendan McMorrow Independent Non-Executive Director
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