CGNR Conroy Gold & Natural Resources Plc

29 January 2024

Conroy Gold and Natural Resources PLC

("Conroy Gold" or "the Company")

SCOUT DRILLING RESULTS ON FOUR GOLD EXPLORATION TARGETS

• Further demonstration that the Clontibret gold deposit is open in all directions

• Gold-in-bedrock assayed in Corraweelis (Slieve Glah) gold target

• Understanding of Creenkill gold target further enhanced

Conroy Gold and Natural Resources PLC (AIM: CGNR) is pleased to announce assay results from a series of scout drill holes on four gold targets- Corcaskea, Corraweelis and Dunraymond in the Orlock Bridge gold trend and Creenkill in the Skullmartin gold trend. The ongoing drilling programme is being carried out in conjunction with the Company's joint venture partner, Demir Export A.Ş ("Demir Export").

The Company's licenced areas over the Orlock Bridge and Skullmartin gold trends now cover an area in excess of 1,000km2. Geophysics and geochemical sampling have shown a series of targets over both gold trends. These targets require follow up exploration including scout trenching and/or scout drilling. A scout drill hole is a drill hole used to ascertain the presence of mineralisation or to explore an area in a preliminary manner.

Orlock Bridge Gold Trend: Corcaskea Gold Target

The scout drilling programme at the Corcaskea gold target, which forms part of the overall Clontibret gold target, consisted of three holes for a total of 666.2 metres.

The drilling intersected gold outside the current Clontibret resource area and to depth which demonstrates that the Clontibret resource is still very much open in all directions. The drilling is approximately 200 metres north from a previous drill hole which intersected 8.3 g/t gold over 0.5 of a metre (as announced by the Company on 2nd February 2023).

           (Only intercepts of 0.3 g/t or greater are presented).

A series of shallow dipping mineralised lode structures have been interpreted at Corcaskea which is different to the lode structures at the Clontibret deposit which are relatively steep dipping. Some of the mineralised lode structure intersected in the recent drilling suffered from poor core recovery particularly the 1.4m @ 0.7 g/t Au from 45.9m which recorded less than 45% recovery.

Orlock Bridge Gold Trend: Corraweelis Gold Target

The scout drilling programme at the Corraweelis gold target, which lies within the overall Slieve Glah gold target area, consisted of two holes for a total of 544.7 metres.

The programme was designed around a deep overburden sampling programme which gave highly anomalous gold values. 81 deep overburden samples were previously collected of which 28 samples recorded assay results above 10ppb Au, with 14 samples returning assay results greater than 100 ppb Au. Two samples of 1,160 ppb Au (1.16 g/t Au) and 1,425 ppb Au (1.425 g/t Au), respectively, were previously recorded at the Corraweelis gold target (as announced by the Company on 23rd March 2023).

The Corraweelis target area is over a 1km northeast from previous drilling and 1.5km northeast from drill hole SG-01-08 which intersected 1.0m @ 1.5 g/t gold from 94.0m.  

           (Only intercepts of 0.3 g/t or greater are presented).

These drill hole results are the first gold-in-bedrock intersections in the Corraweelis gold target area. The Corraweelis gold anomaly extends over a length of 500m which is still open at both ends and is 200m wide. Both drill holes crossed the width of the gold anomaly, one on the very south-western end and the other on the north-eastern portion.

Orlock Bridge Gold Trend: Dunraymond Gold Target

A drilling programme consisting of two holes (3028-23-001 and 3028-23-002) for a total of 582.6 metres at the Dunraymond gold target, which lies within the overall Glenish gold target, has also been completed.

The drilling tested interpreted structures within a large (550m by 600m) deep overburden geochemical gold anomaly which has previously been identified at Dunraymond through 363 deep overburden samples, collected on a c.50m grid basis. These samples included gold values of up to 447 ppb Au (as announced by the Company on 4th September 2023).

The drill holes were located over 700m from the previous drilling (Drill hole GL10) in Glenish, which gave assay results of 2.3m @ 2.7 g/t gold from 18.0m, and over 750m from an outcrop where the Company intersected 1.0m @ 9.4 g/t gold.

Drill hole 3028-23-001 tested the large Glenish fault zone within the geochemical gold anomaly and intersected it from 179.4m to 233.6m, i.e. the end of the drill hole, giving a 54.2m intersection. Only minor mineralisation was associated with this fault zone. Analytical results are awaited for sampling on drill hole 3028-23-001.

Drill hole 3028-23-002 was drilled within the geochemical gold anomaly and targeted on a linear feature. This linear feature has been shown to be a large dyke which was encountered from 136m to 147.1m (11.1m intersection).

Skullmartin Gold Trend: Creenkill Gold Target

Scout drilling has continued at the Creenkill gold target with an additional seven holes for a total of 1,094.9 metres completed. These drill holes have added significantly to the geological understanding of the Creenkill gold target.

To date the Company has identified three distinct occurrences for the gold mineralisation within the Creenkill gold target. The first was identified in an outcrop of quartz breccia with disseminated visible gold and which has yielded assay results of up to 123.0 g/t gold. The second occurs in a quartz vein with values up to 2.7 g/t gold. The third occurrence is in a fault gouge where channel sampling previously returned assay values of 1.7 g/t gold.

The Creenkill gold target, though at an early stage of understanding, is particularly exciting as it is now seen to form part of the newly identified 24km (15 miles) Skullmartin gold trend which itself is still open along strike and lies parallel to, and south of, the Orlock Bridge Fault Zone.

          (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).

To gain further understanding of the gold deportment, a further 15 coarse reject samples from Creenkill underwent additional analysis with assay method Au-SCR24. The 0.5m @ 2.4 g/t Au sample (hole CS-23-005) returned a similar total gold value, however there was a significant component in the plus 100 micron fraction which assayed 15.0 g/t Au indicating a coarse gold environment.

Work on the Creenkill gold target continues to enhance the Company's knowledge of this area where we have visible gold and grades of up to 123 g/t Au and which forms a key part of the newly identified 24km (15 miles) Skullmartin gold trend.

The Orlock Bridge and Skullmartin gold trends in the Longford-Down Massif in Ireland were discovered by the Company and both are district scale gold trends. The Orlock Bridge gold trend extends for over 65km while the newly discovered Skullmartin gold trend extends for over 24km.

A total of 2921.4m and 14 drill holes have been completed in the above scout drilling 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.

Professor Richard Conroy, Chairman, commented: 

"I am very pleased that the Joint Venture has enabled the Company to carry out an extensive scout drilling programme which has added considerably to our knowledge of the geology and mineralisation of the two district scale gold trends which the Company has discovered."

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Visit the website at: www.conroygold.com