28th Jan 2016 11:25
LONDON (Alliance News) - Conroy Gold & Natural Resources PLC Thursday said a sampling programme at its project in Ireland has shown the Clay Lake and Cargalisgorran gold targets in County Armagh form a single, large, gold-in-soil target anomaly.
The single gold anomaly is over 200 hectares in area (around 500 acres), nearly 3.0 kilometres in length and, in places, 2.0 kilometres wide. Conroy will now try to confirm that the mineralisation in the anomaly stretches from one end to the other.
"This is a positive and exciting step forward and the new information supports the potential for the presence of very significant underlying resources at the Clay Lake Gold Target," said Chairman Richard Conroy.
Each end of the now single anomaly has already demonstrated there is gold in the bedrock and in the area between the northeast and southwest portions of the anomaly, intersections of low grade gold and black carbonaceous stockwork material have been encountered suggesting the possibility of continuity between the mineralisation events at either end of the anomaly.
Previous drilling intersections from the southwest end, where the Cargalisgorran gold target is located, include 7.5 metres at 5.58 grammes of gold per tonne of ore and trenching of 10.0 metres at 2.46 grammes of gold per tonne of ore.
Previous drilling at the north-eastern end has provided intersections including 100.0 metres at 0.56 grammes of gold per tonne including 11.5 metres at 1.55 grammes of gold per tonne and trenching of 5.0 metres at 3.02 grammes of gold per tonne.
Although the company has now confirmed the Clay Lake and Cargalisgorran gold targets form one single anomaly, the company still needs to demonstrate that the mineralisation continues in the area between either end of the anomaly.
Conroy shares were trading down 3.5% to 28.0 pence per share on Thursday morning.
By Joshua Warner; [email protected]; @JoshAlliance
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