23rd Mar 2012 07:00
23 March 2012 Conroy Gold and Natural Resources plc ("Conroy" or "the Company") Drilling Results at Clontibret Gold Project * Completion of latest phase of infill drilling
* 22.9 metres of 1.59 grammes per tonne (g/t) gold, including 14.55 metres of
2.28 g/t * 2.2 metres of 3.49 g/t gold * 3.4 metres of 2.51 g/t gold, including 1.8 metres of 4.34 g/t * Material for metallurgical studies now available
Conroy (AIM: CGNR; ESM: CGNR.I) is pleased to announce further results from its infill drilling programme at its Clontibret gold project in Co. Monaghan, Ireland which completes the latest phase of infill drilling totalling 3,258 metres.
This phase of the infill drilling programme concentrated on further definingthe resource area within the pit area as proposed in the scoping study by TetraTech Wardrop ("Tetra Tech"). Both lode zones and the stockwork zone wereidentified. The results confirmed good continuity with the known mineralisationin the area. These drill holes and the previous infill drill holes have alsoprovided geotechnical information for mine design purposes together with orematerial for metallurgical test work.All the drill holes reported here were angled holes. The results included goldintersections to a down hole depth of 265.5 metres, a vertical depth ofapproximately 188 metres. One drill hole intersected 2.2 metres of 3.49 g/tgold from 116.1 metres. It also intersected 22.9 metres of 1.59 g/t gold from232.95 metres including 14.55 metres of 2.28 g/t gold from 235.25 metres (seeTable 1 below).Table 1Drill Hole From (m) Intercept (m) Au (g/t) Intersection 116.1 2.2 3.49 Intersection 232.95 22.9 1.59 incl. 235.25 14.55 2.28A further drill hole drilled to a down hole depth of 185 metres (approximately142 metres vertically intersected 3.4 metres of 2.51 g/t from 51.10 metres,including 1.8 metres at 4.34 g/t gold. It also intersected 2.2 metres of 0.95 g/t gold from 76.5 metres and 2.3 metres of 1.23 g/t gold from 91.15 metres and2.0 metres of 0.73 g/t gold from 116.7 metres (see Table 2).Table 2Drill Hole From (m) Intercept (m) Au (g/t) Intersection 51.1 3.4 2.51 incl. 51.1 1.8 4.34 Intersection 76.5 2.2 0.95 Intersection 91.15 2.3 1.23 Intersection 116.7 2 0.73
A further drill hole in this series was drilled to a down hole depth of 210metres (approximately 148 metres vertically). This hole intersected 2.0 metresof 1.9 g/t gold from 85.0 metres, it also intersected 2.0 metres of 1.48 g/tgold from 132.5 metres and 2.0 metres of 0.79 g/t gold from 160.6 metres (seeTable 3 below).Table 3Drill Hole From (m) Intercept (m) Au (g/t) Intersection 85 2 1.9 Intersection 132.5 2 1.48 Intersection 160.6 2 0.79These results follow on from the Clontibret Gold Project Scoping Study Updateby Tetra Tech which showed an increase in the resource to over 600,000 ouncesgold prepared according to the Australasian Joint Ore Reserve Committee (JORC)guidelines, a mine life of 11.2 years, a payback period of two years, aninternal rate of return of 49.4 per cent. and a net present value, at an 8 percent. discount, of US $72.3 million at a base case gold price of US $1,372.This area only forms 20 per cent. of the Clontibret target with the remaining80 per cent. to be fully tested. The Clontibret target is one of five primarytargets identified by the Company along a 30 mile (50 Km) gold trend.This release has been approved by Kevin McNulty PGeo, who is a member of theCompany's technical staff, who holds a BSc/MSc in Geology and Remote Sensing,in accordance with the guidance note for Mining, Oil & Gas Companies issued bythe London Stock Exchange in respect of AIM Companies, which outlines standardsof disclosure for mineral projects.
Commenting, Chairman, Professor Richard Conroy said:
"I am very pleased with the on-going results of the infill drilling programme.These will allow us to continue our forward progress following the updatedscoping study by Tetra Tech with a view to developing an open pit gold mine
atClontibret."Further Information:
Conroy Gold and Natural Resources plc Professor Richard Conroy, Chairman Tel: +353-1-661-8958 Merchant Securities Limited (Nomad)
Simon Clements/Virginia Bull Tel: +44-20-7628-2200
Shore CapitalStockbrokers Limited(Broker) Jerry Keen/Bidhi Bhoma/Toby Gibbs Tel: +44-20-7408-4090 IBI Corporate Finance Limited (ESM Adviser)
Brian Farrell Tel:+353-1-637-7800 Lothbury Financial Services Michael Padley/Michael Spriggs Tel: +44-20-7868-2010 Hall Communications Don Hall Tel: +353-1-660-9377
Visit the website at: www.conroygoldandnaturalresources.com
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