15th Aug 2005 07:00
Conroy Diamonds & Gold PLC15 August 2005 August 15, 2005 Conroy Diamonds and Gold Plc ("Conroy") Conroy confirms presence of prominent gold-bearing structure at Tivnacree • Follow-Up From Earlier Discovery Points To 350m Strike Length • Drilling Programme Expected To Commence Later This Month • Bed Rock Sampling Underway On New Targets Announced Earlier This Year AIM-quoted Conroy Diamonds and Gold Plc is pleased to announce that follow-upwork at its Tivnacree gold prospect in County Armagh has confirmed the presenceof a prominent gold-bearing structure which appears to have a strike length ofat least 350m. The approximate trend of the structure is north-south, the sameas that of the company's Cargalisgorran gold deposit which is located about 1kmto the north-east. The original Tivnacree discovery resulted from shallow regional soil samplingwhich outlined a large (300m by 250m) gold-in-soil anomaly. This wassubsequently trenched, and two shallow holes were drilled which intersectedquartz veining and low-grade gold mineralisation. Because of more pressingpriorities on other gold prospects within Conroy's portfolio, the follow-up workprogramme planned to better define the structure at Tivnacree was deferred. Conroy has now returned to the prospect, which it has always regarded as asignificant discovery in a previously untested area, and completed close-spaceddeep overburden sampling of the discovery. Over 100 samples were collected, mostof them from bedrock surface. Gold values in rock chip samples range up to 1,113parts per billion (1.1gram/tonne) which the directors view as highlyencouraging. This latest work has given Conroy a much better understanding of the mineralisedstructure at Tivnacree and enabled it to lay out a programme of follow-updrilling to test the extent of gold mineralisation. Drilling is expected tocommence later this month. Concurrently, Conroy is progressively undertaking follow-up, close-spacedgeochemical and bedrock sampling on the ten new targets announced in April thisyear in a 20km2 section of the Armagh-Monaghan Gold Belt between the known goldoccurrences at Tullybuck-Lisglassan and Glenish. Conroy has attached particular importance to this programme as these targets alllie within one of the three areas identified as being "highly prospective" bySRK Consulting in its 2004 review of Conroy's Irish gold properties. It isfocussing on these three areas because they appear to relate to intersections ofmajor deep-seated lineaments and the Orlock Bridge Fault. Such lineaments are ofparticular significance because many economic gold deposits elsewhere in theworld are found on or near such structures. Further Information: Professor Richard Conroy, Chairman Conroy Diamonds and Gold Plc. Tel:00-353-1-661-8958Charles Dampney, City Capital Securities Ltd. Tel: 020-7822-7107Ron Marshman/John Greenhalgh, City of London PR Limited. Tel: 020-7628-5518Visit website at: www.conroydiamondsandgold.com This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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