REG-Conroy Gold & Natural Resources Plc: Operational Update

Conroy Gold and Natural ResourcesAnnouncement

13/02/2025 07:15

 13 February 2025


 

Conroy Gold and Natural Resources PLC

(“Conroy Gold” or “the Company”)

 

OPERATIONAL UPDATE

 
* Company re-logging programme for Clontibret is well advanced and
construction of 3D geological model has commenced. 
* Discussions with strategic and financial partners to fund next major
investment cycle in the “Discs of Gold” project continue. 
* Company’s plans for 2025 include application to the EU for recognition of
Clontibret as a strategic minerals (antimony) project.
Conroy Gold and Natural Resources PLC (AIM: CGNR) today provides an update on
the operational and strategic progress with its “Discs of Gold” project in
Ireland.  

 

The re-logging programme for the Clontibret drill core is ongoing with work
having commenced on the construction of a more robust 3D geological model
beginning with the cross sections in the existing deposit where the re-logging
is complete. This work contributes to the Company’s ongoing discussions with
potential strategic and financial partners on defining and funding the next
cycle of major investment in the “Discs of Gold” project. It also supports
the Company’s planned application to the European Union for recognition of
Clontibret, with its antimony (Sb) potential, as a strategic project under the
European Critical Raw Materials Act of 2024.

 

Mr. John Sherman, the Company’s Chairman, commented:

“The Company continues to actively engage with interested parties to develop
partnerships to accelerate and fund the next phases of the “Discs of Gold”
project. The re-logging programme, including the work on the antimony
potential of the Clontibret target, is helping to define and prioritise the
investment choices to best progress the Discs of Gold project and build
shareholder value.”  

 

Re-logging programme for Clontibret

Conroy Gold is progressing its re-logging programme on 16,000+ metres of drill
core at Clontibret, including the near completion of the portable XRF
(“pXRF”) analyses for the entire Clontibret gold deposit and target. The
objective of the programme is to identify controls to the mineralisation
enabling the Company to target high grade zones at depth.

The re-logging effort has allowed for a consistent logging approach and pXRF
analyses of all Clontibret core held by the Company, including that drilled by
former partners and operators. Significant information is emerging from the
programme, including the overall geometry of folded geology in the
deposit.  

The pXRF analysis across the drill core at the Clontibret gold deposit, taken
at one reading every 0.5m, is expected to help identify alteration envelopes
that can be used to target high grade gold mineralisation at depth.
 Similarly, the pXRF information will help define the controls to the
antimony mineralisation in the deposit.  

The re-logging programme is therefore enabling the construction of a 3D
geological model to help enhance the Company’s understanding of the controls
to mineralisation, particularly in relation to the Fosterville deposit model
where grades increase at depth. Construction of this model has commenced
starting with cross sections in the existing deposit where the re-logging is
complete.

The pXRF being used in this work is a Bruker S1 Titan hand-held x-ray
fluorescence device which is designed as a “point and shoot” analyser that
is calibrated for “GeoChem” meaning it is optimised for mining,
exploration and grade control.  This calibration includes full light element
support via dual phase measurement.

Operating plan for 2025

The overriding priority of the Company is to secure asset level investment
from strategic and/or financial partners to underwrite the next cycle of major
investment into the “Discs of Gold” project.   The upgrading of the
geological model will provide a robust foundation upon which follow up drill
programmes will be based.  It will also enhance the structural understanding
of the system enabling the use of alteration halos as a vector to potential
higher-grade zones within the system.  The Board of Conroy are hopeful that
the work in respect to antimony could unlock support for a portion of the
project from the European Union.

Continuation of re-logging programme

The remainder of the first half of 2025 will see the Conroy Gold geological
team complete its re-logging programme at Clontibret and begin to incorporate
drill core from the remaining targets across the Company’s licence areas
beginning with its Clay Lake target.

Since the last resource update for Clontibret in 2017, additional drilling at
Clontibret intersected a large stockwork zone (95m @ 1.0g/t Au) associated
with the Orlock Bridge Fault zone.  A similar broad zone of mineralisation
was intersected in a shear zone c.7km to the northeast at Clay Lake gold
target (100m @ 0.6g/t Au) in 2023.  Geochemical anomalism extends for the
entirety of this c.7km corridor with negligible drill testing, and the styles
of gold mineralisation indicates the potential for multiple hydrothermal
events which are considered favourable for the formation of large gold
deposits.  The geological model that will result from the re-logging
programme at both ends of this corridor (being Clontibret and Clay Lake) is
anticipated to help identify controls to mineralisation and progress /advance
each target and realise the full growth potential of the emerging gold
district in Conroy Gold’s license area.

Application for Clontibret for designation as a European strategic raw
materials project

The Company intends to apply to the European Commission for recognition of its
Clontibret project with its antimony potential as a strategic project under
the European Critical Raw Materials Act 2024 (“ECRMA”). The next call for
applications is expected to be issued over the coming months.  The ECRMA aims
to administratively and financially support strategic projects along the
critical raw materials value chain to support supply continuity.

The Clontibret gold deposit is sited on a historic antimony mine.  Antimony
is designated as a critical material by the European Union and the UK;
increasing demand coupled with newly constrained supply means the metal is
seeing record high prices.  One focus in the ongoing upgrade of the overall
geological model for the Clontibret deposit is the antimony mineralisation,
controls and its potentially significant contribution to project economics at
current prices.

Identification of further targets for future drilling on the Skullmartin gold
trend

The Skullmartin gold trend discovered by the Company in 2022 is located to the
south of the Orlock Bridge gold trend.  It extends for over 24km and
presently comprises two exploration gold targets at Creenkill (C3 licence) in
Northern Ireland and the Bocks (PL4554) in the Republic of Ireland.  The
Company has carried out a soil sample programme spanning six Prospecting
Licences (PLs 3397, 3398, 4235, 4248, 4554 and 4561) in the Republic of
Ireland to identify additional targets along the Skullmartin trend. 

The Company collected 468 soil samples across the region on a 1km2 or 500m2
bases; the collection comprised of 116 samples on PL3397, 28 samples on
PL3398, 25 samples on PL4235, 131 samples on PL4248, 63 samples on PL4554 and
105 samples on PL4561.  A pXRF was used to collect data on these samples
before dispatch to ALS OMAC Laboratories Limited, Loughrea for multi element
analysis.  The pXRF analyses show encouraging values of anomalous arsenic
(>90ppm As) and antimony (>45ppm Sb) particularly on the southwestern section
of the Skullmartin gold trend in PL3397 and PL3398.  Arsenic and antimony are
known pathfinder elements to gold mineralisation in the Longford-Down massif.

About the “Discs of Gold” Project

Conroy Gold’s “Discs of Gold” project in Ireland is defined by two
parallel district scale gold trends, extending over c.90km, which are 100%
held under license by the Company, and anchored by the Clontibret gold
deposit.  The Clontibret target area contains a currently defined 517Koz gold
resource @ 2.0 g/t Au (320Koz Au Indicated and 197Koz Au Inferred (2017))
which remains open in multiple directions. The Company has identified a
further seven gold targets in its license area with the Clay Lake and
Creenkill gold targets being of particular interest.  Gold occurs in multiple
styles in the Company’s license area, including free gold, refractory gold
in arsenopyrite and gold associated with pyrite and antimony (stibnite),
suggesting multiple hydrothermal events seeded the deposit. There are clear
geological analogies between the “Discs of Gold” targets and large gold
deposits in Southeastern Australia and Atlantic Canada.

 

For further information please contact:

 

 Conroy Gold and Natural Resources plc                                                          Tel: +353-1-479-6180                            
 John Sherman, Chairman Maureen Jones, Managing Director                                                                                        
 Allenby Capital Limited (Nomad)                                                                Tel: +44-20-3328-5656                           
 Nick Athanas/Nick Harriss                                                                                                                      
 Peterhouse Capital Limited (Broker) Lucy Williams / Duncan Vasey  Lothbury Financial Services  Tel: +44-20-7469-0930    Tel: +44-20-3290-0707  
 Michael Padley                                                                                                                                 
 Hall Communications                                                                            Tel: +353-1-660-9377                            
 Don Hall                                                                                                                                       

Visit the website at: www.conroygold.com

 

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