Conroy Gold reports positive findings from Clay Lake drilling

6th Mar 2023 15:51

(Sharecast News) - Conroy Gold announced positive assay results from the first drill hole in its step-out drilling program at the Clay Lake gold target in the Longford-Down Massif on Monday.

The AIM-traded firm said the results included a gold intersection of 40.5 metres at 1.2 grams of gold per tonne, indicating good continuity of the gold stockwork zone at Derryhennet.

It said the hole was the first of a planned eight-hole, 2,000-metre drill programme on the Derryhennet section of the Clay Lake gold target in County Armagh.

The hole was located around 200 metres southwest of the nearest previous drill hole in the area, which intersected 52.5 metres of gold grading 0.5 grams per tonne in 2018.

Conroy described the Clay Lake target as a single large gold-in-soil anomaly, over 200 hectares in area and considerably larger in size than the Clontibret gold target.

The target is almost three kilometres in length and, in places, two kilometres wide.

Conroy Gold's joint venture partner Demir Export is carrying out the drilling programme at Clay Lake.

The hole was drilled to a downhole depth of 212.7 metres at an inclination of -60 degrees.

Gold mineralisation of 40.5 metres was intersected in a stockwork zone at a downhole depth of 135.5 metres.

The intersection would add further to the company's understanding and knowledge of the overall potential scale of the Clay Lake gold target, with further results to be announced as the drilling programme proceeded.

"This is an excellent start to the step-out drilling programme at Clay Lake and adds further to the overall gold potential of this new gold district," said chairman Richard Conroy.

"In addition to this drill programme work is also continuing on other gold targets and further results will be announced in due course."

At 1457 GMT, shares in Conroy Gold and Natural Resources were up 7.14% at 21.16p.

Reporting by Josh White for Sharecast.com.