Conroy Gold reveals 'excellent' Clay Lake drilling results

20th Dec 2023 12:40

(Sharecast News) - Conroy Gold reported positive assay results from its ongoing drill programme in the Derryhennet section of the Clay Lake gold target in County Armagh, Northern Ireland, on Wednesday.

The AIM-traded firm's joint venture partner, Demir Export, is collaborating on the drilling effort.

It said the results from two recent drill holes, CGA-22-003 and CGA-22-004, were particularly noteworthy.

CGA-22-003 reached a depth of 201 metres and revealed a 32-metre gold zone with an average grade of 0.7 grams of gold per tonne, with peak grades as high as 3.1 grams per tonne from a depth of 105 metres.

Meanwhile, CGA-22-004, drilled to a depth of 317.5 metres, intersected a remarkable 80-metre gold zone with an average grade of 0.5 grams of gold per tonne, including a segment of nine metres at a higher grade of one gram per tonne beginning at a depth of 33 metres.

The drilling results indicated the presence of significantly wide and shallow mineralised zones in the Clay Lake gold target.

Notably, the 80-metre intersection in CGA-22-004 was located 100 metres southwest of a prior discovery where Conroy Gold intersected 100 metres at 0.6 grams of gold per tonne, making it one of the longest continuous gold intersections in the British Isles.

The board said the consistency of the findings underscores both the continuity of the gold stockwork zone and the potential for further gold mineralisation.

It said the Clay Lake gold target, extending for three kilometres in length and up to two kilometres in width, was part of the more significant Orlock Bridge gold trend within the Longford-Down Massif in Ireland.

The trend, along with the adjacent Skullmartin gold trend, yielded several gold targets of interest.

In total, the recent drill programme at Clay Lake produced intercepts from both drill holes, totalling 518.5 metres.

Notable intercepts included a 32-metre zone at 0.7 grams of gold per tonne, including one metre at 3.1 grams per tonne from CGA-22-003, and an 80-metre zone at 0.5 grams of gold per tonne, including nine metres at one gram per tonne from CGA-22-004.

The company used ALS OMAC Laboratories Loughrea for sample analysis, employing the 'Au-ICP21' method.

"These excellent results reaffirm the potential of the Clay Lake gold target for both high tonnage and overall gold content and, taken in conjunction with the sheer size of the target, indicate that the Clay Lake gold target could be, in the board's view, of world-class significance," said chairman Richard Conroy.

At 1106 GMT, Conroy Gold and Natural Resources shares were up 0.69% at 14.6p.

Reporting by Josh White for Sharecast.com.