Business
1 million ounce gold resource reported at Clont...
1 million ounce gold resource reported at Clont....
About this update from Conroy Gold & Natural Resources Plc
[{"type":"text","content":"\n \n 1 July 2008\n\n Conroy Diamonds and Gold plc \n\n (\"Conroy Diamonds and Gold\" or the \"Company\") \n\n 1 MILLION OUNCE GOLD RESOURCE \n\n REPORTED AT CLONTIBRET \n\n * Indicated Resources Now Stand At 440,000 Ounces; 590,000 Ounces Inferred\n \n * New Total Relates To Only 20 per cent Of The Clontibret Target Area\n \n * Ongoing Drilling Programme Expected To Increase Total Resources\n \nConroy Diamonds and Gold (AIM: CDG) announces a substantial upgrading, to over\n1 million ounces, of the JORC-compliant gold resource at its Clontibret project\nin Ireland. This follows further evaluation and appraisal work by independent\nmining consultants G. Zandonai et al on the earlier announced estimates. The\ndirectors believe that this is the first gold resource of over 1 million ounces\nto be reported in Ireland or the UK.\n\nThese latest JORC-compliant Mineral Resources relate to an area amounting to\nonly 20 per cent. of the Clontibret target anomaly. Infill drilling is ongoing\nin this area and is expected to increase the Mineral Resource. Drilling has\nalso commenced at other sites within the remaining 80 per cent of the\nClontibret target anomaly.\n\nUsing a 0.75 g/t cut-off (previously 1.00g/t), which brings the Company in line\nwith its peer group, the Indicated Resources now stand at 11.0 million tonnes\ngrading 1.24 g/t for 440,000 ounces gold contained.\n\nTotal Mineral Resources, also at a 0.75 g/t cut-off, amount to 25.0 million\ntonnes grading 1.28 g/t for 1,030,000ounces gold contained. (Using the previous\n1.00g/t cut-off, the new total represents a 70 per cent increase on the\npreviously announced Mineral Resources).\n\nIndicated Resource Tonnes (Mt) 11.0 \n Grade g/t @ 0.75g/t cut-off 1.24 \n Resource ounces gold 440,000 \n \nInferred Resource Tonnes (Mt) 14.0 \n Grade g/t @ 0.75g/t cut-off 1.32 \n Resource ounces gold 590,000 \n \nTotal Resources Ounces Gold 1,030,000 \n\nThe Mineral Resources have been estimated in accordance with international\nstandards compliant with the JORC classification.\n\nCommenting today, Chairman, Professor Conroy said: \"We are very pleased to have\nachieved our initial target of over 1 million ounces of gold in only 20 per\ncent of the Clontibret target with an increase in Indicated Resources to over\n400,000 ounces. The revised cut-off grade brings us in line with our peer group\...