Business
Further Gold Targets Identified
Further Gold Targets Identified.
About this update from Conroy Gold & Natural Resources Plc
[{"type":"text","content":"\n\n \n \n\n\n\n\n4 September 2023\n\n \nConroy Gold and Natural Resources plc\n(\"Conroy Gold\" or \"the Company\")\n \n6,000 METRES DRILLING COMPLETED: FURTHER GOLD TARGETS IDENTIFIED BY DEEP OVERBURDEN SAMPLING PROGRAMME \n \n\n6,000 metres drilling completed to date in Phase 1 of Joint Venture (\"JV\") programme \n\n500 samples in deep overburden (\"DOB\") sampling programme returned values of 10ppb Au or above with 2 samples returning values over 400ppb Au \n\nNew drilling targets over 5 licence areas identified by DOB sampling \n\n4 new anomalous gold areas identified in the vicinity of the newly discovered Creenkill gold target \n \nConroy Gold and Natural Resources PLC (AIM: CGNR), the gold exploration and development company focused on Ireland and Finland, is pleased to announce that over 6,000 metres of drilling has been completed to date in Phase 1 of the Company's joint venture with Demir Export AS (\"Demir Export\") in the Longford-Down Massif. Additionally, a deep overburden (\"DOB\") sampling programme has identified new drilling targets over five licence areas. 4 new anomalous gold areas have been identified in the vicinity of the newly discovered Creenkill gold target, in Co Armagh. The drilling and DOB sampling programmes are being carried out in association with the Company's JV partner, Demir Export.\n \nThe JV programme, which is an earn-in JV, is structured over three phases of work.\n \n\nPhase 1 - €4.5 million, plus minimum regulatory work commitments (\"MRWC\") on all JV licences (plus €1m on signing agreement) to earn an initial 25% across all of the JV licences.\nPhase 2 - €4.5 million, plus MRWC, to earn a further 15%.\nPhase 3 - all expenditure required to bring a given project to shovel ready status (including all planning and land acquisition costs) to earn a further 17.5% (total 57.5%) in that given project with Conroy Gold retaining the right to a 42.5% interest or to avail of one or other of the various options under the joint venture agreement, details of which have been previously announced.The DOB assay results reported in today's announcement form part of an on-going overall technical assessment, incorporating drilling together with extensive soil and deep overburden sampling and geophysics, across both district scale gold trends which t...