Business
Indicated Gold Resource Upgrade
Indicated Gold Resource Upgrade.
About this update from Conroy Gold & Natural Resources Plc
[{"type":"text","content":"\n \n 17 December 2007\n\n Conroy Diamonds and Gold Plc \n\n (\"Conroy\", \"CDG\" or the \"Company\") \n\n CONROY TRIPLES INDICATED GOLD RESOURCE AT CLONTIBRET \n\n TO 200,000 OUNCES \n\n * Indicated Tonnes And Grade Increase By 108 per cent. And 64 per cent. \n Respectively\n \n * Total Inferred Resources Now 6m Tonnes Grading 2.4 grams per tonne (\"g/t\") \n Gold\n \n * JORC-Compliant Estimates Relate To Only 20 per cent. Of Target Anomaly\n \n * Company To Implement Scoping And Pre-Feasibility Study For Start-Up Mine\n \nA substantial upgrading of the JORC-compliant gold resource at its Clontibret\nproject in Ireland is announced by Conroy Diamonds and Gold plc (AIM: CDG)\nfollowing further evaluation and appraisal work on the earlier estimates. This\nhas resulted in higher grades in both Inferred and Indicated Resources and a\nthree-fold increase in ounces in the Indicated category to 200,000 oz.\n\nThese JORC-compliant resources are confined to an area amounting to less than\n20 per cent. of the Clontibret target anomaly.\n\nThe revised resource estimates are based on the generation of a new detailed\n3-dimensional orebody model, incorporating all existing data and utilizing\nrefined geological wire-frames and geostatistical correlations, including\narchive core and new assay results.\n\nUsing a 1 g/t cut-off, the Indicated Resources now stands at 2.7m tonnes\ngrading 2.3 g/t gold, representing a 108 per cent. rise in tonnage and a 64 per\ncent. improvement in grade on the earlier figures.\n\nTotal Inferred Resources, also at a 1 g/t cut-off, amount to 6m tonnes grading\n2.4 g/t for 460,000 oz contained, compared with the previous 12m tonnes at 1.3\ng/t for 500,000 oz contained.\n\n OLD NEW Change \n \nIndicated Resource Tonnes (Mt) 1.3 2.7 +108% \n \n Grade g/t @1g/t cut-off 1.4 2.3 +64% \n \n Resource Ounces 64,000 200,000 +213% \n \nInferred Resource Tonnes (Mt) 12 6 -50% \n \n Grade g/t @1g/t cut-off 1.3 2.4 +85% \n \n Resource Ounces 500,000 460,000 -8% \n\nFurther geological modelling of the overall target area at Clontibret has also\ngiven the Company a better understanding of the orebody, both in the immediate\nvicinity of the JORC-compliant resource and over the remaining 80 per cent. of\nthe target anomaly.\n\nCommenting today, chairman Professor Richard Conroy said: \"Our ongoing\nevaluation work at Clontibret ha...