Business
New gold-in-soil anomaly discovery
New gold-in-soil anomaly discovery.
About this update from Conroy Gold & Natural Resources Plc
[{"type":"text","content":"\n \n 5 February 2009\n\n Conroy Diamonds and Gold Plc \n (\"Conroy\" or \"the Company\") \n\n AIM: CDG \n\n New gold-in-soil anomaly discovery \n\n * Highest value of 1.5g/tonne gold; average gold-in-soil values twice those \n previously recorded at Clontibret and highest recorded by the Company to\n date\n \n * Anomaly could be the source of the Clay Lake gold nugget discovered in the\n 1980s\n \n * Located approximately 7km north-east of the Clontibret resource which was\n over one million ounces\n \nConroy is pleased to announce the discovery of an extensive new gold-in-soil\nanomaly at its Clay Lake target in Co. Armagh, Ireland. Gold-in-soil Values\nranging up to 1,531 parts per billion (\"ppb\") gold (1.53g/tonne) have been\nreturned, the highest values reported from the Company's Irish exploration\nlicences to date.\n\nThe new find is located some 7km north-east of the Company's Clontibret\ndiscovery in Co Monaghan, Ireland where a JORC-compliant resource of over one\nmillion ounces of gold has been identified across 20 per cent. of the target\narea. The anomaly measures about 2km by 1km (141 ha), which is larger than\nClontibret, and the average gold-in-soil values are twice the average recorded\nat Clontibret to date.\n\nMore than 80 soil samples were collected at Clay Lake, returning average\ngold-in-soil values of over 50ppb, with six greater than 100ppb and a highest\nvalue of 1,531ppb. These results are higher than known anomalous gold-in-soil\nvalues in this terrain.\n\nThe anomaly is named after the Clay Lake nugget containing 28g of gold, found\nin a stream bed in the 1980s. The source of this nugget has not yet been found\nand identifying the source of this nugget has been one of the main objectives\nof the Company's exploration programme in the area for some time. The directors\nare hopeful that the new discovery may be the source of the Clay Lake nugget.\n\nCommenting today, Chairman, Professor Richard Conroy said:\n\n\"We have long held the view that the Clay Lake nugget is clear evidence of the\narea's gold potential, and we have actively been seeking the source of this\nnugget for a number of years. These latest results, with the highest\ngold-in-soil values encountered anywhere in our licence area, may well indicate\nthat the source of the nugget lies within the new anomaly. It could well be the\nJewel in...