Conroy Gold reports more positive assay results from Clay Lake

14th Feb 2024 12:22

(Sharecast News) - Conroy Gold unveiled additional positive assay results from its ongoing drilling campaign at the Clay Lake gold target on Wednesday, within the Longford-Down Massif in Ireland.

The AIM-traded company disclosed significant gold zone intersections, indicating the potential for substantial tonnage and mineability.

It said the latest results stemmed from two drill holes on the Derryhennet section of the Clay Lake gold target.

Drill hole CGA-22-001 intersected a 38-metre gold zone at 0.9 grams of gold per tonne, with peaks reaching 3.2 grams per tonne, including a 31-metre segment at one gram of gold per tonne.

Additionally, drill hole CGA-22-008 revealed a 29-metre gold zone at 0.9 grams per tonne, with a subsection of 16 metres at 1.2 grams per tonne.]

The Derryhennet section, characterised by orogenic folded black carbonaceous shale hosting, spanned up to one kilometre in length and two kilometres in width.

Conroy Gold said the recent drilling confirmed a continuous gold Stockwork zone at Derryhennet, extending over 400 metres in length and still open for further exploration.

The findings underscored the potential for significant tonnage, overall gold content, and mineability in that part of the Clay Lake gold target.

Conroy Gold said it executed the drilling programme in collaboration with its joint venture partner Demir Export.

The completion of the two drill holes brought the total drilling effort to date at Derryhennet to 5,067 metres across 25 drill holes, as part of an eight-hole step-out drill programme totaling 2,303.3 metres.

All samples underwent analysis by ALS Loughrea, with Conroy Gold contemplating additional step-out drilling at the Derryhennet section of the Clay Lake gold target to further delineate the extent of the gold mineralisation.

"These results highlight the massive potential of the Derryhennet folded orogenic black carbonaceous shale hosted section of the Clay Lake gold target," said chairman Richard Conroy.

"The step-out drilling programme has previously intersected 40.5 metres at 1.2 grams of gold per tonne in the southwest of Derryhennet and, in this drilling to the northeast, 38 metres at 0.9 grams per tonne.

"Orogenic black carbonaceous shale hosted gold targets can contain multimillion ounce gold deposits such as those seen in Tien Shan and the world class Kinross Paracatu mine in Brazil in which the proven and probable resource levels are at a grade of 0.4 grams of gold per tonne."

At 0822 GMT, shares in Conroy Gold and Natural Resources were up 0.64% at 12.58p.

Reporting by Josh White for Sharecast.com.