CGNR Conroy Gold & Natural Resources Plc

8 May 2024

Conroy Gold and Natural Resources plc

("Conroy Gold" or "the Company")

ENCOURAGING DRILLING RESULTS ON BASE METAL TARGET

• Zinc and lead mineralisation intersected in two scout drill holes

• 30.0 metres intersection at 0.42% Zn + Pb from 9.0 metres

• 1.0 metre intersection at 1.05% Zn + Pb from 20.0 metres

• Drilling results confirm mineralisation in extensive (20km2) zinc zone
• Provides Board of the Company confidence that further drilling is warranted

Conroy Gold and Natural Resources PLC (AIM: CGNR) is pleased to announce results from two scout drill holes on its Mountain Lodge base metal target, in Northern Ireland, in the northern section of the extensive (20km2) zinc zone which the Company has discovered in the Longford - Down Massif in Ireland.  

The Mountain Lodge and adjacent Wolf Island base metal targets are located to the south east of the precious metals target area at Clay Lake where the Company has made significant gold discoveries.

The two drill holes, (ML-22-004 and ML-22-005), totalling 464.0m, have tested a 275 metre portion of the 800 metre wide section of the Zinc in soil anomaly at the Mountain Lodge target.

Drill hole ML-22-004 was drilled to a down hole depth of 182.0 metres, at a 50 degree dip. The drill hole intersected 30.0 metres at 0.42% combined Zinc and Lead from 9.0 metres including 3.0 metres at 0.83% Zinc and Lead combined from 34.0 metres.

Drill hole ML-22-005, 100 metres to the east of drill hole ML-22-004, was drilled to a down hole depth of 264.0 metres, at a 50 degree dip. The drill hole intersected Zinc and Lead mineralisation including 25.0 metres grading 0.26% Zinc and Lead combined from a down hole depth of 11.0 metres and including 1.0 metre grading 1.05% Zinc and Lead combined from 20.0 metres.

The two scout drill holes demonstrate that wide zones (30 metres and 25 metres) of Zinc mineralisation are present at a low grade. Only a 275 metre portion of the 800 metre wide section of the Zinc soil anomaly has been tested to date. This leaves over 500 metres of width to the West, where some of the highest Zinc in soil values (3,700ppm Zn) have been returned.

Further drilling of the anomaly to test for higher grades in this large Zinc anomaly will be carried out.

The sphalerite (Zinc ore) mineralisation at Mountain Lodge occurs in fractures around small shear zones as well as in quartz veins.

Zinc and Lead intercepts from drill holes ML-22-004 and ML-22-005 at Mountain Lodge include:

(Only intercepts of 1 metre or greater with 0.25 % Zn+Pb combined or greater are presented)

All samples were analysed by ALS (OMAC Laboratories) Loughrea using trace level four-acid digestion with ICP-AES analysis ME-ICP61 25g.

Base metal licences in Northern Ireland are issued by the Department for the Economy, Northern Ireland. In relation to precious metals Mines Royal options have been issued to the Company by the Crown Estate.  There are separate work commitments for base metals and precious metals.

This release has been approved by Kevin McNulty PGeo, who is a member of the Company's technical staff and holds a BSc/MSc in Geology and Remote Sensing, in accordance with the guidance note for Mining, Oil & Gas Companies issued by the London Stock Exchange in respect of AIM Companies, which outlines standards of disclosure for mineral projects.

Professor Richard Conroy, Chairman, commented: 

"These results from the first scout holes in this extensive anomaly are encouraging. The wide intersections indicate the potential for base metals in an area which was once known as the Armagh Monaghan Mining District.  We look forward to following up, in due course, on the positive base metal results which these scout holes have demonstrated, in addition to progressing the Company's highly successful gold exploration programme in the region."

For further information please contact:

Visit the website at: www.conroygold.com