Conroy Gold and Natural Resources plc’s (“Conroy Gold”) exploration and development projects are focused on Ireland and Finland.
Conroy Gold’s primary focus is the development of one or more gold mines along the two district scale gold trends which it has discovered in the Longford - Down Massif in Ireland. These district scale gold trends are the Orlock Bridge gold trend and the recently discovered Skullmartin gold trend lying respectively along the Orlock Bridge and Skullmartin fault zones.
The Orlock Bridge gold trend extends for 65km and the Skullmartin gold trend for 24km. Geochemical and geophysical surveys and structural interpretation from satellite imagery have identified a series of gold targets including a number which have through trenching and drilling have been confirmed as primary gold targets with gold in bedrock. All of the targets lie within the Company’s 100% held licences.
To date four primary gold targets have been discovered along the Orlock Bridge trend and a further primary gold target along the Skullmartin gold trend.
These are the Clay Lake gold target together with the Clontibret and Glenish primary gold which lie in the northeast of the Orlock Bridge gold trend and the Slieve Glah primary gold target which lies in the southwest of the same gold trend. Other gold targets lie elsewhere along the Orlock Bridge and Skullmartin gold trends.
The largest of the primary gold targets so far discovered, as defined by gold-in-soil results, is the Clay Lake gold target. The Clay Lake gold target extends for 3km in length and in places is up to 2km in width.
Drilling at Clay Lake has intersected 6.2g/t Au over 6.6 metres and 0.6g/t over 100 metres, the longest gold intersection recorded to date in the British Isles, while trenching has intersected 2.2g/t Au over 12.0 metres and 3.0g/t Au over 5.0 metres. These very wide intersections and high gold grades demonstrate significant potential for high tonnage and overall gold content in the Clay Lake gold target.
Drill results at the Clontibret primary gold target have shown high gold grades and intersections including: 24.4g/t Au over 1.0 metre, 21.6g/t Au over 1.2 metres, 9.2g/t Au over 3.9 metres and 6.1g/t Au over 5.0 metres.
A (JORC 2012) estimated resource of 320,000 Oz Au Indicated, 197,000 Oz Au Inferred, (517,000 Oz Au), at an overall grade of 2 g/t Au, has been established on a fraction of the Clontibret gold target area with the majority of the drilling to date to a depth of less than 200m and a maximum vertical depth of 350 metres.
A preliminary economic assessment (PEA) on the current gold resource at Clontibret at a gold price of US$1,372 (the current gold price is circa US$2,000) has been undertaken by independent consultants Tetra Tech, demonstrating both financial and technical viability with an NPV (8) US$72.3m and IRR 49.4% and payback within year 2.
The Clontibret gold deposit remains open in all directions, as well as to depth and excellent gold intersections, e.g. 16.6m at 6.5 g/t Au, have been recorded outside the current resource area.
The Glenish gold target, which is situated at the intersection of two major faults; the Orlock Bridge Fault and the Glenish Fault, comprises an extensive geochemical anomaly lying 7km to the southwest of the Clontibret gold target.
Channel sampling, at Glenish, has confirmed gold-in-bedrock with intersected grades up to 9.4g/t Au over 1.0 metre.
The Slieve Glah primary gold target area, located in the southwest of the Orlock Bridge gold trend, is associated with a significant geological flexure in the Orlock Bridge Fault Zone located and is regarded by the Company as a large and very promising target area. A series of gold targets, each approximately 3km in length, have to date been discovered in the Slieve Glah area.
The Creenkill primary gold target is located on the newly discovered Skullmartin gold trend which lies to the south of the Orlock Bridge Gold Trend.
Visible gold and assays up to 123.0 g/t gold (c.4 oz/t gold) have been recorded in a Quartz Breccia bedrock sample at Creenkill. Trenching at the target has returned grades of 64.3 g/t gold over a metre, crossing the Quartz Breccia zone.
Other gold targets have also been identified along the Skullmartin gold trend.
The Company’s Licence area in the Longford-Down Massif also has base metal potential, particularly for lead, zinc and antimony. An exceptionally large zinc-in-soil (100 km² with enhanced zinc values of 200 to 500 ppm) had been discovered by the Company in the north east of the Company’s licence area.
In Finland the Company’s primary focus is on exploration for gold in the Lapland gold belt. This region of Finland hosts Europe’s largest gold mine, the 4.4 million Oz Au Kittila gold mine. Conroy Gold believes that the Lapland gold belt is highly prospective for the discovery of a significant iron oxide copper gold (IOCG) deposit.
Ireland and Finland are mining friendly countries with established mining traditions and a favourable business climate. There is security of tenure and fiscal framework in both countries and excellent infrastructure and technical services readily available.