• High resolution ground magnetic survey completed
• Potentially gold bearing structures identified
• Survey delineates multiple prospective magnetic targets for drilling
• Applications to be made over other gold and copper targets identified in Northern Finland
Conroy Gold and Natural Resources plc (AIM: CGNR), the gold exploration and development company focused on Ireland and Finland, is pleased to announce the completion of a detailed high resolution ground magnetic survey which has identified a series of drilling targets on its gold exploration acreage in the Sodankylä area of Northern Finland. The Company holds a total of eight gold exploration licences in Finland.
The high resolution ground magnetic survey data, in combination with multiple datasets, including geochemistry, aerial photography, digital elevation data and airborne geophysical data, has delineated a series of prospective drilling targets. Previous geochemistry in the Company’s permit area in Sodankylä has been encouraging with gold-in-soil values, of up to 4,470 Au ppb, and copper-in-soil values. Gold grains have also been observed in the till. The presence of the Nattanen granite suite and extensive haematitic alteration together with regional and local structural controls indicate Iron Oxide Copper Gold (“IOCG”) prospectivity.
The targets shown by the ground magnetic survey include two highly magnetic bodies, which are considered to be IOCG targets, together with a series of targets which are interpreted as being Shear Zone Hosted Gold targets.
The detailed high resolution ground magnetic survey consisted of 33 lines at 100m separation, ranging from 1km to 3km in length, for a total of 49 line kilometres covering an area c.4.5 km2. Finland is a mining friendly country with established mining traditions and highly prospective geology for
gold. Europe’s largest gold mine – the 4 million Oz Au Kittila gold mine – is situated in Northern Finland where the Company’s permit area is located. Finland has a favourable business climate, security of tenure and fiscal framework as well as excellent infrastructure and technical services readily available.
The Company is reviewing the results of its extensive exploration programme for gold in Finland which has included the collection and analysis of more than 2,300 regional samples, with a view to applying for
further gold exploration acreage in Finland.
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:
“The Company’s gold exploration programme in Finland is an extension of the Company’s highly successful gold exploration programme in Ireland which has led to the discovery of a new district scale gold trend on which the Company is currently finalising a joint venture agreement with the Koç family owned Demir Export A.S..
The results to date on the Company’s Sodankylä target are highly encouraging with a series of IOCG and Shear Zone hosted gold targets highlighted for drilling and the Company is commencing preparations for a drilling programme over these targets.”
For further information please contact:
Conroy Gold and Natural Resources plc Tel: +353-1-479-6180
Professor Richard Conroy, Chairman
Allenby Capital Limited (Nomad) Tel: +44-20-3328-5656
Nick Athanas/Nick Harriss
Brandon Hill Capital Limited (Joint Broker) Tel: +44-20-3463-5000
First Equity Limited (Joint Broker) Tel: +44-20-7330-1883
Lothbury Financial Services Tel: +44-20-3290-0707
Hall Communications Tel: +353-1-660-9377
Visit the website at: www.conroygold.com