Drilling Update
26 Junho 2008 - 10:01AM
UK Regulatory
Drilling Update
Glencar Mining plc
26 June 2008
Drilling Update
Glencar intersects 36 metres at 4.7 grams/tonne plus 40 metres at 4.8
grams/tonne in best hole to date at Komana East
Glencar Mining plc , ("Glencar" or "the Company"), the AIM and IEX
listed company with gold exploration interests in Africa, is pleased
to announce assay results from the ongoing drilling campaign at
its Komana East target in southern Mali.
The Komana East assay results reported below relate to 13 additional
holes for which assay results have now been received. Assays from a
further 14 holes are awaited. During this drilling campaign at
Komana East, some 62 drillholes have now been completed for a total
of 8,459 metres of reverse circulation and diamond drilling. In
addition, a total of 2,970 metres of RAB drilling in 91 holes was
completed on the Gonka target, some 4.5 kilometres along strike to
the south of Komana East. While assays are awaited for all of the
holes drilled on the Gonka target, good visual indications of gold
mineralization were seen during the drilling programme there,
indicating that the mineralised structure extends as far south as
Gonka, at least. Drilling at Komana was suspended on June 21st for
the rainy season and will recommence in October next. Results of the
drilling carried out at the Komana West deposit and the Kama and
Soloba targets to the south of Komana West, will be announced when
all remaining assays have been received from the laboratory, expected
during July. The results of the RAB drilling carried out on the
Gonka target and on the Solona exploration concession to the east of
the Komana concession will also be announced when all assays have
been returned from the laboratory.
Komana East Assay Results
Table showing some significant assays recently received from Komana
East:
+-----------------------------------------+
| Hole | From | To | Width | Au Grade |
| | (m) | (m) | (m) | (g/t) |
|---------+------+-----+-------+----------|
| KERC406 | 5 | 9 | 4 | 2.9 |
|---------+------+-----+-------+----------|
| KEDD407 | 69 | 74 | 5 | 2.9 |
|---------+------+-----+-------+----------|
| KEDD407 | 81 | 84 | 3 | 4.0 |
|---------+------+-----+-------+----------|
| KEDD411 | 25 | 61 | 36 | 4.7 |
|---------+------+-----+-------+----------|
| KEDD411 | 92 | 132 | 40 | 4.8 |
|---------+------+-----+-------+----------|
| KEDD412 | 148 | 151 | 3 | 2.7 |
|---------+------+-----+-------+----------|
| KEDD419 | 137 | 141 | 4 | 4.0 |
|---------+------+-----+-------+----------|
| KEDD420 | 127 | 134 | 7 | 3.7 |
|---------+------+-----+-------+----------|
| KEDD420 | 138 | 141 | 3 | 4.1 |
|---------+------+-----+-------+----------|
| KEDD420 | 147 | 149 | 2 | 1.2 |
|---------+------+-----+-------+----------|
| KERC421 | 71 | 72 | 1 | 3.1 |
|---------+------+-----+-------+----------|
| KERC421 | 76 | 79 | 3 | 2.2 |
|---------+------+-----+-------+----------|
| KEDD422 | 102 | 107 | 5 | 5.3 |
|---------+------+-----+-------+----------|
| KEDD422 | 127 | 132 | 5 | 2.1 |
|---------+------+-----+-------+----------|
| KEDD422 | 136 | 137 | 1 | 2.6 |
|---------+------+-----+-------+----------|
| KEDD422 | 140 | 144 | 4 | 1.2 |
|---------+------+-----+-------+----------|
| KEDD422 | 158 | 166 | 8 | 2.0 |
|---------+------+-----+-------+----------|
| KERC423 | 76 | 83 | 7 | 1.5 |
|---------+------+-----+-------+----------|
| KEDD427 | 84 | 86 | 2 | 5.9 |
+-----------------------------------------+
Borehole KEDD411 was drilled across the projected ore zone and
encountered two extensive ore grade intersections. The first was 36
metres at 4.7 grams/tonne between 25 and 61 metres downhole depth and
the second was 40 metres at 4.8 grams/tonne between 92 and 132 metres
downhole depth, marking this hole as the best drilled to date at
Komana East. Logging of recent holes KERC430 and KEDD433, drilled
100 metres respectively to the north and south of the KEDD411
fenceline, and for which assays have not yet been received, confirms
that this is a particularly rich part of the deposit. However the
lack of significant thicknesses of mineralization in borehole
KEDD412, which was drilled to test the projected down-dip extension
of the thick KEDD411 ore zone, suggests the ore zone here is probably
not as vertically dipping as it appears to be on other fencelines.
Boreholes KEDD407, KEDD419, KEDD420 and KEDD422 were also drilled to
intersect the projected ore zone at deeper levels than the
intersections already drilled on these fencelines. KEDD407 had to be
abandoned at 125 metres depth due to broken ground conditions. A
supplementary hole, KEDD431 was collared nearby and drilled to
intersect the ore zone at approximately 130 metres vertical depth.
Although assays for this hole have not yet been received, extensive
visible gold was noted in the core between 140 and 145 metres
downhole depth, suggesting that the ore zone is well developed at
this location and depth. Although ore grade mineralization was
intersected in each of the other three holes, the width of
mineralization was less than had been seen at higher levels. Further
drilling is required in these areas to determine the character of the
ore zone at depth.
Boreholes KERC406, KERC421, KERC423 and KEDD427 were drilled in or
through the projected ore zone but intersected relatively minor
mineralization. This may be because the ore zone pinches somewhat at
these locations since an earlier borehole, KERC137, on the same
fenceline as KEDD427 also intersected relatively minor
mineralization, suggesting ore zone pinching in this area.
Boreholes KERC405, KERC410 and KERC425 were drilled predominantly
outside of the projected ore zone and, as expected, intersected only
relatively minor mineralization.
Details of the drillhole locations will be published shortly on the
Company's website at www.glencarmining.ie
We are very pleased to be able to report continuing success in
delineating the ore-grade mineralisation along the Sankarani Shear
Zone at Komana. We expect to receive the outstanding assays from the
completed drilling within the next three to four weeks and once the
data has been incorporated into the database, and the ongoing
geological interpretative work completed, the database will be given
to SRK Consulting (UK) Limited who will complete an updated resource
statement incorporating the Komana East and Komana West deposits. We
anticipate that the study will result in a significant increase in
the gold resource figure for the project.
Glencar controls a total of 23 kilometres of strike length along
the major Sankarani Shear Zone to the north and south of Komana East
within the Komana licence and the mineralisation there is open along
strike in both directions. The Sankarani Shear Zone extends into the
Sanioumale licence, which lies immediately to the north of the Komana
licence, and is one of the licences held by Glencar as part of the
joint venture with a subsidiary of Gold Fields Limited. The results
of the aeromagnetic survey flown by Glencar over the Komana Licence,
have shown the presence of a series of distinct exploration targets
along strike to the north and south of the Komana East deposit, each
of which has geophysical and structural similarity to the Komana East
ore zone.
Hugh McCullough, EurGeol., PGeo, Managing Director of Glencar, is a
member of the Institute of Geologists of Ireland. He is a qualified
person as defined in the Guidance Note for Mining, Oil and Gas
Companies, March 2006, of the London Stock Exchange. He has reviewed
and approved the technical information contained in this
announcement.
Note 1 - the Company has in place a comprehensive QA/QC programme
designed to ensure the integrity and quality of sampling and assay
results. All assays have been carried out at SGS Analabs laboratory
at Morila Mine in Mali.
Notes to Editors
Glencar is a Dublin-based exploration company with a focus on
exploration and development of gold deposits in Africa. Glencar has
found major gold deposits in Ghana, West Africa in both the 1980s and
in the 1990s. The Company has operations in Mali and Ghana in West
Africa and in Uganda in East Africa.
For further information please contact:
Glencar Mining plc
Hugh McCullough, Managing Director
Tel: +353 1 661 9974
e-mail: info@glencarmining.ie
Bishopsgate Communications
Nick Rome/Michael Kinirons
Tel: +44 20 7562 3350
e-mail: nick@bishopsgatecommunications.com
Davy Corporate Finance
Brian Corr, Associate Director
Tel: +353 1 679 6363
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