Drilling Update
16 Julho 2008 - 3:01AM
UK Regulatory
Drilling Update
Glencar Mining plc
16 July 2008
Drilling Update
Glencar intersects 79 metres at 2.5 grams/tonne in latest drilling at
Komana East
Highlights:
* Latest assays include 79 metres at 2.5 grams/tonne in KERC428
and 29 metres at 3.4 grams/tonne in KERC430
* Emphatic confirmation of ore zone along strike
* Independent resource estimation update for Komana about to
commence
* Gonka target drilling 4.5 kms along strike to the south
intersects 15 metres at 2.5 grams/tonne
* Intensive drilling to recommence in October next
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 latest drilling campaign at
its Komana East target in southern Mali.
Komana East Assay Results
Assay results have now been received for the final thirteen holes of
the total of 62 holes completed at Komana East this drilling season.
Table showing some significant assays recently received from Komana
East:
Hole From To Width Au Grade
(m) (m) (m) (g/t)
KERC428 53 132* 79* 2.5
incl KERC428 53 90 37 3.0
and KERC428 99 132* 33* 2.4
KERC429 29 43 14 2.1
KERC430 53 82 29 3.4
KEDD431 132 146 14 3.1
KEDD432 122 125 3 3.7
KERC434 8 19 11 3.4
KERC434 52 108 56 0.8
KERC435 15 29 14 2.9
KERC435 38 41 3 3.0
KERC433 112 125 13 2.2
*Hole KERC428 ended in ore at 132 metres downhole depth
Boreholes KERC428, KERC429 and KERC430 were drilled through the
projected ore zone as infill holes to reduce the spacing between
drill fencelines in this area from 200 metres to 100 metres. These
three holes intersected impressive ore grade intervals of 79 metres
at 2.48 grams/tonne, 14 metres at 2.11 grams/tonne and 29 metres at
3.37 grams/tonne respectively. These holes emphatically confirm
extensive ore grade mineralisation through this portion of the
deposit.
It is worth noting that borehole KERC430 was sited 100 metres to the
north of the earlier borehole KEDD411 which was itself the best hole
drilled to date at Komana East, intersecting 36 metres at 4.7
grams/tonne between 25 metres and 61 metres depth and a second
intersection of 40 metres at 4.8 grams/tonne between 92 metres and
132 metres downhole depth.
Boreholes KEDD431, KEDD432, KERC433, KERC434 and KERC435 all
intersected ore grade mineralisation over various widths, again
showing continuity of mineralisation through the drilled area.
Boreholes KERC436, KERC437 and KERC438 were drilled to test the ore
zone at shallower depths but failed to intersect signifcant
mineralisation. It is possible that the mineralised zone in the
southern portion of the deposit area has steepened in attitude and
that these three boreholes were drilled too far to the east to
intersect the deposit.
Borehole KEDD424 was intended to intersect the mineralised zone at
deeper levels but did not intersect significant mineralisation.
Further modeling of the ore zone is required in this area.
KEDD426 was drilled to intersect the ore zone at deeper levels but,
for technical reasons, was terminated before reaching the projected
mineralised zone. It was replaced by borehole KEDD432 which was
drilled to the opposite azimuth and intersected 3 metres at 3.71
grams/tonne between 122 and 125 metres downhole depth.
The Komana East assay results reported above relate to assays
received for the final 13 holes completed prior to the suspension of
the current drilling campaign due to the onset of the rains.
Drilling continued for three weeks longer than anticipated this year,
in part because of the delayed or reduced rains but also because of
the improved access conditions on site due to the scaling up of
activity during the year. The drilling campaign at Komana East in
the 2007/08 drilling season has seen the completion of 8,459 metres
of reverse circulation and diamond drilling. In addition, some 2,970
metres of RAB drilling in 91 holes were completed on the Gonka
target, some 4.5 kilometres along strike to the south of the Komana
East deposit.
The complete assay and geological/structural data from this drilling
programme will now be given to SRK Consulting (UK) Limited who will
incorporate them in their independent resource estimate update for
the Komana deposits.
Gonka Assay Results
The recently completed aeromagnetic survey, together with geological
mapping and geochemical sampling has delineated several very
prospective targets lying along the Sankarani Shear Zone to the south
of, and along strike from, the Komana East deposit. The Gonka
Target is the first of these targets to be tested, initially with RAB
drilling. 91 holes were completed on the Gonka Target for a total of
2,970 metres of drilling. Three fencelines of holes were drilled at
an average spacing of 400 metres across the projected mineralized
structure over a strike length of 800 metres and significant
mineralisation was intersected on each of the three fencelines.
On the northern fenceline, one of the holes returned a very
encouraging intersection of 15 metres at 2.53 grams/tonne from 9
metres to 23 metres downhole depth and the hole terminated at 23
metres so that the mineralisation may well continue beyond the end of
the hole. The nearest hole in the fenceline intersected 6 metres at
2.29 grams/tonne, suggesting the potential for a mineralised corridor
of similar width to that seen in Komana East.
Somewhat weaker mineralization has been intersected in the middle
fenceline with 9 metres at 1.09 grams/tonne in one hole from 0
metres to 9 metres depth.
In the southernmost fence, significant gold mineralisation has been
intersected in hole KRAB623 with 2 metres at 13.50 grams/tonne from
12 metres to 14 metres depth at the bottom of the hole and in the
next hole KRAB624 with 3 metres at 0.88 grams/tonne from 3 metres to
6 metres depth.
These results suggest that this initial RAB drilling programme has
successfully determined the precise location of the Sankarani shear
structure at Gonka and follow up reverse circulation drilling will
fully test this part of the Sankarani shear early in the next field
season.
Details of the drillhole locations will be published shortly on the
Company's website at www.glencarmining.ie
The latest results from Komana East give very good reason to be
optimistic about the outcome of the next Komana resource estimate
update. There is very good confirmation of ore grade mineralisation
along strike and the regularity of ore grade intersections over
exciting widths intersected to date point to a very well developed
mineralised system. The potential for continuity along strike both
to the north and the south is very strong and, based on the results
from the RAB drilling at Gonka, the further potential for up to 20
kilometres along strike to the south is very good indeed.
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 reverse circulation and diamond drill core assays have
been carried out at SGS Analabs laboratory at Morila Mine in Mali
while the RAB drilling samples have been analysed by ALS Chemex
Laboratories in Bamako 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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