Mining Minerals & Metals Share Discussion Threads

[1waving] 28/5/2009 12:39

A heck of a lot in there which I've been going through as and when time allows and will post when done but a couple of points to note.

The drill plans and target locations are now on the website for both Yanfolila and Sankarani -- They paint a very good picture.

At Bokoro and at last, after much drilling, the orebody looks to have been found that was proving elusive:---

"Between November and December 2008 a follow- up programme of angled heel to toe air core drilling over the anomalous zone was completed. This delineated two parallel to sub parallel NNE trending shears within the anomalous zone. These two anomalous zones have a tested strike length of 6 kilometres each. Several wide ore grade intersections were encountered including an intersection of 42 metres at 1.96grams/tonne from surface in BRAB652. This and other significant intersections are tabulated below."


Hole From/M - To/M - Width/m - Grade,grams/tonne
BRAB652 0 42 42 2.0
Including 6 30 24 3.3
BRAB601 48 54 6 9.1
BRAB664 3 57 54 0.7
BRAB653 9 21 12 1.7
BRAB649 33 56 23 0.7
BRAB665 0 30 30 0.5
BRAB538 30 45 15 1.0
BRAB595 33 39 6 1.7
BRAB672 33 54 21 1.9
BRAB674 0 27 27 1.7
BRAB674 36 48 12 1.5


Fie River and Bada are now explained as they are extensions from existing licenses. Fie River from Bokoro and on the edge of the existing Bokoro orezone target area so looks to have potential.
Bada extends south from Sanioumale in a corridor to Komana/Solona and is in the main shear zone from Komana East to Sanioumale - refer to slide 19 of last year's AGM presentation to see what a prime piece of real estate that is.

Will get to more later.

[bongo bwana] 28/5/2009 10:07

Wood and trees come to mind.

But I patiently await 1W's authoritative analysis of the results.

First impressions are that 'patience' will be the story of GEX going forward - not exactly a damp squib but certainly not the brightest sparkler either unless they succeed in selling their Sankarani interests for a decent lump sum which would enable a super aggressive drilling programme at Solona.

And it appears 'super aggressive' is exactly the space where GEX's needs to get to and the sooner the better. Now, that state is not HMc's style.

[wispaman] 28/5/2009 09:59

Glencar Mining plc
Drilling Update
28 May 2009
Glencar Mining plc ("Glencar" or "the Company"), the AIM and IEX listed company with gold
exploration interests in Africa, is pleased to announce the results of drilling programmes carried out on
the Komana and Sankarani Projects in Mali.
Introduction
Glencar holds five exploration concessions in southern Mali covering an area of approximately 1,250 square
kilometres. The licences are underlain by the Proterozoic Birimian System in southern Mali in what is rapidly
becoming recognized as one of the premier exploration regions in West Africa. Three licences at Bokoro,
Sanioumale and Farasaba, were originally held 95% by Glencar and are subject to a joint venture agreement
with a subsidiary of Gold Fields Limited ("Gold Fields") who may earn a 65% interest in the licences through
cumulative exploration expenditures of US$12 million before 2011. Gold Fields has already earned a 51%
interest in the licences through exploration expenditure incurred to date of over US$6 million.
The remaining two licences, Komana and Solona, are held by Glencar's 95% owned Malian subsidiary Glencar
Mali s.a.r.l. On 24th March 2009, a Letter of Intent was signed by Glencar with a Gold Fields subsidiary to
enter into a Joint Venture Agreement on Komana whereby, inter alia, Gold Fields can earn up to a 65% interest
in the property through expenditures of US$32 million. Further details of the Letter of Intent are set out in the
announcement of 24th March 2009.
The Annual Report for the year ending 31 December 2008 will be posted to shareholders on 4th June and the
Annual General Meeting will be held at the Burlington Hotel in Dublin at 11.30 on 29th June 2009.
THE KOMANA PROJECT
The 2008-2009 field season to date
In October 2008, SRK Consulting completed an Independent Mineral Resource update for the Komana Project.
This update, published on 23rd October 2008, reported a 139% increase in the resource at Komana to 1.25
million ounces at 1.6 grams/tonne.
An intensive drilling campaign was commenced at Komana in October 2008, but the rapidly deteriorating
international financial situation prompted a change in focus soon after the programme started. It was considered
prudent to conserve cash resources, by reducing the planned drilling programme, and drilling on the Komana
property was then confined to short target definition infill programmes at Komana West and Komana East.
Summary of drilling at Komana completed October-November 2008 after the Resource Estimate
Prospect/type Date Type Holes Metres drilled
Komana East - Step out Oct 08 RC 23 2,876
Komana West – orebody definition Oct 08 RC 6 848
Gonka – target definition Oct-Nov 08 RC 13 1,634
Komana East – block model infill Nov 08 RC 6 532
Step out drilling at Komana East
At the start of the current drilling season, 2,876 metres of reverse circulation drilling was completed at Komana
East, mostly along the northern extension of the previously drilled portion of the deposit. Drilling was
conducted mostly along short fencelines of two or three holes each along the projected northeasterly extension
of the mineralised structure.
A fenceline of two holes, KERC396 and KERC397 some 100 metres north of the previous northernmost
fenceline, intersected an ore zone in KERC396 of 4 metres at 4.2grams/tonne between 73 metres and 77 metres
depth.
A further 100 metres to the north, the fenceline comprising KERC393 and KERC394 intersected intermittent
and patchy mineralisation in KERC394 between 55 metres and 79 metres downhole as follows:
KERC394 55-56m 1 metres at 2.0grams/tonne
KERC394 76-79m 3 metres at 2.2grams/tonne
KERC394 84-85m 1 metres at 1.2grams/tonne
It is not yet clear if the intersections on these two fenclines have intersected the main ore envelope previously
intersected to the south or whether it represents a parallel zone. Further drilling including diamond drilling will
be required to answer this question.
Two further fencelines drilled respectively 100 metres and 200 metres further north and a single borehole
another 100 metres north again failed to intersect significant mineralisation.
Subsequently, drilling shifted westwards from here to test for the northerly extension of the main mineralised
envelope. Ten holes were drilled to test along a trend some 200 metres west of the originally projected orebody
trace. On the first of these fencelines, KERC374 and KERC375 did not intersect significant mineralisation.
The fenceline to the north was made up of boreholes KERC356, KERC357, KERC358 and KERC359.
Significant intersections included the following:
KERC357 80-82m, 2 metres at 3.5grams/tonne
KERC357 94-95m, 1 metres at 1.1grams/tonne
KERC358 23-25m, 2 metres at 1.3grams/tonne
KERC358 30-32m, 2 metres at 4.0grams/tonne
KERC358 intersected significant mineralisation intermittently between 9 and 103 metres confirming the
presence of a broad mineralisation halo here.
Some 200 metres to the north of KERC358, drillhole KERC341 intersected intermittent mineralisation between
85 and 119 metres downhole including the following intersections on this most northerly of the fencelines
drilled:
KERC341 89-91m 2 metres at 3.6grams/tonne
KERC341 97-99m 2 metres at 0.8grams/tonne
KERC341 118-119m 1 metres at 2.0grams/tonne
Without diamond coring here we are not in a position to reach a conclusion on the geometry and continuity of
this part of the deposit, but this zone will be targeted for diamond coring early in the next programme.
Orebody definition at Komana West
At Komana West, a short programme of six drillholes was designed to answer specific structural questions
arising from previous drilling. The interpretation of the data obtained in this programme has been incorporated
into our geological model but this drilling is not expected to add significantly to the existing resource.
KWRC128, KWRC129 and KWRC338 were drilled inclined to the southeast at the northwest end of the
fenceline which included previously reported hole KWRC057. KWRC129 yielded a best intersection of 86-
90m, 4m 0.8grams/tonne. Intersections in KWRC338 of 37- 42m, 5 metres at 8.9grams/tonne and 52-54m 2
metres at 6.2grams/tonne may indicate a new ore shoot opening to the west of that delineated in the resource
study model.
KWRC382 was drilled inclined to the southeast, orthogonal to KWRC094 and returned an intersection from 24-
36m of 12 metres at 1.1grams/tonne. It is possible that the northwesterly inclined KWRC094 may have missed
a northwesterly dipping ore shoot here to the north of the currently defined orebody.
KWRC383 was inclined to the southeast to test a geochemistry target already tested by a fenceline of short
RAB holes some 200 metres west of the main orebody. The RAB drilling had intersected only minor
anomalous values and KWRC383 did not intersect any significant mineralisation.
KWRC384 was drilled orthogonal to an early drillhole, KWRC048, on the western flank of the orebody and this
hole also did not intersect significant mineralisation.
Infill drilling at Komana East
The SRK Consulting resource estimation study involved the construction of block models for both the Komana
West and Komana East deposits. In a number of zones along the length of the Komana East deposit the model
lacked continuity because of the scarcity of drilling data in these zones. In November, a short programme of
reverse circulation drilling, involving one drillhole in each zone, was carried out to provide data to infill these
zones. From an aggregate metreage of just 532 metres, a significant ore interval was intersected in three of the
zones drilled. Most notably, wide intersections were found in holes KERC456 and KERC457 including
KERC456 47m-76m 29 metres at 2.9grams/tonne and KERC457 24m–52m 28 metres at 2.0grams/tonne
towards the southern end of the drilled area. KERC455 had several shorter ore grade intersections including 4
metres at 2.1grams/tonne from 45-49 metres. The intersection of these zones in such a limited programme
would seem to support the robustness of the Komana East deposit and even this limited additional data would be
expected to produce a significant resource increase. The following table contains a list of significant
mineralisation intersected in this infill drilling programme.
Hole
From
m
To
m
Width
M
Grade
m
KERC453 41 45 4 1.1
KERC455 35 36 1 2.4
KERC455 41 42 1 1.5
KERC455 45 49 4 2.1
KERC456 13 16 3 1.2
KERC456 29 30 1 1.3
KERC456 32 33 1 1.1
KERC456 47 76 29 2.9
KERC457 24 52 28 2.0
The Gonka Target
Extensive interpretation work has been completed on data from the aeromagnetic survey flown over the entire
Yanfolila and Sankarani project areas in February 2008 and this has been the basis for the selection of
prospective targets lying along the Sankarani Shear Zone to the south of, and along strike from, the Komana
East deposit as well as along parallel structures in the Solona concession area.
The Gonka Target was the first of these targets to be tested, initially with RAB 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. Results from
this drilling were reported in July 2008 and included encouraging intersections such as 15 metres at 2.53
grams/tonne from 9 metres to 23 metres downhole and nearby an intersection of 6 metres at 2.29 grams/tonne,
suggesting the potential for a mineralised corridor of similar width to that seen in Komana East.
A short follow-up reverse circulation drilling programme at Gonka was completed in November 2008 with 13
holes drilled for an aggregate metreage of approximately 1,600 metres. Mineralised intersections tended to be
short with the best intersection from GKRC449 from 88-94m 6m at 5.4grams/tonne. The following table
contains a list of all significant intersections
Hole
From
m
To
m
Width
m
Grade
g/t
GKRC440 22 26 4 2.4
GKRC440 31 36 5 1.7
GKRC441 6 8 2 1.0
GKRC441 44 48 4 1.1
GKRC441 59 60 1 1.2
GKRC441 72 73 1 1.1
GKRC442 101 103 2 1.7
GKRC442 114 116 2 1.0
GKRC442 124 125 1 0.6
GKRC443 56 57 1 0.7
GKRC444 135 137 2 0.6
GKRC444 149 150 1 0.5
GKRC445 34 35 1 0.8
GKRC445 54 55 1 0.7
GKRC445 78 80 2 1.3
GKRC445 88 89 1 0.5
GKRC445 103 105 2 2.5
GKRC445 119 120 1 0.9
GKRC445 125 126 1 1.1
GKRC446 20 21 1 0.6
GKRC447 32 33 1 0.5
GKRC447 37 38 1 1.8
GKRC447 55 56 1 0.8
GKRC449 88 94 6 5.4
Other targets within the Komana concession
Other targets within the Komana licence area will be followed up assisted by an infill soil geochemistry
sampling programme which was completed in January 2009 over an area including all of the southerly extension
of the Sankarani Shear Zone between Komana East and the Komana concession boundary to the south, a strike
length of some 18 kilometres.
RAB drilling on the Komana Concession
During the first part of the 2008/09 field season, 10,750 metres of RAB drilling was carried out to assist in the
planning of the step out drilling programmes for the Komana West, Komana East and Gonka deposits. These
holes were drilled along strike from each of the targets but did not encounter any significant new zones of
mineralisation. The extensive reverse circulation step-out drilling programme now planned for the 2009/10
drilling season will determine the extent to which the three deposits may extend along strike to the north and
south.
Current Work Programme at Komana
Drilling on the Komana Project has already recommenced and it is anticipated that an aggressive exploration
programme on Komana under the operatorship of the Gold Fields project team will incorporate the following:
• grid based infill drilling on the Komana East and West orebodies to further define the already
delineated mineral resources
• step-out drilling and deeper drilling to extend the delineated ore zones
• testing of targets along the Komana and Sankarani Shear Zones with a particular focus on a number of
geochemically and geophysically defined targets.
• metallurgical testwork
SOLONA LICENCE
The Solona Licence is approximately 250 square kilometers in area and is held by Glencar's 95% owned Malian
subsidiary company Glencar Mali s.a.r.l. The licence lies to the east of and is contiguous with the Komana
concession.
Three targets have been drill tested to date and each has returned ore grade mineralisation. These targets and
others within the Solona concession will be the main focus of the company's exploration effort during the
coming months. Drilling at Solona restarted on 15th May. The current programme is a short diamond coring
programme designed to gather structural information at the Niechilela and Badogo-Malikila targets ahead of
more prolonged reverse circulation drilling programmes planned for these targets and for the Faliko target,
during the next field season.
SANKARANI JOINT VENTURE
The Sankarani Joint Venture covers an area of 750 square kilometers in three approximately equal sized
concession areas Bokoro, Sanioumale and Farasaba.
Work recommenced on the Sankarani Project in October 2008 following a four month break for the rainy season
and by April 2009 Gold Fields had expended over US$ 6 million on exploration, earning them a 51% interest in
the project. Gold Fields has now taken over as operator of the Sankarani Project in accordance with the terms
of the Sankarani Framework Agreement.
Drilling programmes completed at seven targets continue to return encouraging results with results from Bokoro
and Sanioumale and Fingouana in particular impressing.
Work completed to date on the Sankarani Project during the 2008-2009 field season
Target Category Activity No. of Holes
Total
metres
Kabaya Target Definition Bedrock Sampling ("BR") 100 1,082
Kabaya Target Testing Angled aircore 78 4,283
Bokoro Main E & W Target Testing Angled aircore 212 10,260
Bokoro Main E & W Target Testing Reverse Circulation ("RC") 13 1,700
Bokoro Main E & W Target Testing Diamond Drilling ("DD") 2 95
Fingouana Target Definition Bedrock Sampling 74 1,034
Fingouana Target Testing Angled aircore 62 2,896
Fingouana Target Testing Infill BR 62 936
Fingouana Target Testing Reverse Circulation 2 168
Fingouana Target Testing Diamond Drilling 2 132
Sindo Target Definition Bedrock Sampling 175 2,034
Sanioumale E &W Target Definition Bedrock Sampling 85 1,076
Sanioumale E &W Target Definition RC & DD
Bada Target Definition Bedrock Sampling 91 1,176
Fie river Target Definition Bedrock Sampling 111 1,171
TOTAL 1,069 28,043
Bokoro
One of the most advanced exploration targets on the Sankarani Joint Venture is the Bokoro target area.
A 21 square kilometre target area adjacent to the previously drilled Sanankoro prospect was tested with a
vertical RAB drilling programme resulting in the delineation of an anomalous zone some 6km long and up to
1,000 metres wide within a meta-sedimentary package of rocks. There is very little outcrop exposure on this
prospect but the drilling confirmed the presence of meta-sediments which are expressed as limonitised phyllites
and graphitic schists in the RAB sample. Very strong kaolinite alteration has also been observed. Two trenches
with a total length of 160m were excavated in October 2008 to verify the structure of the area. The trenches
indicated that the dominant structural trend strikes at 010N with a steep easterly dip.
Between November and December 2008 a follow- up programme of angled heel to toe air core drilling over the
anomalous zone was completed. This delineated two parallel to sub parallel NNE trending shears within the
anomalous zone. These two anomalous zones have a tested strike length of 6 kilometres each. Several wide ore
grade intersections were encountered including an intersection of 42 metres at 1.96grams/tonne from surface in
BRAB652. This and other significant intersections are tabulated below.
Hole From
M
To
M
Width
m
Grade
grams/
tonne
BRAB652 0 42 42 2.0
Including 6 30 24 3.3
BRAB601 48 54 6 9.1
BRAB664 3 57 54 0.7
BRAB653 9 21 12 1.7
BRAB649 33 56 23 0.7
BRAB665 0 30 30 0.5
BRAB538 30 45 15 1.0
BRAB595 33 39 6 1.7
BRAB672 33 54 21 1.9
BRAB674 0 27 27 1.7
BRAB674 36 48 12 1.5
In January 2009, a number of sections along these anomalies were chosen for reverse circulation drilling
designed to confirm the mineralised structure delineated in the air core programme. 13 drillholes were
completed with a total metreage of 1,700 metres. In general the programme confirmed the air core data and the
best intersection was 27 metres at 1.86grams/tonne in BRC850 which also included an additional intersection of
4 metres at 4.38grams/tonne. Some other significant intersections are tabulated here.
Hole
From
M
To
m
Width
m
Au Grade
grams/tonne
BRC843 99 108 9 1.3
BRC844 71 96 25 1.3
BRC847 87 92 5 2.2
BRC848 58 68 10 2.5
BRC850 21 48 27 1.9
BRC850 93 97 4 4.4
BRC851 45 49 4 3.2
BRC852 22 23 1 7.8
BRC852 74 80 6 2.1
BRC852 96 97 1 12.9
BRC853 64 70 6 3.0
Two of these boreholes, BRC844 and BRC845, were continued with diamond cored tails for an aggregate cored
metreage of 95 metres. The diamond tails were drilled primarily for the acquisition of structural data but
significantly, BRC845 intersected 1 metre at 25.9 grams/tonne between 139 – 130 metres downhole depth.
The Sanioumale Concession
The Sanioumale Concession hosts a number of the targets tested during the past year and including several
targets lying on or proximal to the Sankarani Shear Zone which hosts the Komana East deposit. The
Sanioumale West and Sanioumale East targets lie some 10 kilometres north of Komana East and the Fingouana
target lies a further 8 kilometres north along the shear zone.
Significant mineralisation intersected to date suggests that each target has the potential to be of sufficient scale
to add significantly to resources already delineated at Komana.
Sanioumale West and Sanioumale East
The Sanioumale West and Sanioumale East targets lie within the Sankarani Shear zone some 2 kilometres apart
and approximately 10 kilometres north of the Komana East deposit. Both of these target areas were identified
by Randgold Resources during their regional exploration programme in this area in the 1990's. Auger and RAB
drilling by Randgold confirmed the presence of ore grade mineralisation over significant widths at both targets.
Examples of the grades and widths intersected by Randgold are listed below:
Hole
AUGER
From
(m)
To
(m)
Width
(m)
Grade
(grams/tonne)
SN-A090A 9.0 12.0 3.0 12.4
SN-A218 10.5 15.0 4.5 4.1
SN-A263A 4.5 12.0 7.5 1.7
SN-A264 1.5 12.0 10.5 3.9
RAB
SN-R007 18.0 27.0 9.0 2.2
SN-R049 4.0 13.0 9.0 1.1
SN-R049 34.0 46.0 12.0 2.0
SN-R070 0.0 9.0 9.0 2.7
SN-R076 45.0 51.0 6.0 2.5
SN-R076A 9.0 12.0 3.0 1.8
SN-R082 24.0 41.0 17.0 1.4
SN-R083 39.0 45.0 6.0 6.2
SN-R084 24.0 27.0 3.0 10.9
SN-R084 39.0 50.0 11.0 6.1
SN-R085 9.0 12.0 3.0 2.2
SN-R120 9.0 15.0 6.0 1.4
SN-R124 30.0 39.0 9.0 6.5
TRENCH
SN-TR001 0.0 50.0 50.0 3.0
.
A short reverse circulation drilling programme of 21 holes to an average depth of 59 metres carried out by the
Gold Fields joint venture on the Sanioumale West target in 2007 confirmed the mineralised zone here.
Significant intersections from that programme included:
SRC4 27-49m 22 metres at 1.6grams/tonne
SRC12 28-38m 10 metres at 1.3grams/tonne
SRC13 17-31m 14 metres at 1.0grams/tonne
SRC14 44-46m 2 metres at 2.7grams/tonne
As is typical of much of this part of Mali most of the Sanioumale targets show a complex cover of mixed in situ
and transported regolIth material. Bedrock exposure is quite rare. In the 2007-2008 field season, we carried out
a RAB bedrock sampling programme encompassing both the Saniuomale West and East deposits. Two broadly
parallel anomalies were delineated by this survey with a strike length of approximately four kilometres each,
bounded both to the north and the south by the meandering Sankarani River. These anomalies reflect two
strands of the Sankarani Shear with Sanioumale West and Sanioumale East sitting on the west and east shears
respectively. During the current season an infill bedrock sampling air core drilling programme was completed to
further define the anomalies. 85 holes totalling 1076 metres were drilled.
A short follow- up combined reverse circulation and diamond coring programme has recently been completed at
Sanioumale West to test the structure at 500 metre intervals over a strike length of 2 kilometres. Some
significant mineralisation was encountered in this programme, the best intersection being in SRC993, which
returned 19 metres at 2.37 grams/tonne between 76 and 95 metres depth. Borehole SRC997 intersected 20
metres at 1.5 grams/tonne between 65 and 85 metres depth. These and other significant mineralised
intersections are set out in the following table:
Hole
From
(m)
To
(m)
Width
(m)
Grade
g/t Au
SRC0993 62 65 3 1.4
SRC0993 76 95 19 2.4
SRC0993 108 110 2 3.1
SRC0994 92 93 1 1.3
SRC0997 11 19 8 0.7
SRC0997 65 85 20 1.5
Detailed structural analysis will be carried out on the oriented cores ahead of a proposed extensive reverse
circulation target definition drilling programme to be conducted after the 2009 rainy season.
Fingouana
The Fingouana prospect lies on the Sankarani Shear Zone within the Sanioumale concession some 8 kilometres
north of Sanioumale and 20 kilometres north of Komana East. The area was identified as highly prospective
through soil geochemical anomalies and a geophysical signature similar to that observed around the Komana
East deposit.
A target area of approximately 30 square kilometres straddling the Sankarani Shear Zone was initially covered
with a RAB drill grid.and results indicated a 5,500m long by 800m wide north-northeast trending anomalous
zone. A follow up programme of infill bedrock sampling was completed in December 2008. The results include
two highly anomalous holes with values of 5.5grams/tonne and 7.3grams/tonne in holes approximately 550
metres apart at the core of an anomalous zone.
An IP geophysics survey was completed confirming the presence of underlying dominantly N-NE trending
structures with a probable crosscutting WNW-ESE fault structure potentially influencing mineralisation here.
In February 2009 a programme of angled heel to toe air core drilling plus further infill vertical bedrock sampling
was completed at 250m line spacing. Results from this programme included the following significant
intersections from the angled drillholes.
Hole From (m) To (m) Width Au Grade
SRAB0938 27 30 3 3.8
SRAB0966 6 9 3 2.6
SRAB0967 6 15 9 1.4
SRAB0970 15 27 12 6.0
Recently, two reverse circulation holes with diamond cored tails were drilled across part of this mineralised
trend to help determine the geological structure. While relatively weak mineralisation was encountered in these
holes, the structural data will be used to plan a more extensive reverse circulation and diamond coring
programme for the coming field season. Significant intersections encountered in these two holes were as
follows:
Hole
From
(m)
To
(m)
Width
(m)
Grade
g/t Au
SRC0991 3 15 12 1.2
SRC0991 47 48 1 4.5
SRC0991 101 103 2 1.4
SRC0991 147 149 2 1.1
SRC0992 41 42 1 0.5
SRC0992 84 85 1 2.1
The Farasaba Concession
Kabaya South
The Kabaya South target lies on the southernmost of the Sankarani Joint Venture concessions,
Farasaba and is approximately 20 kilometres southwest of the Komana West deposit. Previously
reported drilling here has delineated a north-northwest to south-southeast trending, westerly dipping,
anomalous zone over an 11 kilometre long strike length.
At the beginning of the 2008-09 field season, a follow-up programme of RAB drilling was designed
to infill an earlier, more widely spaced sampling grid. Results indicate three separate anomalous
areas including a 2 kilometre long zone in the south of the grid, a 1 kilometre long zone in the
northwest of the grid and a 1 kilometre long zone in the centre of the grid. In January 2009, these
anomalous areas were tested with heel to toe angled air core drilling. Several mineralised intersections
over significant widths were intersected but grades were generally not of ore grade. For example,
KSRAB362 intersected 30 metres at 0.42 grams/tonne from 9 – 39 metres depth and KSRAB363
intersected 32 metres at 0.33 grams/tonne from 6 – 38 metres depth.
Future work here is likely to focus on locating higher grade zones along this persistently mineralised
structure over the 11 kilometre strike length.
Maps and Plans
Maps and plans showing the locations of the boreholes referred to above will be available on the
Company's website at www.glencarmining.ie
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.
For further information, please contact:
Glencar Mining plc
Hugh McCullough, Managing
Director
Tel: [phone]
e-mail: [e-mail]
Davy Corporate Finance
Hugh McCutcheon, Head of Corporate Finance
Brian Corr, Associate Director
Tel: [phone]
Bishopsgate Communications
Nick Rome/Michael Kinirons
Tel: [phone]
e-mail: [e-mail]

[deka1] 28/5/2009 09:55

very mediocre report imo, and a very long way to go before we see the double figure share price again, when does the rain start , looks like we are heading for the 1-2p area, not my best pick by a long shot

[share_shark] 28/5/2009 09:41

Yes, good stuff but Mali was very important in the scheme of things but hey, what do I know ?.

[haydock] 28/5/2009 09:34

Some detail here of the work program to come later in the year.
The Sanioumale Concession

The Sanioumale Concession hosts a number of the targets tested during
the past year and including several targets lying on or proximal to
the Sankarani Shear Zone which hosts the Komana East deposit. The
Sanioumale West and Sanioumale East targets lie some 10 kilometres
north of Komana East and the Fingouana target lies a further 8
kilometres north along the shear zone.

Significant mineralisation intersected to date suggests that each
target has the potential to be of sufficient scale to add
significantly to resources already delineated at Komana.

Sanioumale West and Sanioumale East

The Sanioumale West and Sanioumale East targets lie within the
Sankarani Shear zone some 2 kilometres apart and approximately 10
kilometres north of the Komana East deposit.

Detailed structural analysis will be carried out on the oriented
cores ahead of a proposed extensive reverse circulation target
definition drilling programme to be conducted after the 2009 rainy
season.

[share_shark] 28/5/2009 09:22

In my opinion it pays, greatly, to watch the political changes in a country where the company, in which you have shares,operates. It pays dividends in my experience.

[share_shark] 28/5/2009 09:20

IWaving...hello.


Here it is,in full,from the Fox-Dav.Report this morning.

Thursday, May 28, 2009

Fox-Davies Capital Thursday Energy and Mining News Wrap

Europa Oil & Gas (EOG) provided an update on their West Firsby Oil field in Linconlnshire. A series of production tests concluded that the field development was sub-optimal, negatively impacting production performance. To address the issue production at existing wells has been increased and planning is underway to add one producing well.

Hallin Marine (HMS) won a US$5m extension to an existing contract to supply additional saturation diving equipment. Contract was won by their Singapore subsidiary and delivery is expected in Q1 2010.


Minera IRL (MIRL) announced it has defined a strong geophysical chargeability (IP) anomaly at the La Falda porphyry gold project in Chile. The signing of a Letter of Intent with Catalina Resources PLC (Catalina) was announced in early April in which MIRL can earn a 75% position in the project. A full agreement is scheduled to be signed by the end of August 2009. The La Falda Project represents an undrilled Maricunga-style gold-porphyry intrusive from which previous surface sampling has returned anomalous gold values. A ground magnetic survey by Catalina also revealed responses similar to other large gold deposits in the Maricunga district. Since signing the LOI, the Company has conducted an IP survey which has identified a large chargeability anomaly within the porphyry system and measuring approximately 2 km by 2 km in size. The anomaly is considered indicative of the presence of disseminated sulphides.


Comment: This is a very positive first step for Minera, and it will be interesting to see the resulted from the drill programme which is scheduled to commence later this year.


Kryso Resources (KYS) announced that further to the announcement made on 15 May 2009, discussions between Kryso and Vertex Mining International (Cyprus) Limited (`Vertex') have been discontinued. The conditional subscription agreement entered into with Vertex has lapsed, and the proposed subscription by Vertex for new ordinary shares in Kryso will not take place. An equity financing of £500,000 has been agreed with Orbis Equity Partners, with the potential to raise additional financing of £1M and the Great Basin Gold Limited loan will be converted into new ordinary shares in Kryso.

KEFI Minerals (KEFI) announced the formation of its new minerals exploration joint venture - Gemco Limited ("GEMCO") - with leading Saudi construction and investment group Abdul Rahman Saad Al-Rashid & Sons Company Limited ("ARTAR"). KEFI Minerals is the operating partner with a 40 per cent shareholding of GEMCO with ARTAR holding the other 60 per cent. ARTAR is a conglomerate investing in different sectors in Saudi Arabia such as construction, real-estate, agriculture and health care in the Kingdom of Saudi Arabia and abroad. GEMCO's primary target will be the discovery and development of a 1 million plus ounce gold deposit in the under explored Precambrian Shield in The Kingdom of Saudi Arabia.


This is a good move for Kefi. Saudi Arabia has a very prospective geology and the government is looking to lower its dependence on oil.


Hochschild Mining (HOC) announced that it exercised its right of first refusal to purchase the remaining 30% interest in the Moris mine from its JV partner EXMIN Resources Inc., for a total cash consideration of $1.5 million. The transaction consolidates Hochschild's position in northern Mexico and further exemplifies the Group's selective acquisition strategy.

Archipelago Resources (AR) announced that in preparation for mining at the Company's 85% owned Toka Tindung Gold Project, a program of shallow, close spaced reverse circulation drill holes has been carried out over a portion of the Toka Tindung deposit where mining will first commence. 32% of the holes encountered mineralized intersections with greater than 10 gram meters of gold, mostly starting within a few meters of surface. The 116 mineralized intersections have an average down hole width of 6.0m and an average grade of 8.7g/t gold.

Glencar Mining (GEX) announced the results of drilling programmes carried out on the Komana and Sankarani Projects in Mali. At Komana the rapidly deteriorating international financial situation prompted a change in focus soon after the programme started. It was considered prudent to conserve cash resources, by reducing the planned drilling programme, and drilling on the Komana property was then confined to short target definition infill programmes at Komana West and Komana East. Short intersections of moderate gold grade were reported.

Platinum Australia (PLAA) announced that it has successfully undertaken a private placement of 60,000,000 fully paid shares at an issue price of $1.02 to raise a total of A$61,200,000. Of the total shares placed, 5,332,827 shares will be issued pursuant to the Company's 15% placement capacity with the balance subject to shareholder approval.

[1waving] 28/5/2009 09:13

share_shark -- where is the above quote from, the last sentence from that paragraph is not there in the RNS ??

A lot to take in from the results -- Bokoro is coming up with the goods at last and depth and strike length at both Komana East and West still yet to be confirmed with drilling already re-started at Komana. Looks like the Sanioumale East and West deposits would be processed at Komana.

Fingouana looks promising, Sindo was being drilled when I last got an email from Hugh a few weeks ago, wonder if those results are included.

River Fie, Gonka, Kabaya and other targets ---

Drilling ongoing at Komana, Solona.

Plenty in there !!!!

[share_shark] 28/5/2009 08:41

Mali. This is where McH. was when I spoke to him.


Glencar Mining (GEX) announced the results of drilling programmes carried out on the Komana and Sankarani Projects in Mali. At Komana the rapidly deteriorating international financial situation prompted a change in focus soon after the programme started. It was considered prudent to conserve cash resources, by reducing the planned drilling programme, and drilling on the Komana property was then confined to short target definition infill programmes at Komana West and Komana East. Short intersections of moderate gold grade were reported

[willyworm2] 28/5/2009 08:29

I preferred it when the drilling reports had workds like "bonanza grades" in them....

[bongo bwana] 28/5/2009 07:39

A veritible tsunami of driling results data in latest RNS out this morning and Annual Report possibly tomorrow!

[1waving] 27/5/2009 09:28

A few predictions from Jim Sinclair at jsmineset:--

Jim Sinclair's Commentary

Predictions:

1. Gold reacts as currency support for the dollar enters mid June to a slow decline (that is the official definition of a strong dollar policy, really).
2. End of 2nd week going into the beginning of the 3rd week of June Gold launches towards and this time through the neckline of the reverse head and shoulders formation.
3. Gold rises to $1224 where it hesitates.
4. The OTC derivative market takes on the dollar as short sellers into dollar support.
5. This OTC derivative currency short position builds.
6. It is the US dollar where Armstrong will get his WATERFALL.
7. The main selling takes place when Israel makes a major miscalculation.
8. Hyperinflation is always and will continue to be a currency event.
9. Hyperinflation will be a product of the upcoming massive OTC derivative short dollar raid.

Should I be correct in the gold price action going into late June, it will fit Armstrong's criterion for a move to $5000.

Alf's work permits an over-run of the gold price to $3500 in the major 3rd phase, indicating overruns into the major 5th.
---------------------------------------

[share_shark] 24/5/2009 15:22

SerpicoUK. Many thanks. Yes that is the article.
Interesting in my opinion.

[serpicouk] 24/5/2009 11:22

Might need a bit more info SS - what was the information/article about?

AngloGold Ashanti had their Q1 figures the other week. Comments were in quite a few articles. I'll post ones from an article in Mining Weekly.

Gold's having a rebirth, will rise above $1 000/oz – AngloGold Ashanti:
15 May 2009

...[preceded by Ashanti Q1 performance]...

His [CEO of AngloGold Ashanti] view was that the gold price would be above $1 000/oz next year because of the "unlimited spending spree of governments," and the "potential impact of inflation".

"Certainly, we think that gold's having a rebirth," he enthused to Mining Weekly Online.

He saw gold as a logical part of any investment portfolio and said that the bailout of large economic sectors had put enormous pressure on the US Treasury's borrowing needs, with net borrowings likely to quadruple to $2,4-trillion this year, and even higher in 2010.

Inflation was going to be difficult to prevent in those circumstances.

"One of the cornerstones of our bullish rationale is an outcome in which gold's inflation hedge will come to the fore," Cutifani said.

The beginning of the new era in gold markets was being marked by the steep decline in the net gold sales of central banks, accentuated last month when China came close to doubling its gold reserve to more than 1 000 t.

Slowing central bank sales were taking a significant source of gold supply out of the market, made more acute by declining gold-mining grade across the industry, the dearth of new discoveries, and general difficulties and delays in getting new mines developed.

It was not hard to see that there was not a lot of new gold coming on to the market, Cutifani added.

On the demand side, the uptake of the exchange-traded funds among mainstream investors remained robust.

"When we see physical and investment demand working together, then gold prices have real potential to start making concerted moves upwards. With this in mind, we will continue to restructure our hedge so as to continue to provide our investors with improving leverage to gold," he said.

...[concludes with Q1 performance comments].

[share_shark] 24/5/2009 08:12

Ashanti

I selected a very interesting article on Ashanti/ Gold,yesterday but am dammed if I can locate said information again today.Have had a great deal of trouble with my computer(or perhaps it is my lack of skills in this technology).

If anyone else can find the information can they post as I think it is nice to read.
Thanks.

[stenick] 22/5/2009 18:20

Japs.. JAPS!! What have they got to do with all this???

[haydock] 22/5/2009 16:46

Japanese cloud has reversed at the moment, GEX has hit a bad patch, & fallen below.

[1waving] 22/5/2009 11:21

This possible reverse head and shoulders pattern may be coming good.

[serpicouk] 21/5/2009 22:02

Did anyone catch the Mining Journal article earlier this month?

Africa calling:
Phil Halliday interviews Hugh McCullough, managing director of Glencar Mining plc.

Was it a good article? Regardless, it's good to see Hugh pushing the PR a bit.

[bongo bwana] 20/5/2009 08:54

Same dilemma here.

I preferred it when GEX held their AGM's in late May/early June in the Shelbourne.

Presumably this years meet is at the Conrad Hilton.