Mining Minerals & Metals Share Discussion Threads

[robbi123] 02/5/2006 11:46

thought this might happen as all the short termers exit! an unbelievable long term hold IMO ;)

[krsgr] 02/5/2006 11:20

Glencar Drilling Report
GLENCAR MINING PLC

Glencar Finds Extension to Komana West Ore Zone

2 May 2006

Glencar Mining plc ("Glencar" or the "Company") is pleased to report
that the recently completed drilling campaign at its Komana West
target in southern Mali has intersected further significant ore grade
gold mineralisation, up to 250 metres along strike to the south of
the area drilled in the first phase of drilling last December, where
one borehole intersected bonanza grades of 55.19 grams/tonne over 20
metres. Two of the recent holes intersected the following
mineralised zones:

KWRC030 11 metres at 41.84 grams/tonne (uncut) or 13.19 grams/tonne
(cut)1

KWRC032 31 metres at 4.27 grams/tonne.

This extends the total strike length over which ore grade
mineralization has been intersected to 1,100 metres.

[1] In order to reduce the influence of exceptionally high assay
values for purposes of evaluating overall grades, it has been decided
to cut all higher values to a maximum grade of 30 grams/tonne and
where mineralised intersections quoted herein contain grades greater
than 30 grams/tonne, the averaged grades are quoted in both cut and
uncut form.


Second Phase Programme

The second phase drilling programme comprised of 27 reverse
circulation drillholes totalling 2,778 metres. The programme was
designed to explore the potential extent of the mineralised zone
encountered in the first phase programme. Twenty one of the
boreholes were drilled to the south of the previously defined
mineralised zone. Three of the boreholes were sited to test discrete
targets mapped to the east and west of the known mineralised zone
while the remaining three were sited to the north of the known
mineralised zone. All holes were drilled at a nominal angle of 50
degrees to the horizontal and to an azimuth of either 135 degrees or
315 degrees, depending on ground conditions. One hole was drilled to
an azimuth of 225 degrees to test a locally observed structure.
Downhole depths were between 80 metres and 130 metres.

Results

Main Mineralised Zone

The results of this second phase programme show that ore grade
mineralisation over considerable widths exists 250 metres to the
south of the previously reported mineralised zone. This extends the
currently known strike length of the ore grade mineralisation to
1,100 metres. The two holes KWRC030 and KWRC032 quoted above,
showing 11 metres at 13.19 grams/tonne (cut) and 31 metres at 4.27
grams/tonne respectively, are particularly encouraging, showing very
strong grade and width characteristics, similar in scale to the
mineralisation established in the first phase of drilling further
north. Other second phase drill holes drilled further to the
south indicate that, while ore grade mineralisation extends along
strike as far south as has been drilled to date (KWRC043), the
mineralisation in the most southerly holes was narrower in width and
lower in grade than that encountered further to the north. (See Table
1 below).

Other Targets

Drilling on the discrete targets to the east and west of the
established mineralised zone did not encounter any significant
mineralisation. The three holes to the north of the mineralised zone
did encounter mineralisation but over quite narrow widths. However,
geological and structural evaluation of the results of the drilling
in these areas has not yet commenced.

The main assay results, including intersection depths, are given in
Table 1 below.

Interpretation

The preliminary interpretation suggests that the Komana West target
is a strongly developed, north-south trending, sub-vertical,
mineralised shear system, within which are developed east-west
trending quartz veins, which tend to carry high grade gold
mineralisation. There is some evidence that, south of the main
porphyry body, branches of the main ore zone may be developed, a
feature which is suggested by the results of borehole KWRC032, for
instance, which is sub-parallel and some 200 metres to the east of
main mineralised zone which is intersected in borehole KWRC030.

A considerable amount of work is required before a full
interpretation of the Komana West drill results can be given. While
it is clear that there is a very significant development of high
grade ore present, further work is required to determine its
continuity and full extent. In particular, infill drilling within the
already established 1,100 metre strike length will be required and
will form the main part of the next phase of drilling.

Additional drilling to the south and north, will also be carried out
to further examine the potential extent of the mineralised zone.

Each borehole has been assayed on a metre-by-metre basis. 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.

Field work is now commencing on our Solona licence, adjacent to the
Komana licence. A separate statement giving an update on ongoing
work on our other three licences in southern Mali which are the
subject of a joint venture agreement with Gold Fields, will be made
in due course.

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.

A drillhole location plan will be posted shortly on the Company's
website at www.glencarmining.ie

Table 1: Assay Results


Hole From To Downhole Au Au (cut)
(m) (m) Width (m) g/t g/t

KWRC022 72 75 3 1.55
KWRC024 39 41 2 7.33
KWRC024 49 51 2 1.23
KWRC025 54 57 3 1.79
KWRC010 16 19 3 1.28
KWRC032 39 40 1 5.35
KWRC032 43 74 31 4.27
KWRC030 80 84 4 3.66
KWRC030 100 111 11 41.84 13.19
KWRC029 107 108 1 11.45
KWRC043 34 38 4 2.23
KWRC043 40 45 5 1.23
KWRC043 72 77 5 1.68
KWRC043 88 90 2 3.01
KWRC037 6 12 5 1.56
KWRC036 92 97 5 1.10
KWRC035 19 21 2 2.19
KWRC035 25 29 4 1.31
KWRC035 33 35 2 4.57
KWRC034 19 22 3 2.83
KWRC034 32 38 6 1.46
KWRC034 44 48 4 2.92
KWRC033 48 54 6 1.70
KWRC047 60 61 1 2.73

[rebel] 02/5/2006 11:19

Glencar Finds Extension to Komana West Ore Zone

2 May 2006

Glencar Mining plc ("Glencar" or the "Company") is pleased to report
that the recently completed drilling campaign at its Komana West
target in southern Mali has intersected further significant ore grade
gold mineralisation, up to 250 metres along strike to the south of
the area drilled in the first phase of drilling last December, where
one borehole intersected bonanza grades of 55.19 grams/tonne over 20
metres. Two of the recent holes intersected the following
mineralised zones:

KWRC030 11 metres at 41.84 grams/tonne (uncut) or 13.19 grams/tonne
(cut)1

KWRC032 31 metres at 4.27 grams/tonne.

This extends the total strike length over which ore grade
mineralization has been intersected to 1,100 metres.

[1] In order to reduce the influence of exceptionally high assay
values for purposes of evaluating overall grades, it has been decided
to cut all higher values to a maximum grade of 30 grams/tonne and
where mineralised intersections quoted herein contain grades greater
than 30 grams/tonne, the averaged grades are quoted in both cut and
uncut form.


Second Phase Programme

The second phase drilling programme comprised of 27 reverse
circulation drillholes totalling 2,778 metres. The programme was
designed to explore the potential extent of the mineralised zone
encountered in the first phase programme. Twenty one of the
boreholes were drilled to the south of the previously defined
mineralised zone. Three of the boreholes were sited to test discrete
targets mapped to the east and west of the known mineralised zone
while the remaining three were sited to the north of the known
mineralised zone. All holes were drilled at a nominal angle of 50
degrees to the horizontal and to an azimuth of either 135 degrees or
315 degrees, depending on ground conditions. One hole was drilled to
an azimuth of 225 degrees to test a locally observed structure.
Downhole depths were between 80 metres and 130 metres.

Results

Main Mineralised Zone

The results of this second phase programme show that ore grade
mineralisation over considerable widths exists 250 metres to the
south of the previously reported mineralised zone. This extends the
currently known strike length of the ore grade mineralisation to
1,100 metres. The two holes KWRC030 and KWRC032 quoted above,
showing 11 metres at 13.19 grams/tonne (cut) and 31 metres at 4.27
grams/tonne respectively, are particularly encouraging, showing very
strong grade and width characteristics, similar in scale to the
mineralisation established in the first phase of drilling further
north. Other second phase drill holes drilled further to the
south indicate that, while ore grade mineralisation extends along
strike as far south as has been drilled to date (KWRC043), the
mineralisation in the most southerly holes was narrower in width and
lower in grade than that encountered further to the north. (See Table
1 below).

Other Targets

Drilling on the discrete targets to the east and west of the
established mineralised zone did not encounter any significant
mineralisation. The three holes to the north of the mineralised zone
did encounter mineralisation but over quite narrow widths. However,
geological and structural evaluation of the results of the drilling
in these areas has not yet commenced.

The main assay results, including intersection depths, are given in
Table 1 below.

Interpretation

The preliminary interpretation suggests that the Komana West target
is a strongly developed, north-south trending, sub-vertical,
mineralised shear system, within which are developed east-west
trending quartz veins, which tend to carry high grade gold
mineralisation. There is some evidence that, south of the main
porphyry body, branches of the main ore zone may be developed, a
feature which is suggested by the results of borehole KWRC032, for
instance, which is sub-parallel and some 200 metres to the east of
main mineralised zone which is intersected in borehole KWRC030.

A considerable amount of work is required before a full
interpretation of the Komana West drill results can be given. While
it is clear that there is a very significant development of high
grade ore present, further work is required to determine its
continuity and full extent. In particular, infill drilling within the
already established 1,100 metre strike length will be required and
will form the main part of the next phase of drilling.

Additional drilling to the south and north, will also be carried out
to further examine the potential extent of the mineralised zone.

Each borehole has been assayed on a metre-by-metre basis. 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.

Field work is now commencing on our Solona licence, adjacent to the
Komana licence. A separate statement giving an update on ongoing
work on our other three licences in southern Mali which are the
subject of a joint venture agreement with Gold Fields, will be made
in due course.

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.

A drillhole location plan will be posted shortly on the Company's
website at www.glencarmining.ie

Table 1: Assay Results


Hole From To Downhole Au Au (cut)
(m) (m) Width (m) g/t g/t

KWRC022 72 75 3 1.55
KWRC024 39 41 2 7.33
KWRC024 49 51 2 1.23
KWRC025 54 57 3 1.79
KWRC010 16 19 3 1.28
KWRC032 39 40 1 5.35
KWRC032 43 74 31 4.27
KWRC030 80 84 4 3.66
KWRC030 100 111 11 41.84 13.19
KWRC029 107 108 1 11.45
KWRC043 34 38 4 2.23
KWRC043 40 45 5 1.23
KWRC043 72 77 5 1.68
KWRC043 88 90 2 3.01
KWRC037 6 12 5 1.56
KWRC036 92 97 5 1.10
KWRC035 19 21 2 2.19
KWRC035 25 29 4 1.31
KWRC035 33 35 2 4.57
KWRC034 19 22 3 2.83
KWRC034 32 38 6 1.46
KWRC034 44 48 4 2.92
KWRC033 48 54 6 1.70
KWRC047 60 61 1 2.73

[spekul8] 02/5/2006 11:18

Any chance that someone could post the RNS, having trouble accessing it.
Cheers.

[robbi123] 02/5/2006 11:10

lofty - with this market cap it is way undervalued even at this early stage!

[jackohelp] 02/5/2006 11:09

nice 41.84 g/t almost as good as the 55 months ago

[loftypants] 02/5/2006 11:08

No, but been burnt before when good news doesn't sustain a high price

Hopefully no worries here

[daza70] 02/5/2006 11:06

500k purchase

[robbi123] 02/5/2006 11:06

lofty - u a daytrader by any chance??

[loftypants] 02/5/2006 11:04

No huge mark up

[happyblackbunny] 02/5/2006 11:02

xbh91

actually, more people have piled into HMB than ORM since last week.

even based on today's volume alone, is 5x more.

anyway, i hold all three, so am not bothered which one is performing better, as long as it's up! :)

[loftypants] 02/5/2006 11:01

Come on.
Results are out

Sensible comments anyone?

[csterling] 02/5/2006 10:58

Check RNS!

[xbh91] 02/5/2006 10:47

thecynical1

ORM may be closer.. HMB as an example is even closer!
Yet everyone piled onto ORM this morning en-masse

[diddlboy] 02/5/2006 09:55

Hoping for great things from this one. :0)

[thecynical1] 02/5/2006 09:51

xbh...the difference I think it that ORM are a lot closer to actually taking the stuff out of the ground....not knocking this but that is the reality....

[xbh91] 02/5/2006 09:50

Worry not...

Even the announcement of a mediocre results will cause the share price to shoot up
The grades of the gold announced in ORM's RNS this morning is good, but still not close to those announced by GEX previously.. and look at what that did to the SP!

And as long as George Bush keep threatening Iran, and the economies of China & India continue to boom, Gold will continue to rise and rise!

[daza70] 02/5/2006 09:43

LOL - BRING IT ON

[jackohelp] 02/5/2006 09:43

good bit of vertical..

[thecynical1] 02/5/2006 09:42

SOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOON ! ; )

[daza70] 02/5/2006 09:40

when is the announcement expected?

thanks