Mining Minerals & Metals Share Discussion Threads

[bongo bwana] 18/12/2006 22:21

TC1 - Im inclined to take a more holistic view of the information issued to date and Im strongly inclined to think (as opposed to believing) at the moment that what is really attractive about PCI is its Algerian licence area holding.

It seems to be sitting on a chamber of gas condensate/gas with incredible promise but thats just me doing my wishful thinking thing again. Im surprised that the share price did not perform more positively but there is plenty of time for that while the short termers are frightened and or shaken out.

GEX is looking increasingly sound and attractive at these levels.

[capt bligh] 18/12/2006 16:55

bb... re mms and aim. I think this has a lot to do with spreadbetting which is becoming more and more important in these thin markets.

[deka1] 18/12/2006 16:41

Only 1p down with a report to come in jan -------- no probs see ya Bois

[boischastel] 18/12/2006 14:53

Some sellers appeared...........no bad thing....we can top up a touch!

[robbi123] 18/12/2006 13:17

im sure some will be wating to see what TW says in his update. iam as happy as ever to hold.

[davenic] 18/12/2006 13:15

if it goes under 10p good top up price

[deka1] 18/12/2006 12:32

you could be right about that Dave but as you and i know these gold prospecting plays are not in and outs you need patience to reap rewards

[spaceparallax] 18/12/2006 12:31

Reading the info, I got the impression that the main body of the report was more promising than that distilled into the 'highlights' - I wouldn't be surprised, given the recent strong share price rise, if some investors are Selling because the perception from the highlights is probably less startling than was rumoured to be expected.

Personally, I'm happy with what appears to be a thorough update of their apparently very methodical approach to the investigation. I very much look forward to mid next year's resource evaluation, which is likely to trigger a significant rise in share price Moreover, we've only really investigated the tip of their prospects to date.

[davenic] 18/12/2006 12:24

I am guessing june 2007 is a long wait for some

[deka1] 18/12/2006 12:20

i had hoped that this report would be good enough to push the share price back to 14p but it seams some PIs dont think its that good . imo its ok for were we are at now in exploration, and in 6 mths they will have a sizeable amount proven up , might tic back up before close all IMO

[davenic] 18/12/2006 12:05

bringing in a few sells not sure why !

[deka1] 18/12/2006 12:02

very good results upto now and those spot drilled holes off grid look really encouraging buenas dias Bois

[boischastel] 18/12/2006 11:52

Thanks. No mention of this report on ADVFN under 'A' news.

[davenic] 18/12/2006 11:43

Glencar Drilling Update


GLENCAR MINING PLC
("Glencar" or the "Company")

Glencar's twin hole at Komana West hits 56m at 4.72 grams/tonne

18 December 2006

Highlights


* Diamond drillhole to twin previous reverse circulation drillhole
at Komana West intersects 56 metres grading 4.72 grams/tonne gold
* Other twin diamond drillholes also confirmed the mineralised zone
interpreted from earlier reverse circulation drilling programme.
* Important structural data obtained from oriented diamond cores
* New mineralised zone intersected in exploration hole to south
west of known deposit
* Resource definition drilling programme to continue in January
2007
* Resource estimate expected to be completed by June 2007
* Drill results from Sankarani Project expected by end January
2007.



Drilling Programme

Glencar is pleased to announce positive results from the latest round
of drilling at the Komana West gold deposit in southern Mali. Seven
holes have been completed, five of which were diamond drillholes with
reverse circulation pre-collars (KWDD049 - KWDD053 inclusive). The
remaining two holes (KWRC054 and KWRC055) were reverse circulation
drillholes testing a new target to the southwest of the known
deposit. The purpose of this predominantly diamond coring phase of
the drilling programme was twofold:


1. To gain structural information from the logging of oriented cores
which could be used in the design of the remainder of the
resource evaluation drilling programme to be continued next
month, and



1. To twin with diamond drilling, earlier reverse circulation
drillholes which had intersected ore grade mineralization.
Because diamond core drilling is inherently the most reliable
drilling technique, it is prudent and best practice to check the
results of the earlier drilling programmes at Komana West, all of
which were carried out using reverse circulation drilling
techniques. The assays from the diamond drill cores have shown
that the reverse circulation drilling and sampling method used in
earlier drill programmes is a reliable technique for evaluating
the Komana West gold deposit.


The twin holes were drilled, where possible, within 10 metres of the
original drillholes and along the same orientation. KWDD050 was
drilled orthogonal to that orientation. Each hole was drilled by
reverse circulation to a depth of between 60 - 75 metres and was then
continued with diamond coring. Four of the five diamond drill holes
were drilled to a downhole depth of 190 metres, while the fifth was
drilled to a downhole depth of 250 metres. All diamond drillholes
were drilled at an angle of 55 degrees from the horizontal. The two
reverse circulation drillholes were drilled at an angle of 50 degrees
to test a projected extension to the main ore zone, south west of the
main porphyry body, which was interpreted from surface mapping.

Results

The assay results for the diamond drillholes and their reverse
circulation precollars confirm the mineralization discovered in the
first drill programme at Komana West. For instance, the bonanza hole
KWRC002 in the earlier programme intersected 20 metres grading 55.2
grams/tonne gold (uncut) or 11.5 grams/tonne (cut) between 60m and
80m downhole depth, the hole finishing in ore grade mineralization at
80 metres downhole depth. The twin hole KWDD051 intersected 56
metres grading 4.7 grams/tonne between 45m and 101m downhole depth.
The individual assay values for this entire 56 metre wide zone are
shown in Table 1 below. The assay data for the other four diamond
drillholes are shown in Table 2 below, together with the assays from
the corresponding original reverse circulation drillholes.

Interpretation of the deposit appears relatively clear-cut over
approximately 600 metres of its strike length, north of the main
porphyry intrusive body. Within this area, there is a well defined,
sub-vertical mineralised envelope encompassing most of the ore grade
intercepts from the drilling to date within this zone. The
mineralisation is clearly open at depth within this zone. To the
north and south of this zone the interpretation becomes somewhat more
complicated. To the north, the sub-vertical envelope cannot be
inferred to the same depth extent, based on the limited drilling to
date in holes KWRC012 and KWDD049. To the south, within the body of
the main porphyry intrusive, the gold mineralization is more
widespread, but of lower overall grade, as seen for instance in
drillhole KWDD053. However, 200 metres further south, to the south
of the main porphyry intrusive, our earlier drilling shows that the
distribution and grade of gold mineralisation is more like that
within the 600 metre zone to the north. This is evident from
drillholes KWRC030 (11 metres at 41.84 grams/tonne (uncut)) and
KWRC032 (31 metres at 4.27 grams/tonne). This also appears to be
confirmed by the presence, south of the main porphyry, of recently
developed artisanal activity which is yielding high grade gold
mineralization in an area not yet drill tested. It is expected that
the detailed drilling planned for 2007 will provide the additional
data required to complete the interpretation of the deposit geometry
in these two areas.

Cross sections showing the original reverse circulation drilling and
the twinned diamond drillholes, together with a drill plan, will be
posted shortly on the Company's website at www.glencarmining.ie

Detailed studies of the oriented drill cores were carried out and an
independent report on the structural conclusions is currently being
finalised by SRK (Perth). These conclusions will guide and inform
our mineral resource drilling programme which will continue in
January 2007. We expect that a resource estimation for part of the
Komana West gold deposit will be completed before June 2007.

Two reverse circulation holes KWRC054 and KWRC055 were drilled to
test for a possible extension to the main mineralised zone to the
southwest of the main porphyry body, interpreted from surface
mapping. KWRC055 intersected 6m grading 4.5 grams/tonne between 75m
and 81m downhole depth. This is an encouraging discovery, since it
lies outside the previously drilled area and shows the potential for
other extensions to the existing 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.

2007 Work Programme

Resource definition drilling at Komana West is scheduled to
recommence in mid/late January. This programme will comprise infill
drilling over a 1 kilometre strike length of the Komana West deposit
so that an ore resource estimate for that portion of the deposit may
be calculated prior to June 2007.

Drilling on a number of targets on the Sankarani Project, under the
terms of the Framework Agreement with a subsidiary of Gold Fields
Limited is currently underway and it is expected that results from
that programme may be available towards the end of January 2007.


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.

[t0m thumb] 17/12/2006 16:01

s_s you will read it in your fish and chip wrapper tomorrow.

[share_shark] 17/12/2006 15:42

Anyone see anything in The Times, Inde or The business , today please?.

[boischastel] 15/12/2006 07:24

Macquarie Bank gives positive outlook for gold market
By Jon Nones
14 Dec 2006 at 02:47 PM

The Macquarie Bank Ltd. [ASX:MBL] research team has recently publishing a report under the headline "Gold sector: time to shine." Here are some excerpts:

"We forecast gold prices to rise to USD$700/oz by 2007, averaging USD$683oz in 2007. Our positive near and medium term outlook is underpinned by a favourable macroeconomic environment for gold investment against the backdrop of a supportive physical market."

"Hedge books are no longer the poison pill they once were and operating risk is diminishing. Also, the market should not underestimate either the value of producing long life assets, or how much global gold majors are struggling, increasingly, to merely replace production, let alone grow."

[bongo bwana] 14/12/2006 14:25

Its operating in a very health market environment unlike the last time we had a potential whizz of a mine on our hands.

Happy Xmas and a prosperous New Year to you and yours.

[boischastel] 14/12/2006 08:10

Barrick CFO says gold has a lot more upside
By Karl Heilman
13 Dec 2006 at 11:19 AM

Barrick's CFO said Tuesday that gold's price fundamentals remain strong.

"I think we've got a lot more upside on the gold price. I certainly can see the highs that we had earlier this year being taken out," Jamie Sokalsky said in an interview.

"I think the supply-demand fundamentals that are there are very supportive to gold. There is certainly no shortage of geopolitical tensions around the world and the U.S. dollar has gotten weaker and the outlook for it is for continued weakness."

"We would be amenable to additional copper, as part of additional gold assets...We are really focused on gold, and a number of deposits that exist in the world are copper-gold porphyries. We would really like to have gold, and if copper came along with that, that would be fine with us."

[bongo bwana] 13/12/2006 15:29

Keevo - any word in Dublin about PCI?

[deka1] 13/12/2006 14:32

good luck keevo