2009-05-28 08:09:01 -
London, May , 28, 2009
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 | Oct 08 | RC | 6 | 848 |
| definition | | | | |
|-----------------------------+------------+------+-------+---------|
| | | | | |
|-----------------------------+------------+------+-------+---------|
| Gonka - target definition | Oct-Nov 08 | RC | 13 | 1,634 |
|-----------------------------+------------+------+-------+---------|
| | | | | |
|-----------------------------+------------+------+-------+---------|
| Komana East - block model | Nov 08 | RC | 6 | 532 |
| infill | | | | |
+-------------------------------------------------------------------+
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.
From To Width Grade
Hole m m M 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 To Width Grade
m m m 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
+-------------------------------------------------------------------+
| | | | No. of | Total |
| Target | Category | Activity | Holes | metres |
|---------------+------------+--------------------+--------+--------|
| | Target | Bedrock Sampling | | |
| Kabaya | Definition | ("BR") | 100 | 1,082 |
|---------------+------------+--------------------+--------+--------|
| | Target | | | |
| Kabaya | Testing | Angled aircore | 78 | 4,283 |
|---------------+------------+--------------------+--------+--------|
| | | | | |
|---------------+------------+--------------------+--------+--------|
| Bokoro Main E | Target | | | |
| & W | Testing | Angled aircore | 212 | 10,260 |
|---------------+------------+--------------------+--------+--------|
| Bokoro Main E | Target | Reverse | | |
| & W | Testing | Circulation ("RC") | 13 | 1,700 |
|---------------+------------+--------------------+--------+--------|
| Bokoro Main E | Target | Diamond Drilling | | |
| & W | Testing | ("DD") | 2 | 95 |
|---------------+------------+--------------------+--------+--------|
| | | | | |
|---------------+------------+--------------------+--------+--------|
| | Target | | | |
| Fingouana | Definition | Bedrock Sampling | 74 | 1,034 |
|---------------+------------+--------------------+--------+--------|
| | Target | | | |
| Fingouana | Testing | Angled aircore | 62 | 2,896 |
|---------------+------------+--------------------+--------+--------|
| | Target | | | |
| Fingouana | Testing | Infill BR | 62 | 936 |
|---------------+------------+--------------------+--------+--------|
| | Target | Reverse | | |
| Fingouana | Testing | Circulation | 2 | 168 |
|---------------+------------+--------------------+--------+--------|
| | Target | | | |
| Fingouana | Testing | Diamond Drilling | 2 | 132 |
|---------------+------------+--------------------+--------+--------|
| | | | | |
|---------------+------------+--------------------+--------+--------|
| | Target | | | |
| Sindo | Definition | Bedrock Sampling | 175 | 2,034 |
|---------------+------------+--------------------+--------+--------|
| | | | | |
|---------------+------------+--------------------+--------+--------|
| Sanioumale E | Target | | | |
| &W | Definition | Bedrock Sampling | 85 | 1,076 |
|---------------+------------+--------------------+--------+--------|
| Sanioumale E | Target | | | |
| &W | Definition | RC & DD | | |
|---------------+------------+--------------------+--------+--------|
| | | | | |
|---------------+------------+--------------------+--------+--------|
| | Target | | | |
| Bada | Definition | Bedrock Sampling | 91 | 1,176 |
|---------------+------------+--------------------+--------+--------|
| | | | | |
|---------------+------------+--------------------+--------+--------|
| | Target | | | |
| Fie river | 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 | To | Width | Grade grams/tonne |
| | M | M | m | |
|-----------+------+----+-------+-------------------|
| 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 | To | Width | Au Grade |
| | M | m | m | 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 | | To | | Grade |
| | From (m) | (m) | Width (m) | (grams/tonne) |
| AUGER | | | | |
|----------+----------+------+-----------+---------------|
| 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:
From (m) To Width (m) Grade
Hole (m) 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:
From (m) To Width (m) Grade
Hole (m) 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: +353 1 661 9974
e-mail: info@glencarmining.ie
Davy Corporate Finance
Hugh McCutcheon, Head of Corporate Finance
Brian Corr, Associate Director
Tel: +353 1 679 6363
Bishopsgate Communications
Nick Rome/Michael Kinirons
Tel: +44 20 7562 3350
e-mail: nick@bishopsgatecommunications.com
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