13th Jan 2006 17:22
Glencar Mining PLC13 January 2006 GLENCAR MINING PLC Glencar Intersects Additional High Grade Mineralisation in Mali Glencar Mining plc ("Glencar" or the "Company") is pleased to announce thereceipt of the remaining assay results from the Komana West drilling programme. Highlights are: • Ore grade mineralisation has now been confirmed by drilling over a strike length of 800 metres. • Mineralised intersections in boreholes on each of four fencelines in metasediment show an average width of 20.3 metres at an average grade of 11.58 grams/tonne (uncut) or 4.33 grams/tonne (cut) (Note 1) • Drilling in the intrusive porphyry in the southern portion of the drilled area has also shown extensive mineralisation. • Previously reported bonanza intersection in KWRC 002 has now been increased to 20 metres at 55.19 grams/tonne (uncut) following receipt of outstanding assays. • Recent field mapping has identified evidence of significant mineralisation 900 metres along strike to the south of the recently drilled area. Note 1: In order to reduce the influence of exceptionally high assay values forpurposes of evaluating overall grades, it has been decided to cut all highervalues to a maximum grade of 30 grams/tonne and grades are quoted herein in bothcut and uncut form. Background The Komana licence is one of a block of five licences in Glencar's SankaraniProject in southern Mali. Glencar may earn up to an 85% interest (net of theMali Government's interest of 10%) in the Komana licence and, in addition,Glencar holds an option to acquire the outstanding 5% interest through paymentof US$1 million at any time within 90 days of completion of senior financing forthe development of a mine on the property. Glencar is currently finalising anagreement with Gold Fields relating to three other licences in the Sankaraniarea, at Bokoro, Sanioumale and Farasaba. The Komana West target is a mineralised, north-south trending shear zone inBirimian metasediments with intrusive feldspar porphyry bodies locally emplacedwithin the shear zone. The drill programme was designed to test this north-southshear zone, and also to examine the nature and extent of gold mineralisationobserved in east-west veins mapped within the shear zone. Drilling Programme A drilling programme of 21 reverse circulation drillholes was completed for atotal of 1,942 metres of drilling. Two of the planned drillholes were notdrilled due to access difficulties with the particular drillrig on site. Holes were drilled on five NW-SE oriented fencelines, with all holes drilled toeither the NW or SE, depending on local ground conditions, at an angle of 50degrees from the horizontal. Four of the fencelines were drilled in metasedimentand the fifth was in a 200 metre wide intrusive porphyry body in the southernpart of the drilled area. The hole depths were between 72 and 120 metres. Assay Results Within the metasediment, where 17 of the 21 holes were drilled, significant, oregrade mineralisation has been found on each of the four fencelines drilled. Themineralisation intersected on each fenceline is consistent with a mineralised,sub vertical shear zone trending north - south, although continuity of the orezone between fencelines remains to be confirmed by additional drilling. Thedensity of drilling completed to date at Komana West is not yet sufficient toaccurately determine the disposition of the ore nor whether or not theintersections obtained represent true widths. However, taking the mineralisedintersections in borehole KWRC 012 on Fenceline 1; borehole KWRC 002 onFenceline 2; boreholes KWRC 019 and KWRC 020 on Fenceline 3 and boreholes KWRC006 and KWRC 007 on Fenceline 4, yields an average ore zone width of 20.3 metresgrading 11.58 grams/tonne (uncut) or 4.33 grams/tonne (cut) in what is apotentially continuous zone over a strike length of 450 metres. A previous announcement dated 12 December 2005 reported that grades of 53.6grams/tonne (uncut) over 19 metres were intersected in hole number KWRC 002.There were a number of samples from that hole for which assay values had notbeen received from the laboratory at the time of the announcement. These havesince been received and both the width and the grade of the completeintersection has now been increased to 20 metres grading 55.19 grams/tonne(uncut) or 11.96 grams/tonne (cut) with the hole finishing in ore at 80 metresdepth. Within the larger porphyry intrusive in the southern portion of the drilledzone, not all of the planned holes were drilled due to access difficulties. Ofthe four holes that were drilled, two intersected significant mineralisation.Hole KWRC 023 intersected 2 metres grading 67.77 grams/tonne (uncut) or 15.61grams/tonne (cut) between 35 and 37 metres depth. Additional mineralisationwithin this hole was found at 43 metres depth (1 metre at 5.62 grams/tonne) andbetween 67 and 70 metres depth (3 metres at 3.09 grams/tonne). Hole KWRC 016 wasdrilled predominantly in the porphyry intrusive and intersected extensivemineralisation including 9 metres at 4.47 grams/tonne (uncut) or 4.30 grams/tonne (cut) between 31 and 40 metres depth. Of greater significance in this holeperhaps, is the fact that the hole shows elevated gold values over 50 metres ofits entire 72 metre length. All holes were sampled on a metre-by-metre basis and each sample was split to anassay sample of nominal 2.5kg weight. Samples were assayed by SGS AnalabsLaboratories at Morila Mine, Mali, by fire assay with atomic absorbtion finishusing a 50 gm charge. All values assaying over 5 grams/tonne were reassayed witha gravimetric finish. Where multiple assays were carried out, the values quotedare the averaged assay values returned from the laboratory for that sample. Afull QA/QC programme of duplicate, blank and standard reference material samplesis in place for all assays. Interpretation The ore grade intersections in the metasediment in holes KWRC 002, 006, 007,012, 019 and 020 may represent the intersection of a single structure along themineralised shear zone although the density of drilling to date is notsufficient to prove this. These intersections occur over a strike length of 450metres and at vertical depths from surface of up to 60 metres. Our initialinterpretation suggests that the structure may diverge in the southern part ofthe drilled area, around the 200 metre wide intrusive porphyry body, over astrike length of 350 metres. The limited drilling completed to date in theporphyry confirms that it is persistently mineralised with clear potential forsignificant additions to the mineralisation already established further north inthe metasediments. Surface mapping completed since the commencement of the drilling programme nowshows that this mineralised shear zone extends at surface for at least a further900 metres to the south of the porphyry, giving a currently delineated totaltarget strike length of 1.7 kilometres. Drill testing of the additional 900 metres of strike length will be carried outin the next drill programme which will also incorporate drillholes to completethe initial drill testing of the larger porphyry body. Conclusion These results are extremely positive for the potential of the Komana West targetand will be followed up with an intensified drill campaign involving bothreverse circulation and diamond core drilling, further details of which will beannounced as soon as possible. The more significant assay results are given in the table below in both cut anduncut form. Further details of the drilling including hole locations and assaygrades will be posted shortly on our website at www.glencarmining.ie For further information, please contact: Glencar Mining plcHugh McCullough, Chief ExecutiveTel: +353 1 661 9974e-mail: [email protected] Heneghan PRRachel WatchornTel: +353 1 6607395e-mail: [email protected] Table 1 - Assay intersections from the Komana West Drilling Hole From To Width Au g/t Au g/t m m m uncut cut to 30g/t KWRC001 91 94 3 1.37 1.37 KWRC002 49 55 6 2.20 2.20 KWRC002 60 80 20 55.19 11.96 KWRC003 40 42 2 4.97 4.97 KWRC004 0 3 3 4.00 4.00 KWRC004 19 22 3 2.23 2.23 KWRC006 64 84 20 2.34 2.34 KWRC007 24 37 13 3.75 3.75 KWRC007 50 53 3 5.31 5.31 KWRC008 8 9 1 3.88 3.88 KWRC012 47 52 5 9.57 8.06 KWRC012 60 65 5 13.10 10.76 KWRC016 12 15 3 6.04 6.04 KWRC016 31 40 9 4.47 4.30 KWRC017 19 22 3 1.59 1.59 KWRC018 27 31 4 4.01 4.01 KWRC018 52 53 1 1.10 1.10 KWRC018 98 101 3 25.46 11.25 KWRC019 7 8 1 5.86 5.86 KWRC019 57 85 28 2.52 2.52 incl 63 69 6 8.81 8.81 KWRC020 33 45 12 1.13 1.13 KWRC023 3 6 3 1.30 1.30 KWRC023 35 37 2 67.77 15.61 KWRC023 43 44 1 5.62 5.62 KWRC023 67 70 3 3.09 3.09 13 January 2006 This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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