Gold Exploration in West Africa

[FL]

Gold Fields [GFI] 'bonanza-striking' partner [Glencar] finds more in Mali

See:
http://www.miningweekly.co.za/min/news/today/?show=85469

Gold Fields 'bonanza-striking' partner finds more in Mali

Ian CockerillSouth African Gold Fields' 'bonanza-striking' partner, Glencar, has extended its Mali find.

Glencar Mining plc said in a media release on Wednesday that it had intersected further significant ore-grade gold mineralisation in the prospective West African country, which was now the continent's second-largest gold producer.

The Glencar media release followed confirmation on Tuesday that Gold Fields had agreed to assist the London-listed junior exploration company, Glencar, financially. In answer to a question from the media during Gold Fields' announcement of excellent March quarterly results, Gold Fields CEO Ian Cockerill said that, in exchange for financial assistance, Gold Fields would be entitled to 50% of viable discoveries and an additional 10% on completion of feasibilities. Thereafter any projects would be jointly developed.

“It is a standard Gold Fields exploration earn-in in what appears to be quite an interesting part of the world. It is just another way that Gold Fields is piggy-backing on juniors who are working in what appear to be prospective areas. We have done it before and, hopefully, we can hit another run with this one,” he said.

Glencar said in the release that it had completed a new drilling campaign at its Komana West target in southern Mali. It said that, during this campaign, it had intersected further significant ore-grade gold mineralisation to the south of the area drilled in the first phase of drilling last December, where one borehole intersected what Glencar described as 'bonanza' grades of 55,19 g/t over 20 m. Glencar said further that two of the recent holes intersected were 11 m at 41,84 g/t uncut and 13,19 g/t cut and in a second area 31 m at 4,27 g/t. This extended the total strike length - over which ore-grade mineralisation had been intersected - to 1 100 m.