Glencar Intersects Additional High Grade Mineralisation in Mali
13th January 2006 Glencar is pleased to announce the receipt 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)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.
Background
The Komana licence is one of a block of five licences in Glencar’s Sankarani Project in southern Mali. Glencar may earn up to an 85% interest (net of the Mali Government’s interest of 10%) in the Komana licence and, in addition, Glencar holds an option to acquire the outstanding 5% interest through payment of US$1 million at any time within 90 days of completion of senior financing for the development of a mine on the property.
[Footnote 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 grades are quoted herein in both cut and uncut form.]
Glencar is currently finalising an agreement with Gold Fields relating to three other licences in the Sankarani area, at Bokoro, Sanioumale and Farasaba. The Komana West target is a mineralised, north-south trending shear zone in Birimian metasediments with intrusive feldspar porphyry bodies locally emplaced within the shear zone. The drill programme was designed to test this north-south shear zone, and also to examine the nature and extent of gold mineralisation observed in east-west veins mapped within the shear zone.
Drilling Programme
A drilling programme of 21 reverse circulation drillholes was completed for a total of 1,942 metres of drilling. Two of the planned drillholes were not drilled due to access difficulties with the particular drillrig on site. Holes were drilled on five NW-SE oriented fencelines, with all holes drilled to either the NW or SE, depending on local ground conditions, at an angle of 50 degrees from the horizontal. Four of the fencelines were drilled in metasediment and the fifth was in a 200 metre wide intrusive porphyry body in the southern part 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, ore grade mineralisation has been found on each of the four fencelines drilled. The mineralisation intersected on each fenceline is consistent with a mineralised, sub vertical shear zone trending north – south, although continuity of the ore zone between fencelines remains to be confirmed by additional drilling. The density of drilling completed to date at Komana West is not yet sufficient to accurately determine the disposition of the ore nor whether or not the intersections obtained represent true widths. However, taking the mineralised intersections in borehole KWRC 012 on Fenceline 1; borehole KWRC 002 on Fenceline 2; boreholes KWRC 019 and KWRC 020 on Fenceline 3 and boreholes KWRC 006 and KWRC 007 on Fenceline 4, yields an average ore zone width of 20.3 metres grading 11.58 grams/tonne (uncut) or 4.33 grams/tonne (cut) in what is a potentially continuous zone over a strike length of 450 metres. A previous announcement dated 12 December 2005 reported that grades of 53.6 grams/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 not been received from the laboratory at the time of the announcement. These have since been received and both the width and the grade of the complete intersection 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 metres depth.
Within the larger porphyry intrusive in the southern portion of the drilled zone, not all of the planned holes were drilled due to access difficulties. Of the four holes that were drilled, two intersected significant mineralisation. Hole KWRC 023 intersected 2 metres grading 67.77 grams/tonne (uncut) or 15.61 grams/tonne (cut) between 35 and 37 metres depth. Additional mineralisation within this hole was found at 43 metres depth (1 metre at 5.62 grams/tonne) and between 67 and 70 metres depth (3 metres at 3.09 grams/tonne).
Hole KWRC 016 was drilled predominantly in the porphyry intrusive and intersected extensive mineralisation 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 hole perhaps, is the fact that the hole shows elevated gold values over 50 metres of its entire 72 metre length. All holes were sampled on a metre-by-metre basis and each sample was split to an assay sample of nominal 2.5kg weight. Samples were assayed by SGS Analabs Laboratories at Morila Mine, Mali, by fire assay with atomic absorbtion finish using a 50 gm charge. All values assaying over 5 grams/tonne were reassayed with a gravimetric finish. Where multiple assays were carried out, the values quoted are the averaged assay values returned from the laboratory for that sample. A full QA/QC programme of duplicate, blank and standard reference material samples is 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 the mineralised shear zone although the density of drilling to date is not sufficient to prove this. These intersections occur over a strike length of 450 metres and at vertical depths from surface of up to 60 metres. Our initial interpretation suggests that the structure may diverge in the southern part of the drilled area, around the 200 metre wide intrusive porphyry body, over a strike length of 350 metres. The limited drilling completed to date in the porphyry confirms that it is persistently mineralised with clear potential for significant additions to the mineralisation already established further north in the metasediments. Surface mapping completed since the commencement of the drilling programme now shows that this mineralised shear zone extends at surface for at least a further 900 metres to the south of the porphyry, giving a currently delineated total target strike length of 1.7 kilometres. Drill testing of the additional 900 metres of strike length will be carried out in the next drill programme which will also incorporate drillholes to complete the initial drill testing of the larger porphyry body.
Conclusion
These results are extremely positive for the potential of the Komana West target and will be followed up with an intensified drill campaign involving both reverse circulation and diamond core drilling, further details of which will be announced as soon as possible.
The more significant assay results are given in the table below in both cut and uncut form. Further details of the drilling including hole locations and assay grades will be posted shortly on our website at www.glencarmining.ie
Table 1 – Assay intersections from the Komana West Drilling For further information, please contact: Hugh McCullough, Chief Executive Telephone +353 1 6619974
======== Directors : H. McCullough (Managing Director), W.W. Cummins (Canada), S. Finlay, K. Harrington, P. O’Quigley, Secretary : P. O'Quigley. Registered in Ireland No. 35324. VAT No. IE 9D51220H.
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