Glencar Mining PLC
04 February 2005
Glencar Mining plc ('Glencar' or the 'Company')
Glencar Exploration Update
Glencar Mining plc is pleased to announce details of the progress on its
exploration activities in Mali, Ghana and Uganda. Work has proceeded
satisfactorily and according to plan on all three projects.
Sankarani Project, Mali
Fifteen high priority targets were identified in the recently completed regolith
study and detailed, follow up geochemical sampling has now been completed on
eight of the fifteen targets. A geophysical study of the area has also been
completed based on the recently flown aeromagnetic survey, the results of which
were released by the Mali Government in June 2004. A detailed geological/
structural mapping programme is expected to be completed before end March 2005.
The objective of the current work programme is to define between three and five
drilling targets prior to end March 2005.
The geochemical sampling results have been important in the definition and
prioritisation of the selected targets. These results will be assessed in
conjunction with the geophysics and the detailed geological/structural mapping
to assist in the final definition of the drill targets. Discussions have
already opened with drill contractors in the region.
Asheba Project, Ghana
The pitting programme around the Atinasi North area has been completed.
Results received to date confirm the potential extension of the drill
intersected mineralisation both to the northwest and to the northeast of the
existing Atinasi drill grid. In addition, positive results from pits excavated
and sampled along two traverse lines crossing the inferred contact of the
greenstone with a dioritic intrusive body some 250m northwest of the Alabee zone
appear to confirm the prospectivity in this direction also. A structural
mapping study has recently been completed by a specialist consultant and his
report is expected during February. A geostatistical analysis of the drilling
results to date has been commissioned and will be completed before end February.
We expect to be in a position then to determine the next round of drilling
at Asheba which will be commenced as soon as possible thereafter.
The drill results already obtained at Atinasi North highlight the prospectivity
of this area, with intersections of 3 metres at 20.5 grams/tonne, 9 metres at
11.0 grams/tonne and 12 metres at 12.1 grams/tonne indicating clear potential
for a commercial discovery.
Buinja Project, Uganda
Results have been received for the October/November field programme which
comprised of trenching, pitting and rock float sampling. Gold mineralisation
intersected was low grade and over narrow width. At Nasango the best grade was
1metre at 1.4grams/tonne from a horizontal channel at a depth of 4 metres in the
pit at the northern end of the profile. At Namaingo the pit profile line
produced 3 anomalous pits with highest grade of 0.45grams/tonne from a 1 metre
horizontal channel sample at 2.2 metres depth. The best grade from the short
trenching programme at Namaingo was 1metre at 0.3grams/tonne.
At Siavona we have extended the mapping and float sampling programme that had
yielded the auriferous rock samples believed to be close to their in situ
source. 76 additional rock samples were collected at Siavona. None of the
samples yielded significant gold values.
A pitting programme is planned for Glencar's other concession area adjacent to
the Tira mine, before the end of April 2005.
We are pleased with exploration progress so far. At Asheba, we believe that
the time and resources invested in the careful and comprehensive review of the
results to date, coupled with the work in hand, referred to above, will benefit
the upcoming drill programme there.
The results from the Sankarani Project in Mali continue to confirm our view that
these licences, with their very favourable geological and structural setting,
show the potential to host gold deposits of world class such as those at Morila
and Sadiola, just two of the currently operating major deposits in a similar
setting in Mali. We hope that the work programme which we are currently
engaged in will lead to an exciting and successful drilling programme at
Sankarani early in the second quarter of 2005.
For further information contact:
Glencar Mining plc
Tel: + 353 1 661 9974
Fax: + 353 1 661 1205
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