Clancy hits new gold copper and silver at Meritilga

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THE DRILL SERGEANT: Clancy Exploration has received results from the first round of results from recent reverse circulation (RC) drilling conducted at the company’s 100 per cent-owned Condobolin project in central New South Wales.

 

Plan view of RC drill program at the Meritilga Prospect showing major intercepts. Source: Company announcement

 

Results have been received for five holes with results for a further six holes pending.

The company reported one high-grade gold shoot, which intersected:

–    4 metres at 20 grams per tonne gold, 0.26 per cent copper, 30.2 grams per tonne silver from 75 metres, including 1 metre at 62 grams per tonne gold, 60 grams per tonne silver from 76 metres.
 
Mineralisation is open at depth and along strike to the south.

Clancy said this high-grade shoot occurs adjacent to broad zones of gold, copper and silver:

–    31m at 0.4g/t gold, 0.18 per cent copper, 16g/t silver from 34m, including 11m at 0.8g/t gold, 0.5 per cent copper, 19.5g/t silver from 52m; and

–    18m at 0.33g/t gold, 0.6 per cent copper, 8.2g/t silver from 60m.
 
Clancy completed a 20-hole RC program on the Meritilga prospect at the Condobolin project, following its definition in late 2011 by a 3D Induced Polarisation (IP) survey and a regional soil sampling program.

“Given the size of the IP and soil anomaly, we were confident that a substantial gold- and sulphide-rich hydrothermal system exists at Meritilga and that is what we have found,” Clancy Exploration managing director Gordon Barnes said in the company’s announcement to the Australian Securities Exchange.

“This first-pass drilling has demonstrated that there is at least one high grade gold shoot, with silver and copper, plus a broad, lower grade gold-silver-copper halo, which enhances the tonnage potential.”

One of the holes was drilled in an area where no previous historic mining or drilling has taken place, however Clancy screen fire assay of the intersection attained suggests there is free gold in the system.

Another was drilled near the historic Eureka Mine, where visible gold was found in shallow aircore drilling in late 2011.

“This round of drilling also further tested the Potters, Bluebell and Phoenix prospects,” Barnes said.

“We have some visually encouraging results in drill chips, so we’re expecting further good news from Condobolin in the coming weeks.”