Clancy projects in the Macquarie Arc, NSW
Perth, Oct 23, 2007 AEST (ABN Newswire) - Clancy Exploration (ASX: CLY)(Clancy) today announced that diamond drilling has commenced at the Gobondery Joint Venture (JV) Project in the Macquarie Arc of NSW, approximately one month ahead of schedule.
The drilling at Gobondery is the first program of a minimum six month drilling campaign that will test 13 highly ranked targets within the Company's tenement portfolio in the Macquarie Arc. Clancy plans to drill at least 25,000 metres on these targets with a combination of diamond, reverse circulation and aircore drilling. The targets were generated by Clancy using the innovative method of probability based targeting, called the Geoinformatics Process.
The immediate focus at Gobondery will be diamond drilling at the Forest View and Allandale prospects where significant Induced Polarisation (IP) anomalies have been identified as announced on 18 October 2007. The IP anomalies will be tested with three or four, 400 metre deep NQ diamond holes.
Clancy Managing Director, Mr Mark Stewart, said the Company was moving full steam ahead with drilling at selected targets from its project portfolio.
"Our exploration program is quite advanced - perhaps even more so than investors would think," said Mr Stewart. "We have spent the last four years developing this portfolio of prospective copper-gold projects in NSW and base metal projects in Tasmania."
"The commencement of drilling today represents a new phase for Clancy and we look forward to providing our shareholders with consistent and exciting updates over the next six months," he said.
Drilling during this campaign is also planned at the Company's Cowal East, Spring Creek, Illabunda, Myall, Fairholme and Wellington North projects, which are also located in the Macquarie Arc (Figure 1).
In addition to managing its own projects in the Macquarie Arc, Clancy manages three joint venture projects that are funded by Gold Fields Limited, one of those being the highly ranked Gobondery project (EL 6543). Gold Fields can earn an 80% interest by spending up to $5 million over three years on these projects, which include Cowal East and Wellington North.
-ENDS
About Clancy
Clancy Exploration (ASX: CLY) is an Australian-focused copper, gold and base metals explorer.
Although relatively new to the ASX (July 2007), the Company's portfolio has been built up over the past four years to consist of highly prospective copper-gold projects in the Lachlan Fold Belt of NSW and base metal projects in the Mount Read Volcanic Belt of Tasmania. Clancy's competitive advantages include support from major shareholder, Geoinformatics Exploration Inc (TSX-V), having one of the largest ground positions of any explorer in the prospective Macquarie Arc (>1850km2), and the innovative use of digital geological and geophysical data in probability based targeting.
The Company's objective is to advance its properties to a stage of commercial development by applying faster, less expensive and more reliable analytical methods to resource exploration. The exploration activities are well-funded and substantial upside exists with the potential addition of resources.
Additionally, Clancy has established joint ventures with Gold Fields Limited on three projects in NSW (managed by Clancy) and with Bass Metals Limited (ASX: BSM) on the Tasmanian tenement package (managed by Bass Metals). Clancy, in conjunction with its JV partners, has spent significant funds on the projects to date, with a combined $7.4 million to be spent on the Company's tenement package within two years of listing.
A six month drilling program has commenced in October with a healthy exploration budget and a well-credentialed team in place to advance several 'drill-ready' targets.
About the Geoinformatics Process
As the listed arm of Geoinformatics in Australasia, Clancy has access to leading edge targeting applications, technology and substantial technical resources.
Geoinformatics has developed a rigorous and innovative data manipulation and targeting methodology, the Geoinformatics Process. This unique process incorporates risk and uncertainty into the target models, the output of which quantifies the probability of potential mineral discoveries.
Clancy holds a target bank of highly prospective targets which were generated by the Geoinformatics Process. The target bank will provide an immediate focus for exploration by Clancy. Therefore, the Company is well positioned for growth through further data analysis and the development by Geoinformatics of future targeting innovations.
An independent expert, SRK, reviewed the methodology's targeting results and found it to be technically sound. Targets generated by the Geoinformatics Process were validated against known deposits and occurrences. The independent expert confirmed that Clancy's results were exceptional in their ability to predict the location of known mineralisation and intrusions, which provides independent confidence in this probabilistic modelling approach. To view this report, please refer to Clancy's prospectus also available on www.clancyexploration.com.
The information in this document that relates to Exploration Results, Mineral Resources or Ore Reserves is based on information compiled by Mr Gordon Barnes who is a Member of the Australian Institute of Geoscientists. Mr Barnes is a full-time employee of Clancy Exploration Limited and has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking to qualify as a Competent Person as defined in the 2004 Edition of the "Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves". Mr Gordon Barnes consents to the inclusion in the report of the matters based on his information in the form and context in which it appears.
For further information on Clancy and its projects see the website http://www.clancyexploration.com
Contact
Mark Stewart
Managing Director
Clancy Exploration Limited
Tel: 08 9481 8241
E-mail: mark.stewart@clancyexploration.com
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