Aggressive exploration campaign for Clancy

Work will commence immediately on Clancy Exploration’s exciting portfolio of....

  Work will commence immediately on Clancy Exploration’s exciting portfolio of copper-gold projects in the Lachlan Fold Belt in NSW after a successful listing on the ASX.Clancy has identified 24 highly-ranked Cu-Au porphyry targets on its tenements, 16 of which will be drill tested in the next 12 months. The tenements are in the Ordovician Macquarie Arc, a highly mineralised terrain that hosts the world-class Cadia-Ridgeway Cu-Au deposits (>35 Moz Au endowment), the Cowal Au mine and the Northparkes Cu-Au mine. Clancy has assembled one of the largest ground positions of any explorer in the Macquarie Arc with more than 1,850sqkm under tenure.Clancy has secured a drill rig for a minimum of 6 months commencing in October 2007 to carry out the drilling at the targets described above. Geophysical surveys are also planned for a number of projects and this work is scheduled to start in late August 2007.Clancy has completed first-pass reconnaissance aircore drilling on two targets at Gobondery EL6534 and Goobang EL6537. The drilling has confirmed the targeting premise, identifying fractionated Ordovician intrusive rocks and associated porphyry-style alteration and mineralisation beneath a cover sequence of 30 to 75m depth. Basement copper anomalies up to 2 x 1km dimension with peak values of +500ppm Cu have been defined at both projects.Compilation of previous exploration data at Cowal East (EL6553 and EL6554) has defined a 2.7km long basement geochemical anomaly with peak values of +200ppb Au, +500ppm Cu and +750ppm Zn. Previous drill intercepts of 4m at 2.16g/t Au and 2m at 0.22g/t Au, 0.137% Cu were not followed up. The anomalies are associated with Ordovician intrusive rocks with porphyry-style hydrothermal alteration and have similar characteristics to the nearby Cowal Au mine (Barrick) and Marsden Cu-Au prospect (Newcrest).At Fairholme EL6552 unequivocal Ordovician porphyry intrusives with hydrothermal alteration and Cu-Au mineralisation have been defined by previous drilling. The best drill intersection is 48m at 0.60g/t Au 0.16% Cu. Clancy has completed 3D modeling of the geology and magnetics which suggests potential for higher-grade Cu-Au mineralisation exists at depth (>450m). Similar style porphyry intrusives and alteration have also been identified at Myall where a large, fractionated intrusive complex is associated with extensive +1000ppm Cu anomalies. Previous drilling at the complex has identified quartz-magnetite veins with bornite and chalcopyrite and has yielded drill intercepts such as 107m at 0.11g/t Au and 0.43% Cu.