Clancy uncovers significant IP anomalies

Two significant Induced Polarisation geophysical anomalies have been identified....

  Two significant Induced Polarisation geophysical anomalies have been identified at Clancy Exploration’s Gobondery Joint Venture Project in the Macquarie Arc of New South Wales.A gradient array IP survey was completed at the Forest View prospect, located in the central part of the Gobondery tenement, and a 3D IP survey was completed at the Allandale prospect to the north. According to Clancy, the objective of the IP surveys was to detect the disseminated sulphide (pyrite) halo that is typically associated with porphyry copper-gold systems. These results are the first in an extended program of IP surveys that Clancy said would continue for several months over numerous targets within the company’s tenement portfolio in the Macquarie Arc. Clancy Managing Director, Mark Stewart said the new IP anomalies at Gobondery were robust and encouraging and provided an immediate focus for drilling. “We specifically targeted this area for copper-gold mineralisation based on regional magnetic and gravity signatures,” said Mr Stewart. “The fact that the host volcanics are similar to the volcanic units at Rio Tinto’s Northparkes copper-gold mine, about 47 kilometres to the east, was very interesting to us.” “While the area has been explored previously by Shell and North Limited, most RAB holes were less than 10m deep and one, 150m deep reverse circulation hole was drilled to the west, away from the IP anomaly at Forest View,” he said. “Our modelling suggests that the top of the IP anomaly at Forest View varies from 60m to 150m deep, well below the depth of the previous drilling, so the anomaly remains untested.” “[These] results not only reinforce that Gobondery displays characteristics associated with porphyry-style mineralisation, which warrants further investigation, but also that our use of the Geoinformatics Process is sending us down the right path.” The Gobondery Project is one of three joint venture projects in the Macquarie Arc that are managed by Clancy, but funded by Gold Fields Limited. Gold Fields can earn an 80 percent interest in the Gobondery Project, as well as the Cowal East and Wellington North projects, by spending up to $5m over three years on these projects.Clancy will commence diamond drilling on the IP anomalies as soon as a drill rig becomes available.