GCM Resources Regulatory News (GCM)

30 Mar 2005 13:45

Glencar Mining PLC30 March 2005 Glencar Mining plc ("Glencar" or the "Company") Sankarani Project, Mali - Exploration Update Glencar is pleased to announce the results of recent sampling in an excitingmineralised zone near Komana, within the Sankarani Project area in Mali, whichcomprises a total area of approximately 1,000 square kilometres. Themineralisation occurs in a highly sheared zone, with active and intensiveassociated artisanal activity over a strike length of more than 1 kilometre.Eighteen samples collected by Glencar from artisanal pits, excavated to depthsof more than 30 metres, yielded an average gold grade of 5.68 grams/tonne. Thegold occurs within a highly sheared suite of metasedimentary rocks includinggraphitic schists. The presence of quartz does not appear to be a prerequisitefor gold development. Within the 1 kilometre strike length already defined,there are igneous bodies which have been intruded into this package ofmetasedimentary rocks. Our initial investigations have shown that gold is alsofound within these intrusive rocks and work is currently underway to establishthe nature of such mineralisation and whether it is associated exclusively withquartz vein development or whether there is more widespread gold mineralisationwithin the intrusive. Work is continuing to ascertain the potential strikelength of this exciting target prior to drilling. Background Glencar holds an interest in four exploration concessions in southern Mali. Thearea is underlain by rocks of the Birimian system, the prolific host rock formost of the world class deposits of West Africa, such as Morila in Mali andObuasi, (Ashanti) in Ghana. Glencar has carried out detailed structural/geological mapping, geochemical surveys and reinterpretation of the results ofthe airborne magnetic survey flown by the Government of Mali. The results ofthis work have led to the selection of four first-priority targets, of whichKomana is one, which will be drilled during the current year. Further detailsabout the Komana target and the other delineated targets will be made known indue course. It is likely that, with further detailed exploration andinterpretative work, additional drill targets will be defined within the projectarea. The targets which will be drilled have been selected based on their prospectivegeological/structural features, strongly anomalous geochemistry and oftenassociated active artisanal workings, indicating the presence of gold. A followup programme of detailed mapping and sampling is being carried out and it ispossible that, prior to the commencement of drilling, detailed geophysical,ground magnetic surveys will be carried out to enable better definition of thedrill targets and more efficient utilisation of the drilling budget. For further information, please contact: Glencar Mining plc:Mr. Hugh McCulloughChief ExecutiveTel: + 353 1 661 9974Fax: + 353 1 661 1205 This announcement has been issued through the Companies Announcement Service of the Irish Stock Exchange. This information is provided by RNS The company news service from the London Stock Exchange