Clancy Exploration

We released the Trundle Project Exploration Update to the ASX today which received a good response and pushed the share price up by 14.7% to a closing of 19.5c.  You can read the release by clicking on the following link:   Trundle Project Exploration Update

You may recall that we have been trying to get our hands on the Trundle project since we listed as it is a large A –class target and has significant exploration potential, despite the amount of work and drilling that has been conducted on it to date and we rank it very highly.  Following our acquisition of the project we had to carry out a comprehensive review, compilation and validation of the large amount of available data before deciding what to do next.

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Apologies for the slight delay with this update but I was over in Sydney last week giving a series of presentations.   The Orange East Update was released to the ASX on Thursday 4 March 2010 and provides information on the work we have been doing at Orange East and our plans for March and subsequent drilling.  Please click on the following link to access the release:

Orange East Update

The detailed ground magnetic survey is giving us a much better idea of the structure in the area and the 3D IP survey will give us an idea of the scale of any massive sulphides at depth.  Following that we will be able to target our drilling much more effectively.

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Clancy’s Joint Venture partner in New South Wales is Gold Fields Limited, a large gold producer listed in South Africa.

Gold Fields have made some positive comments about the most recent exploration activity in their Quarterly released today:

Initial drilling projects

At the East Lachlan joint ventures in New South Wales, Australia, where Gold Fields is earning into an 80 per cent interest in four porphyry Au-Cu project areas from Clancy Exploration Ltd (ASX: ”CLY”), diamond drilling at the Myall Project has intersected significant sections of potassic alteration with associated sulphide (chalcopyrite-pyrite ± bornite) and quartz veining.

At Cowal East a diamond drilling programme is currently testing three targets.  Significant potassic magnetite-biotite-pyrite±chalcopyrite alteration of diorite and volcanics was intersected at the Eurowie target which is characteristic of the alteration present in the upper disseminated zone of the Cadia East porphyry Cu-Au deposit.  Results are awaited.

A detailed aeromagnetic survey has been completed at the Wellington North Project and processing will be completed in the March quarter.

Significant copper and zinc anomalism has been identified in aircore drilling at the Currumburrama Option project which is coincident with the main geophysical target zone, and consistent with a Lake Cowal style mineralised system.

You can read the full quarterly here

This week’s publication of HighGrade.net includes an in-depth article by Kate Haycock on Clancy which is well worth reading.

Clancy article – Highgrade.net

A belated Happy New Year to you all.  The year has started off with a bang with Gold Fields running four drilling rigs on our joint venture properties working double shift so a large amount of core is being generated which is stretching capacities all round.  But of course we are extremely pleased with the level of activity and a regular flow of results is expected as the core moves through the lab.

We released our December 2009 quarterly report to the ASX yesterday and if you haven’t seen it you can access it by clicking on the following link:  December 2009 Quarterly Activity Report

Important points to note are:

• Over 10,000m of drilling completed in the December 2009 quarter;
• Diamond drilling by Gold Fields has identified an alteration system similar to the upper zone of the giant Cadia East porphyry copper-gold deposit at the Eurowie prospect in the Cowal East JV;
• Ground magnetic and 3D IP surveys commenced at the Orange East project and diamond drilling planned at Orange East and Trundle in the March quarter; and
• Significant expenditure by Gold Fields and Clancy funding an aggressive drilling campaign over the next six months.

As previously mentioned this level of expenditure is fairly unusual for a company of our size and is indicative of the increasing level of interest in the projects by Gold Fields.

I look forward to reporting results to you as they come to hand and I’m looking forward to an exciting 2010.