Glencar hopeful on Mali drilling

GLENCAR Mining’s share price has trebled in recent weeks following good drilling results in Mali.

The shift from 2.5p sterling (3.6 cent) to 8p (11.6c) has been precipitated by the discovery of high density gold deposits.

These could mean decent returns for shareholders within the next few years, provided findings in Mali deliver in the long term.

A significant number of holes have been driven in the past few months with exceptional results.

Glencar chief executive Hugh McCullough said yesterday: “I have never seen anything like this in 20 years of drilling for gold.”

As well as that the group says previously reported high grade deposits have been confirmed and upgraded following completion of further assessment of the areas previously drilled.

Glencar is optimistic and hopes by the middle of next year to have a commercial gold mine on its hands.

Within the next week the Dublin-based group is due to sign off on a $12 million (€9.9m) investment programme with Gold Fields, one of the world’s major gold producers.

The deal involves the Mali gold project, but involves separate drilling areas to the ones already proven by Glencar.