Third time lucky as Glencar Mining is close to confirming another African gold discovery
Listed on the secondary markets in Dublin and London, the group said the scale of the mine will be known by the end of September.
In its interim statement, Glencar said drilling on the Komana license in Mali “continues to demonstrate its strong potential to host a significant commercial gold deposit”.
The group said it is expecting to receive the SRK Consulting resource estimation before the end of September and has already reserved drill rigs in preparation for the next phase of definition of the discovery, as well as further exploration.
“We expect it to be just as exciting as the last and we are hopeful that its completion will see us well advanced towards the definition of our third commercial gold find in Africa,” said chief executive, Hugh McCullough.
Shares in the group were unchanged at 8 cents in Dublin yesterday, despite the bullish outlook for the mine.
Glencar also continues to build on strong exploration results on three targets on its Solona base, while drilling is set to continue on its Sankarani project in a joint venture with Gold Fields.
In June the group raised $2 million (€1.3m) to fund future activities.
Overall, the results returned from Glencar’s Komana activities and the other positive results closeby, confirm the potential of the region.
At least five other targets, with very similar geological and structural settings to Komana are present in the concession, adding further to the prospects there.
The group is also developing interests in Ghana and Uganda and further details will be announced when exploration agreements have been signed.
Overall, the southern Mali interests of the group look the most promising and the latest results confirm the group’s belief in the region’s ability to deliver a commercial gold deposit.
For the six months ended June 30, losses rose slightly from €280,000 to €310,240.
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