Clancy positive on Cowal East gold prospect

Clancy Exploration, the Australian mineral exploration company, has published an update on recent air core drilling explorations at Cowal East and Goobang, two of its Lachlan Fold Belt projects.

The latest programmes at these projects were designed to follow-up previously identified anomalies.

According to Clancy’s managing director, Mark Stewart, earlier drilling at both sites had shown significant anomalies in gold, copper and zinc.

Twenty one holes have now been completed at the Cowal East project, providing visual evidence of abundant pyrite in a large phyllicly-altered zone, associated with intrusive rocks.

The project is located east of the Cowal Gold Mine, which is owned by Barrick, and west of Newcrest’s Marsden copper-gold prospect. It is expected to yield similar style deposits to its neighbours.

Goobang is located approximately 20km south of the Northparkes copper-gold mine, in an area where there has been little previous exploration.

Full assay results are still awaited by but the company believes that the Cowal East project is promising.

Clancy will publish its Quarterly Activities Report later this month in which it will provide updates on further drilling activities, including diamond drilling programmes at Gobondery.

During the remainder of 2008, drilling is planned at 17 targets on Clancy’s portfolio in the Lachlan Fold Belt.