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RAREX LIMITED AGM Information 2008
65681_rns_2008-05-29_c94c8faa-2b30-4a60-b7b3-400a267973f8.pdf
AGM Information
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30 May 2008 ASX/ Media Release
CLANCY EXPLORATION PROVIDES AGM PRESENTATION
Copper, gold and base metals explorer, Clancy Exploration (ASX: CLY) is pleased to release the attached presentation given at today's Annual General Meeting (AGM).
The presentation covers the considerable exploration progress made on Clancy's portfolio of highly prospective copper-gold properties in the Lachlan Fold Belt of NSW, since the IPO in July 2007.
Also covered is a timeline for the extensive 30,000m drilling program currently underway for 2008.
Speaking at the AGM, Clancy's Chairman, Dr James Macdonald, said that it was a pleasure to welcome shareholders and invited guests to Clancy's inaugural AGM as a publicly listed company.
"Clancy has had a good start to listed life, with a very focused, cost effective approach to exploring our projects. We are encouraged with the progress we have made so far and look forward to announcing more results from our ongoing drilling program," said Dr Macdonald.
The presentation will also be available on the Company's website www.clancyexploration.com
-ENDS-
Please direct enquiries to:
Mark Stewart Ann Nahajski Managing Director Porter Novelli Tel: +61 8 9481 8241 Tel: +61 8 9386 1233 Email: [email protected] Mob: +61 (0)400 205 433
About Clancy
Clancy Exploration (ASX: CLY) is an Australian-focused copper, gold and base metals explorer. Although a relatively new listing on the ASX (July 2007), the Company's portfolio has been built up over the last four years to consist of highly prospective copper-gold projects in the Lachlan Fold Belt of NSW and base metal projects in the Mount Read Volcanic Belt of Tasmania.
Clancy's competitive advantages include support from major shareholder, Geoinformatics (TSX-V), one of the largest ground positions of any explorer in the prospective Macquarie Arc (>1850km2 ), and the innovative use of digital geological and geophysical data in probability based targeting.
The Company's objective is to advance its properties to a stage of commercial development by applying faster, less expensive and more reliable analytical methods to resource exploration. The exploration activities are well-funded and substantial upside exists with the potential addition of resources.
Additionally, Clancy has established joint ventures with Gold Fields Limited on three projects in NSW (managed by Clancy) and with Bass Metals Limited on the Tasmanian tenement package (managed by Bass Metals). Clancy, in conjunction with Gold Fields, spent over $3.5 million on the projects prior to listing, with a combined $7.4 million planned to be spent on the Company's tenement package within two years of listing.
Clancy Exploration Limited 57 Havelock Street, West Perth WA 6005 Telephone: (08) 9481 8241 Facsimile: (08) 9226 1299 www.clancyexploration.com [email protected]
Clancy Exploration Limited Annual General Meeting Presentation
Gordon Barnes Exploration Manager Clancy Exploration Limited Perth, WA May 30 2008
Introduction
2
Corporate snapshot
Exploration strategy and project portfolio
Highlights
Projects
Wrap up
Corporate Snapshot
Capital structure
| Odihirnarysaresonssue | 8M47 |
|---|---|
| Oitpons | M5 |
| Eddih(Jl09)scroweornarysaresuy | 447% |
Top shareholders (30/04/2008)
| Fddii&ttonersrecorsassocaesu, | 945% |
|---|---|
| GliRFdeoogcesourceun | 78% |
| GAld&Rhttrnouez | 49% |
| Thldi20opong | 756% |
Boardand management
| DJMdldramesacona | Chiarman |
|---|---|
| SMkttarewar | MiDitanagngrecor |
| DNikAhibldrcrca | NDiton-execrecor |
| MkLtareser | NDiton-execrecor |
GordonRowan
Barnes Exploration Manager Caren Company Secretary
Shareprice performance (ASX: CLY)
| hhih12tmong | $029 |
|---|---|
| 12hltmonow | $010 |
| Chi(29/05/2008)turrensareprce | $014 |
| Ckiliitttturrenmarecapasaon | $67M |
Shareprice since listing
Twoyear exploration spend – $7.4M
Cashin bank (30/4/2008) – $3.5M
Exploration strategy
All-of-belt approach that rigorously integrates all regional data
Apply state-of-the-art targeting techniques – probabilistic approach
- Reduces exploration cost and risk
- We knowexactly where we want to be and where we don't want to be
Assemblethe best regional ground position and explore it effectively
- Exceptional focus on highest ranked targets
- Follow-up or move on
Aggressive target monitoring
- We are ready when competitor's tenements lapse
- Enables us to increase holdings in a competitive environment
Clear strategy and mandate to systematically test the targets
- Aimto test 15-20 targets per annum, sustained over 3-4 years
- Drastically improve the odds of discovery
Project Portfolio
LachlanFold Belt – NSW
- •Macquarie Arc
- • 17 EL's and 1 ELA– 1933 km2
- • 12projects
- • 3 JV's withGold Fields
Mt ReadVolcanic Belt – Tasmania
- • 12EL's – 732 km2
- • 7projects
- • JV'dto Bass Metals
The Target in the Macquarie Arc
TheMacquarie Arc – a richly endowed terrain:
- – Ordovicianporphyry copper-gold and related deposits
- – Goldendowment >45Moz and growing
- –Copper endowment > 6Mt and growing
- –Big systems discovered in the last 15 years
Recent discoveries andactive exploration projects:
- –Monza (Goldminco) 100m @ 1.0g/t Au 1.42% Cu
- – Marsden(Newcrest) 171m @ 0.82g/t Au, 0.7% Cu
Cadia– Ridgeway (Newcrest):
- –Cadia Valley Operations >30 year mine life
- –>970,000 oz gold and >101,000 t copper per annum
Highlights
Clancy listed on the ASX on 11 July 2007 (ASX symbol CLY)
A rigorous, risk-managed approach to targeting – quality pipeline of targets that areprioritised and ranked
Aggressively exploring the targets – 30,000m drilling program underway and extensiveground geophysical survey program nearing completion
Testing commenced on 14 targets to date (17 forecast by the end of 2008)
- Large mineralised hydrothermal alteration system identified at Cowal East
- –Promising geophysical targets identified at Wellington North and Cundumbul
Expanded the Orange-based exploration team – 3 geologists, 2 field techs
Exploration budget is well-funded: ~$7.4M exploration spend over two years fromlisting
Good news flowas drilling results are received
Sustained news flow fromdrilling
Aggressively exploring the targets
Target evaluation (A-Class targets)
| Tllttttoaargesoncurreneases: | 24 |
|---|---|
| Fii200/087tttorecasesngn: | 17 |
| OTidiIPtesngcommencesnce: | 14 |
Summary of other work completed
Soil sampling: 1,286 samples Spectral logging: 11,828 spectra
| Dillirng | Ttarges | m |
|---|---|---|
| Aircore: | 2 | 3641, |
| Didamon: | 3 | 1175, |
| RC: | 3 | 0001, |
| Tl(iIPO)toasnce | 8 | 6365, |
| IddPlii(IP)tnuceoarsaonsurveys | |||
|---|---|---|---|
| Tpey | Ttarges | Atm | |
| GdiIPtraenarray: | 6 | 293k7m | |
| Pldiloepoe:- | 8 | 56liknem | |
| 3DIP: | 2 | 259km |
Projects
Cowal East
Wellington North
Cundumbul
Goobang
Gobondery
Other projects
12
Cowal East
- • Two EL's (EL6553 and EL6554) in the Cowal Igneous Complex
- • 12km east of Cowal gold mine (Barrick), adjacent to Marsden prospect (Newcrest)
- • Significant basement aircore gold, copper and zincanomalies
- • Prospective for porphyry-style and lowsulphidation epithermal style systems
- • Aircore drilling to date >40m of cover, 21 holes 1841mcompleted to date
15
Cowal East – Wyrra
Significant quartz-sericite-pyrite alteration (phyllic) identified in nine aircore holes over 1000 x 800marea.
Indicativeof large hyrdothermal system.
Phyllic alteration or "bleached rock" is common in the upper parts of porphyry Cu-Au deposits, e.g. Northparkes.
Supporting Cu, Mo, and Zn geochemistry.
Diamond drilling beneath phyllic zone late June 2008.
Wellington North
- • Northernsection of the Molong Volcanic Belt
- • Ordovician volcanic and intrusive rocks with primary sulphide mineralisation
- • Porphyry-style alteration associated with intrusives
- • IP surveys recently completed
- • 9 IPanomalies to follow-up
- • 8more to field check
- • Soil sampling and ground magnetic surveys inprogress
- • 5 RC holes (750m) completed in May 2008 resultspending (late June 2008)
Wellington North Rose Hill
Wellington North – Dunbell soil sampling
Wellington North – proposed work
Process follow-up PDP on gradient array IP anomalies at Rose Hill and Dunbell.
Process ground magnetic data and complete infill soil and rock-chip sampling at Dunbell.
Identify drill targets.
Drilling (RC/DDH) August 2008.
Results for RC drilling at Rose Hill and Dunbell –late June 2008.
Geophysical inversion and structural interpretation – Yarindury and Hillcroft targets (EL6662 & EL6328).
RC/DDH drilling – November to December2008.
Cundumbul
- • Significant surface mineralisation in previous (1990's) rock-chip sampling
- • >20 samples with >1g/t Au and >1000ppm Cu over 7kmstrike length
- • Detailed mapping suggests southern area isperipheral to porphyry system
- • Targeting suggests northern area is more proximal to porphyry system
- • Also potential for post-Ordovician Cu deposits
- •Gradient array IP surveys in progress
Goobang
- • Located 20kmsouth of Northparkes
- •Typical "Ordovician" magnetic signature
- • Previously thought to be older Nelungaloo Volcanics, therefore hardly any previous drilling
- • Younger Goonumbla Volcanics confirmed by drilling (carbonates) – more prospective
- • Clancy aircore drilling in 2006, follow-up andinfill aircore drilling in 2008
- • 39holes, 2367m completed in Feb 2008
Goobang – drilling
Volcaniclastic sandstone, limestone and andesiticlava.
Overprinted by K-feldspar, phyllic and propylitic alteration assemblages.
Abundantpyrite.
Cuand Zn anomalies open to SE.
Skarnpotential?
Further geochemical, spectral and geophysical processing required.
Gobondery
- • Gobondery EL6534 covers prospective arc rocks 47kmwest of Northparkes
- •Similar geology and setting to Northparkes
- • Clancy drilling in 2006 defined porphyry-style rocks, alteration and mineralisation
- • IP surveys recently completed defined two chargeable anomalies
- • Diamonddrilling completed – 3 holes 1078m
- •Porphyry-style alteration confirmed
- • Nosignificant results to date
Gobondery – Allandale drilling
Allandaledrilling summary
• ALRCD001 drilledto 378.2m
- IP high test full extent of 5ms chargeable zone
- Andesite flow units and volcanicbreccia
- Minor sulphide (<3% pyrite)
- Rare chalcopyrite
- Noquartz veins
- Results expected in next few weeks
ALRCD001 169-174mepidote altered breccia
Gobondery – Forest View drilling
3D view looking NNE showing drill holes, magnetic inversion model, gradient array IP image and 2D pole-dipole IP section for line 6,370,700N
Forest Viewdrilling summary
• FVD001 drilledto 303.5m
- IPhigh and magnetic low
- Volcanic breccia
- Specular hematite
- Noquartz veins
- Rare sulphide (pyrite)
- Nosignificant results
- • FVD002 drilled to 396m
- IPflank and magnetic high
- Volcanic sandstone
- Several fine-grained monzodioritedykes
- Noquartz veins
- Minor sulphide (pyrite)
- Results for top 230m received
- Nothing significant so far
- Results for bottom 166m expected in next couple of weeks
Wrap up
Strategic approach to targeting and aggressive exploration campaign underway
Projects are in highly mineralised terrains and exploration is well funded
Thestrategy is bearing fruit – promising early results as well as target turnover
Drilling from now until year end – consistent and sustained news flow
Looking forward to reporting positive results
Substantial upside in valuation with exploration success
Sustained news flow fromdrilling
Contact Details
Mark Stewart Managing Director Clancy Exploration Ltd +61 8 9481 8241 [email protected] Ann M Nahajski Investor RelationsPorter Novelli +61 8 9386 1233 [email protected]