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RAREX LIMITED — Fund Information / Factsheet 2007
Oct 29, 2007
65681_rns_2007-10-29_090ed05a-7791-4fd3-a2af-535ee274c84b.pdf
Fund Information / Factsheet
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ASX Code CLY
Current Share Price $0.185
52WK Share Price Range $0.10 – $0.215
Market Capitalisation (at $0.185) $8.85M
Issued Capital (18 Oct 2007) 47.9M shares 4.6M options
Cash (18 Oct 2007) A$4.2M
Board of Directors & Management
Dr James Macdonald Non-Executive Chairman
Mr Mark Stewart Managing Director
Dr Nick Archibald Non-Executive Director
Mr Mark Lester Non-Executive Director Mr Gordon Barnes Exploration Manager Mr Rowan Caren Company Secretary
Top Shareholders (23 Oct 2007)
| Top Shareholders(23 Oct 2 | 007) |
|---|---|
| GeoinformaticsHSBC NomineesMartin Place StaffSuperannuation Fund PtyLtd | 47.7%7.8%2.8% |
| Arnold & Ruth Getz | 2.7% |
| CiticorpNominees | 2.2% |
| Damplin Investments | 2.1% |
Top 20 Holding
74.8%
Share Price Performance
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IMPROVING THE ODDS OF ExPlORaTION SUCCESS
Clancy Exploration (ASX: CLY) is an innovative copper, gold and base metals explorer. The Company’s aim is to discover world-class mineral deposits in Australia by the application of cutting-edge targeting techniques and risk-managed exploration.
Clancy is the Australasian arm of Geoinformatics (TSX-V: GXL) and holds the core Australian assets of the Geoinformatics Group. These assets have been developed over the past four years to represent an extensive portfolio of highly prospective copper-gold properties in the Lachlan Fold Belt of NSW and base metal properties in the Mount Read Volcanic Belt of Tasmania.
Clancy deploys a unique targeting process, called the Geoinformatics Process that incorporates digital geological and geophysical data in probability based targeting in its search for mineralisation. Clancy’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 targets held by Clancy were all generated by the Geoinformatics Process, providing immediate focus for exploration on several ‘drill-ready’ targets.
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 its JV partners, has spent over $3.5M on the projects to date, with a combined $7.4M to be spent on the Company’s tenement package over two years from the listing date on the ASX of 11 July 2007.
With a 25,000m drilling campaign which commenced this month, a healthy exploration budget and a highly experienced team in place, the Company is well positioned for growth.
PROJECTS
Gobondery (copper-gold; Gold Fields JV)
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Gobondery is located in the Macquarie Arc in the Lachlan Fold Belt of NSW. This prospective region is an immediate area of focus for Clancy.
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Gobondery is part of the Junee-Narromine Volcanic Belt (JNVB) and is approximately 47km west of Rio Tinto’s Northparkes copper-gold mine. On 18 October 2007, Clancy announced it had uncovered two significant IP anomalies at the project.
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Previous drilling by Shell and North Ltd in the 1980’s and 90’s consisted primarily of RAB holes less than 10m deep. Clancy’s modelling suggested that the top of the IP anomaly varies from 60 – 150m deep, well below the depth of previous drilling. The Company has commenced drilling on the IP anomalies, Allandale and Forest View, this month.
Fairholme (copper-gold; Gold Fields JV)
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Fairholme is located 20km north of the Cowal Gold Mine in the JNVB and is a highly ranked target covering three prospects. Previous drilling returned intersections including 48m @0.60g/t Au, 0.16% Cu, 25ppm Mo.
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Clancy’s probabilistic targeting defined Fairholme as a highly ranked A-Class target. This ranking has been validated by prospects outlined by previous owner Newcrest.
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Clancy has completed 3D modelling of the geology and magnetics at the Boundary prospect, which suggests potential for higher-grade copper-gold mineralisation at depth. Substantial parts of the target remain to be tested. To be drilled in next 6 months.
Myall (copper-gold; 100%)
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Myall is located 50km north of Rio Tinto’s Northparkes copper-gold mine and is associated with a gravity anomaly similar to Northparkes.
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Previous drilling returned an intercept of 107m @ 0.43% Cu, 0.11g/t Au.. There are numerous basement Au-Cu anomalies that remain to be followed up.
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Similar to Fairholme, this project represents an advanced exploration play where previous aircore and diamond drilling has intersected broad areas of anomalous copper and gold mineralisation. Large parts of the project remain untested and may provide opportunity to define new exploration targets. To be drilled in next 6 months.
JOINT VENTURES
The strategy of forming alliances with various industry partners offers Clancy exposure to a large portfolio of tenements located in two key mineralised provinces in Australia.
Clancy has 12 exploration licenses and four exploration licence applications divided amongst 12, 100% owned projects in NSW, exploration on nine of which will be funded by the Company. Exploration on the remaining three projects will be funded through three JVs with Gold Fields which will be managed by Clancy. Clancy also has a strategic alliance with Bass Metals relating to a portfolio of Tasmanian tenements which are being funded and managed by Bass Metals.
CORPORaTE STRaTEGY
As a relatively new listing on the ASX, Clancy’s Australian assets are currently undervalued. Shareholder value will be created by the aggressive six month drilling campaign (commenced this month), utilising the Company’s technical edge that increases the probability of discovery and combining that with supportive strategic partners (Gold Fields and Bass Metals). Substantial upside in valuation exists with the potential addition of resources.
Clancy and Clancy JV projects in the Macquarie Arc, NSW
Clancy believes that the next big discovery is likely to be under cover and therefore it will be harder to make. Clancy, with the Target Banks already held by it together with its relationship with Geoinformatics, is well-positioned to make such a discovery.
Clancy Exploration Ltd
Mark Stewart – Managing Director 57 Havelock Street West Perth WA 6005 Tel: (08) 9481 8241 Fax: (08) 9226 1299 Email: [email protected]
To achieve these growth objectives, Clancy listed on the ASX in July 2007 and raised $5M through an over-subscribed IPO. The Company currently has a $4M cash balance and its exploration budget is well-funded.
Investor Relations
aBOUT GEOINFORMaTICS PROCESS
Ann M Nahajski Porter Novelli Tel: (08) 9386 1233 Fax: (08) 9386 1715 Email: [email protected] Last Update 18 October 2007
Through its alliance with Geoinformatics, Clancy has access to leading edge targeting applications, technology and substantial technical resources.
Geoinformatics has developed a rigorous and innovative data manipulation and targeting methodology, the Geoinformatics Process. This unique process incorporates risk and uncertainty in to the target models, the output of which quantifies the probability of potential mineral discoveries.