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Clancy Exploration bags Mitsubishi as A$3m partner on copper gold projects in NSW

Published: 09:00 13 Aug 2012 AEST

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Clancy Exploration (ASX: CLY) has secured the Mitsubishi Materials Corporation of Japan as a joint venture partner over three copper gold projects in New South Wales.

The deal is extremely important for Clancy to fast track exploration, with Mitsubishi having the right to earn a 49% stake of the Cundumbul, Currumburrama and Genaren projects by funding A$3 million over three years with A$500,000 minimum commitment in the first year.

Clancy will manage the projects on behalf of the joint venturers.

Highlighting the prospectivity of the Cundumbul project - it is located within the Molong Volcanic Belt which already hosts Newcrest's (ASX: NCM) giant Cadia porphyry copper-gold deposits south of Orange that have a combined endowment of over 65Moz gold and 10Mt copper.

Clancy has already commenced work on the Cundumbul project with auger soil sampling, rock chip sampling and geological mapping in progress.

The Currumburrama project is located in the Currumburrama Volcanics 40 kilometres east of West Wyalong, while the Genaren project is located at the northern end of the Northparkes Igneous Complex 29 kilometres from Rio Tinto's (ASX: RIO) Northparkes copper-gold mine.

Geophysical surveys at all three projects will commence in the September quarter.

 

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