Shares in Glencar Mining (AIM: GEX) held steady despite the Company reporting an impressive 139% increase in the mineral resource at the Komana Project. The Komana Project consists of two deposits, Komana East and Komana West which lie approximately seven kilometres apart.
The Komana Project now has a JORC compliant inferred and indicated resource of 1.25 million ounces at a mean grade of 1.6 grams per tonne gold based on a 0.5 gram per tonne cut-off grade. The entire resource is within 150 metres of surface.
Drilling at Komana East, is ongoing, and Glencar stated that it expected further upgrades in the size and grade of the deposit as it tests along strike to the north and south. Equally enticing, the Company also noted that additional drilling at Komana West had increased confidence in the ore body modelling, and that there is potential for additional down dip high grade shoots below the current resource.
Hugh McCullough, Managing Director of Glencar commented,
"We are delighted with this very positive resource upgrade and are confident that the Komana concession holds even further potential. We are particularly encouraged by the Komana East prospect where this season's drilling will initially be concentrated and which we expect will add considerably to the resource. That additional drilling has already begun on site and we look forward to reporting those results as they become available."