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Market:	ASX
Sector:	Gold Mining
EPIC:	CLY
Latest Price:	0.05 (6.52% )
52-week High:	0.09
52-week Low:	0.04
Market Cap:	8.05M

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Clancy Exploration

Clancy Exploration (ASX: CLY) is an Australian-focused copper, gold and base metals explorer. The Company's portfolio consists of copper-gold projects in the Lachlan Fold Belt of NSW and base metal projects in the Mount Read Volcanic Belt of Tasmania.

Clancy Exploration and Gold Fields encouraged by drill results on NSW

Monday, March 22, 2010

Clancy Exploration (ASX: CLY) said the Gold Fields Joint Venture had received drilling results from the Cowal East and Myall joint ventures in New South Wales.

At the Cowal East JV, copper-gold mineralisation was intersected by a diamond hole at the Eurowie prospect, where multiple mineralised zones were intersected in WYACD006, including:

- 7m @ 0.19% Cu & 0.11g/t Au from 211m, 14m @ 0.44% Cu & 0.25g/t Au from 374m, 9m @ 0.19% Cu & 0.12g/t Au from 477m and 4m @ 0.31% Cu & 0.16g/t Au from 518m.

The mineralisation was open at depth and along strike. Follow-up diamond drilling is expected to commence shortly.

At the Myall JV, several gold-copper anomalies were defined by aircore drilling including significant bottom of hole intercepts of 1m @ 0.16% Cu & 0.62g/t Au and 10m @ 0.13g/t Au.

A new porphyry copper-gold target has been defined beneath epithermal veins at the Gemini prospect. Follow-up diamond drilling will also commence at Kingswood prospect.

Clancy’s managing director Mark Stewart said that Gold Fields had embarked on an aggressive drilling campaign on the JV projects in November 2009, which is now delivering results.

“A number of drill targets with promising porphyry-style alteration and copper-gold mineralisation have been defined at the Myall and Cowal East JV’s. We have a good mix of early stage and more advanced drill targets to be followed up with an increased proportion of diamond drilling, and hopefully we will start seeing some exciting results as that work
proceeds”, he said.

Clancy has four joint venture and eight joint venture option projects with Gold Fields Australasia Pty Ltd in the Lachlan Fold belt. Exploration is advanced through a mix of joint venture projects now managed by Gold Fields and 100% owned projects managed by Clancy.

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