EXPLORATION company Glencar has announced further "positive results" from the gold prospect at Wassa in Ghana in which it has a 61 per cent stake. It is now operating four drill rigs on a two shift basis. Since October, some 9,000 metres of diamond and reverse circulation drilling has been completed.
The ore zone in the Deadman's Hill area has been expanded and Glencar said that the mineralised zone now existed up to depths of at least 200 metres. Its previous public published mineable reserves of 850,000 ounces of gold was based on ore within 100 metres of the surface. The latest results could lead to a considerable increase in these reserves but these are unlikely to be quantified until next spring.
Glencar stressed that it was "very encouraged" by the latest results, and was very confident that the current programme "will result in a material increase" in the reserves of 850,000 ounces of gold. It expected to release further drill results "in due course".
Glencar has located "two significant geochemical anomalies" 500 and 1,000 metres further west of the main zone. It reckons the anomalies could represent two parallel mineralised zones. Drilling will take place in 1997.
Glencar has been issued with special exclusive prospecting licences by the Ugandan government covering some 550 sq km in the south eastern part of Uganda. Field work is expected to start in the first quarter of next year.
A rights issue which raised £12 million was completed by Glencar in October.
