Less than a month since securing three highly prospective exploration licenses adjacent to a productive cobalt mine in Morocco, Clancy Exploration (ASX: CLY) says it intends to commence reconnaissance mapping and geochemical sampling programs across its tenements.
Clancy said it had observed mineralised copper outcrops “at surface” which it thinks could be indicative of significant cobalt mineralisation below the ground.
The connection between copper outcrops and deeper cobalt mineralisation has been established by the neighbouring Bou Azzer Cobalt mine, which has been operating since 1929 and currently operated by the state-owned Compagnie de Tifnout Tiranimine (CTT).
By working from CTT’s example, Clancy hopes to repeat the feat at its own set of tenements, currently in the process of being acquired after a deal announced earlier this month.
Rock chip samples
As part of its activities reporting, Clancy provided a “pictorial” update showing off the range of rock chip samples it has collected.
As part of its initial fieldwork program undertaken across its new Moroccan Licences, located adjacent to the Bou Azzer mine, located about 165km south-east of Marrakesh, Clancy says it intends to conduct “field-based exploration programs” at each of its newly-acquired prospects to obtain a better understanding of how significant its surface observations actually are.
“The initial round of fieldwork undertaken by the team has demonstrated the high degree of prospectivity and mineralisation potential of this exciting Moroccan Project Portfolio. This considerable exploration package, located right next door to the globally significant Bou Azzer Cobalt Mine, has the potential to unlock considerable shareholder value through the exploration programs we have underway,” said David Lenigas, executive chairman of Clancy Exploration.
What has given Clancy’s exploration team confidence is the revelation that the neighbouring Bou Azzer mine area also has substantial copper outcropping at surface, with proven cobalt resources below the ground.
Further exploration is expected to provide a definitive answer to whether Clancy’s prospects have similar cobalt mineralisation.
As part of an initial round of exploration, Clancy has collected a multitude of rock-chip samples and had them submitted for detailed geochemical analysis to the SGS laboratory in Spain.
The results of the laboratory analysis are expected “at around 30 May 2018”, according to Clancy.