Mt Guide Joint Venture - Base Metals and Gold

The Mt Guide Joint Venture is located 35 kilometres south of Mt Isa and covers the southern strike extension of the stratigraphy that hosts the world class Mt Isa, Hilton and George Fisher base metal deposits.

Glengarry has a 10% free carried interest in the Project which was previously subject to a JV agreement with Summit Resources.  Exploration is now being managed by unlisted UK company MM Mining Plc (MMM) which has negotiated an agreement to acquire Summit’s equity in the Joint Venture. 

During the Quarter ending in June 2009, MM Mining completed two deep holes, one into the Brampton Prospect and one into the Apex Prospect.

Brampton

At the Brampton Prospect, a single diamond hole was recently completed to 370 metres depth through a coincident IP, copper and zinc anomaly with dolomitic sediments near a basalt-sediment contact.  Assay results are pending.

Apex

The Apex Prospect was re-prioritised after field mapping was completed and a copper enriched shear zone within sediments north of Mt Guide was identified.  The field assays of the outcrop assayed up to 15.7% Cu and there are nearby CRA drill holes with >40 metre widths of copper mineralisation.  A single diamond hole to 291 metres depth was drilled.  The hole intersected the prospective sediment sequence and intersected the copper mineralised shear zone.  Assay results from the drill hole are pending.