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Citadel – Gold, Copper and
Uranium
The Citadel Project occurs within the Proterozoic Paterson
Province and covers over 1,400 square kilometres of highly prospective stratigraphy
within 4 granted exploration licences. The Paterson Province hosts the world class
Telfer Gold Mine (26 Moz gold and 1 Mt copper), the Nifty Copper
Mine (1 Mt copper) and the Kintyre uranium resource (36 Kt U3O8).
Previous exploration has intersected significant gold and copper
mineralisation at the Magnum prospect including 15 metres @ 14.1
g/t gold and 8 metres @ 4.4% copper. Glengarry believes
the Project is prospective for the discovery of world-class
gold, copper and uranium deposits.
Access Agreements have been executed with Traditional Owners of
the Project area. Heritage surveys to clear a number of proposed work areas
have been completed.
All exploration programs on the Citadel Project have been put on hold as a result of
the Company's strategy to focus on acquiring advanced
exploration or development assets.
Joint Venture Projects
Snake Creek
Joint Venture – Copper and Gold
Glengarry has
an Exploration Permit covering 260 square kilometres at Snake
Creek located 35 kilometres south southeast of Cloncurry in
northwest Queensland. The tenement (EPM 14449) is prospective
for iron oxide copper-gold mineralisation associated with
structures and host rocks similar to that at the 100 million
tonne Ernest Henry deposit located approximately 60 kilometres
to the north.
Glengarry has recently entered into a farm out agreement with
Ivanhoe Australia Ltd, a company with substantial assets in the
region. Ivanhoe has the right to earn up to 85% equity in the
Snake Creek Project by funding the next phase of exploration.
In early June 2009, Invahoe commenced RC drilling on the
Project.
Mt Guide Joint Venture – Base Metals and Gold
The Mt
Guide EPM covers 134 square kilometres and is located 35
kilometres south of Mt Isa in northwest Queensland. The
tenement is underlain by the same regional structure and
lithologies as the giant Mt Isa base metal deposits and is
prospective for the same style of mineralisation. Glengarry
has a 10% joint venture interest in the project which is free
carried until completion of a Bankable Feasibility Study. The
remaining 90% interest in the JV is held by Summit Resources.
Summit has elected to focus
on uranium exploration in the Mt Isa area and has entered into a
farm out agreement with unlisted UK company MM Mining Plc
(MMM) whereby MMM can earn 80% of Summit’s equity in the JV.
Other Interests
Greenvale – Base Metals
and Gold
In September 2008, Glengarry sold the non-uranium mineral
rights for the Greenvale Project to Kagara Ltd for $6.5 million
and $5 per tonne royalty on any ore processed in excess of one
million tonnes.
The uranium rights at Greenvale were sold to TSX listed
Mega Uranium in early 2007. Glengarry retains a 1%
Net Smelter Royalty on any uranium production from the
tenements.
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