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1 Clancy Explratin Limited 3 Crpratin Place Orange NSW 2800 Australia Phne: (02) Fax: (02) inf@clancyexplratin.cm QUARTERLY ACTIVITIES REPORT Fr the perid ending 30 September 2011 The Bard f Clancy Explratin Limited is pleased t release its Quarterly Activities reprt fr the perid ending 30 September Highlights Diamnd drilling is in prgress at the Phenix prspect at Cndblin and will cntinue int the December quarter, alng with aircre and RC drilling acrss the Masctte, Meritilga, Bluebell and Ptters prspects. Als at Cndblin, reginal sil sampling has defined a cherent, 2km x 2km arsenic-lead-zinc (+gld) gechemical anmaly ver ridges east f Masctte and west f Ptters, defining the new Meritilga Prspect: Arsenic-lead-zinc gechemical anmalism is clsely assciated with gld mineralisatin in the Cndblin Mineral Field; A detailed airbrne gephysical survey has detected an intense ptassium anmaly ver the entire Meritilga Prspect, which is believed t be mapping a large utcrpping alteratin zne; Similar mineralisatin and alteratin at multiple prspects, suggests derivatin frm the same hydrthermal system, with Meritilga situated in the cre f the system; New drill targets have been defined and will be tested in the December quarter. Gelgical mapping and gechemical and gephysical surveys at the Wellingtn Nrth JV have identified new prphyry cpper-gld prspects including Glenrwan, where magnetic and chargeable IP anmalies have cincident rck chip results up t: 5.9g/t Au and 0.19% Cu; 1.6g/t Au and 0.72% Cu. Field mapping in the Carlisle Reefs area at the Mrefield JV has identified a previusly unrecrded set f histrical wrkings. Mullck sampling frm the wrkings has returned significant results: Gld values up t 16.15g/t Au, 7.24g/t Au and 5.81g/t Au; Arsenic values up t 2.26% As and antimny values up t 358ppm Sb. Fllw up drilling is planned fr the December quarter. An assessment f the irn ptential at Trundle and Gbndery is underway, with shallw drilling f targets t test fr grade and recverability planned fr the December quarter. Aircre drilling resumed at the Myall JV with results pending. Aircre drilling will cntinue in the December quarter. 1

2 Clancy Explratin Limited (ASX: CLY) Quarterly Activities Reprt fr perid ending 30 September 2011 Clancy managed prjects The Cndblin prject was the fcus f field activity fr the quarter with the cmpletin f a substantial auger sil gechemical survey and a 3D Induced Plarisatin (IP) survey. Diamnd drilling is nw in prgress at the Phenix prspect. Auger sil gechemical surveys were als cmpleted r are in prgress at Orange East, Gbndery and Cundumbul-Bakers Swamp. A ttal f 2,608 auger sil samples were cllected during the quarter. A grund magnetic survey was als cmpleted at Gbndery. Cndblin EL7748 (NSW, Clancy 100%) Cndblin is lcated in the central west f NSW immediately nrth f the Cndblin twnship. Cndblin has a substantial mining histry, predminantly as a base metals field (lead, zinc and cpper), as well as gld. The mineralisatin is hsted in epithermal-style quartz veins hsted in the metasedimentary units f the Ordvician Girilambne Grup. The veins are assciated with pyrite, sphalerite, galena, chalcpyrite, arsenpyrite and gld. Auger sil sampling cntinued with an additinal 1,327 samples cllected n a nminal 100m x 100m grid during the quarter. Results frm the sil samples were btained via a static field prtable XRF setup, whereby the instrument is cntained in a wrkstatin, and samples are dried and prepared in identical crucibles t ensure quality cntrl. The XRF results were cnfirmed, and gld results btained, by analysis carried ut by ALS Orange. A new prspect called Meritilga has been defined in the centre f a large 2km x 2km arsenic-lead-zinc ± gld anmaly between Masctte and Ptters. Arsenic, in particular, maps ut the brad extent f a significant hydrthermal system with the histric wrkings at Masctte, Phenix and Ptters n the periphery. The arsenic anmaly is cincident with strng ptassium anmalism, as shwn in Figure 1. The ptassium anmaly maps a large utcrpping alteratin zne. Previus drilling by Clancy at Phenix, Masctte, Bluebell and Ptters identified similar mineralisatin and alteratin at all fur prspects, suggesting derivatin frm the same hydrthermal system, and Meritilga is situated in the cre f that system within the Cndblin Mineral Field. Meritilga hsts several histric gld, silver and/r lead mines dating frm the early 1900 s. Field inspectin has identified abundant quartz blws and breccia flat, which als shw evidence f weathered sulphides and epithermal vein textures similar t thse seen at Phenix, Masctte and Ptters. The Meritilga prspect is defined in sil by +100ppm arsenic (spt highs up t 500ppm), +30ppm lead (spt highs up t 150ppm), +50ppm zinc (spt highs up t 210ppm), and up t 0.1 g/t gld. The gld, cpper, lead, silver and zinc mineralisatin in the Cndblin Mineral Field appears t be a manifestatin f a zned hydrthermal system, with near surface, lw-sulphidatin epithermal mineralisatin ptentially linked at depth t a deeper intrusive surce (Figure 2). A 3D Induced Plarizatin (IP) survey was recently cmpleted and preliminary mdelling f the data is shwing significant chargeable anmalies near the Phenix and Masctte prspects, clse t the lcatin f RC drill hles cmpleted in February Prcessing f the IP data is in prgress. Diamnd drilling cmmenced at Phenix n Octber and will cntinue, alng with aircre and RC drilling acrss the Masctte, Meritilga, Bluebell and Ptters prspects, in the December quarter. 2

3 Clancy Explratin Limited (ASX: CLY) Quarterly Activities Reprt fr perid ending 30 September 2011 Figure 1 - Ptassium channel f the detailed airbrne gephysical survey, verlain by arsenic cncentratins in sil cnturs (ppm). Majr prspects and knwn histric wrkings (blue triangles) als shwn. Crdinates in GDA94 Zne 55. MERITILGA Figure 2 - Schematic mdel fr mineralisatin in the Cndblin Mineral Field. 3

4 Clancy Explratin Limited (ASX: CLY) Quarterly Activities Reprt fr perid ending 30 September 2011 Trundle EL4512 and EL7187 (NSW, Clancy 100%) Trundle cnsists f tw explratin licences EL4512 and EL7187 and is lcated 25km west f the Nrthparkes cpper-gld mine (Ri Tint) and has many similarities t Nrthparkes. Mst f the prject area is currently under winter crps s drilling will nt be pssible until after crp harvest in the December quarter. Wrk in the September quarter cnsisted f a site visit with a cnsultant t assess the ptential f the extensive magnetite skarn hrizns at Trundle Park and Mrdiallc t hst significant irn mineralisatin. Outcrp f the skarn is restricted t small expsures arund histric wrkings at Trundle Park, Mrdiallc and Btfield, where it is relatively thin and has high sulphide cntent (mstly pyrite). Hwever, magnetic data suggests that the skarn is quite extensive, particularly at Trundle Park (Figure 3), where it extends under shallw cver int areas that have never been drill tested. Further wrk is planned in the December quarter t assess the irn ptential in these areas. Fllw-up f epithermal and prphyry cpper-gld targets will als resume after crps are harvested. Gbndery EL6534 (NSW, Clancy 100%) Gbndery (EL6534) is lcated apprximately 50km NW f Nrthparkes, just suth f Tullamre. Gbndery sits within an inlier f Ordvician arc that is interpreted t have been rifted west ff the Nrthparkes Igneus Cmplex. The main Ordvician arc unit is the Raggatt Vlcanics, which cnsists f shshnitic andesitic lavas and vlcaniclastic rcks. Expsure f Ordvician rcks is generally pr, cmprising scattered utcrp and subcrp in the central part f the tenement. Quaternary, Devnian and Silurian sediments cver the Ordvician units t the nrth and suth. The Ordvician belt at Gbndery is narrw (1-2km wide) and is flanked t the west by the Devnian Gbndery Granite, and t the east by Silurian vlcanics and the Devnian rift basin sediments f the Tullamre Syncline. Medium grained magnetite-dminant skarn ccurs in the central part f the tenement, which was wrked in 1920 t prduce 8128t f irn re. The skarn crps ut ver an area f 250m by 80m alng the cntact f the Raggatt Vlcanics and the Gbndery Granite. The thickness f the skarn lenses is unknwn, as they have nt been drill tested. Aerial magnetic imagery shws an intense cherent magnetic anmaly extending fr apprximately 4.5km alng the granite cntact, referred t as the Frest View anmaly. This anmaly, shwn in Figures 3 and 4, encmpasses the utcrpping skarn and large areas buried under less than ten metres f uncnslidated cver. A 50m line-spaced grund magnetic survey was cmpleted during the quarter (187 line km s) t further define the Frest View magnetic anmaly. The survey data shws several features such as areas f greater magnetic intensity that are thught t relate t the greatest cncentratins f magnetite minerals. Imprtantly, the data suggests that the utcrpping skarn has been uplifted frm an adjacent elngate bdy apprximately 1.3km lng which is cvered by recent sediments. The prject area is well lcated t infrastructure such as pwer, rad and rail. The Trffs rail statin n the Tttenham Branch rail line lies less than 10 km away by existing rads. The utcrpping skarn and several intense magnetic anmalies will be shallw drill tested in the December quarter, testing fr irn cntent and recverability. 4

5 Clancy Explratin Limited (ASX: CLY) Quarterly Activities Reprt fr perid ending 30 September 2011 The Devnian Munt Leadley epithermal gld prspect (YTC Resurces) is adjacent t the nrtheast sectin f EL6534. Auger sil sampling n gld-cpper targets west f Munt Leadley was cmpleted in the September quarter (474 samples) and prcessing f the results will cntinue int the December quarter. 4 Figure 3 - Lcatin f the Frest View and Trundle Park magnetic anmalies shwing nearby infrastructure such as rads and rail. Figure 4- RTP grund magnetic image f the Frest View anmaly ver reginal RTP shwing the cntact f the Gbndery Granite and the Raggatt Vlcanics. The mst intense anmalies are utlined in black, faults are in red. Outcrpping skarn is shwn in the nrth f the image (arrw). 5

6 Clancy Explratin Limited (ASX: CLY) Quarterly Activities Reprt fr perid ending 30 September 2011 Orange East EL6181 (NSW, Clancy 100%) Orange East (EL6181) is lcated east f the city f Orange and cntains several target styles including Ordvician prphyry cpper-gld and pst-ordvician cpper-gld targets. Auger sil sampling t extend the sil sample cverage t the Favell Zne, a parallel alteratin zne west f Carangera, was cmpleted. A ttal f 640 samples were cllected during the September quarter and prcessing f results will cntinue int the December quarter. Cundumbul EL6661 and EL7399 (NSW, Clancy 100%) The Cundumbul prject cvers 204.9km 2 f prspective arc units in the Mlng Vlcanic Belt between Mlng and Wellingtn. There are numerus intrusive cmplexes at Cundumbul that have anmalus cpper and/r gld assciated with them. Auger sil sampling is in prgress at Bakers Swamp with 167 samples cllected t date. Sil sampling will cntinue int the December quarter. Gld Fields managed JV prjects Aircre drilling resumed at the Myall JV and auger drilling and grund gephysical surveys were undertaken at the Wellingtn Nrth and Mrefield JV s. A ttal f 2,293m f aircre drilling was cmpleted n the Gld Fields JV prjects in the September 2011 quarter. Myall EL6913 (NSW, Gld Fields 51%, Clancy 49%, Gld Fields earning 80%) Myall (EL6913) is lcated 25km suthwest f Narrmine at the nrthern end f the Junee-Narrmine Vlcanic Belt f the Macquarie Arc. The reginal aircre drilling prgram resumed with a further 25 hles (2,293m) cmpleted in areas withut winter crps. Results are pending. Aircre drilling will resume in the December 2011 quarter after crps have been harvested. A ttal f 136 hles (14,186m) have been cmpleted n a 500m x 500m reginal grid t date. Wellingtn Nrth EL6178, EL6328, EL6662, EL7200 and EL7440 (NSW, Gld Fields 82%, Clancy 18%) The Wellingtn Nrth prject cvers apprximately 30km f strike length f the Mlng Vlcanic Belt immediately nrth f Wellingtn. Gelgical mapping, rck-chip sampling (53 samples), auger drilling (517 hles fr 2,248m), grund magnetic surveys and petrlgy studies cntinued at several prspects. Highlights fr the quarter include: Glenrwan: significant Au-Cu rck chip results were returned with values up t 5.9g/t Au & 0.19% Cu in skarn altered limestne (sample GWR0062) and 1.6g/t Au & 0.72% Cu in quartz-limnite altered rck (sample GWR0063). The anmalus Au-Cu rck-chip samples f skarn and quartzlimnite altered rcks are assciated with an untested magnetic high anmaly which is cincident with a larger IP chargeability anmaly. 6

7 Clancy Explratin Limited (ASX: CLY) Quarterly Activities Reprt fr perid ending 30 September 2011 Mayhurst Nrth: intense albite-hematite ( reddened ) altered andesitic rcks were cnfirmed with anmalus Cu (~800ppm) in rck-chip samples and cincident IP chargeability and magnetic high anmalies. This may represent the inner prpylitic zne within a prphyry Cu-Au system. Mayhurst Central: prpylitic and phyllic type alteratin with pyrite>>chalcpyrite was intersected at in andesitic vlcaniclastic rcks and prphyries. The style f mineralisatin is cnsistent with the uter r upper parts f a prphyry Cu-Au system. Bda: calc-ptassic and skarn (garnet) alteratin in andesitic wall-rcks was cnfirmed at the prspect. The causative intrusin(s) is yet t be intersected in drilling. Rse Hill: calc-sdic and prpylitic alteratin assemblages were cnfirmed. The nn-mineralised calc-sdic event is assciated with the equigranular dirite-mnzdirite rcks which are verprinted by a later mineralised (chalcpyrite-pyrite) prpylitic event which is unrelated t the hst-rcks. Future wrk will aim t lcate the causative intrusin and mineralised centre. Figure 5 Wellingtn Nrth JV prject shwing prspects mentined in the text. 7

8 Clancy Explratin Limited (ASX: CLY) Quarterly Activities Reprt fr perid ending 30 September 2011 Assay results were received fr three RC hles cmpleted at the Tmkins prspect and ne RC hle cmpleted at the Mayhurst Central prspect in the previus quarter. N significant Cu r Au results were returned, hwever a significant zne f anmalus S-Te-As gechemistry 1.2% S, 0.68ppm Te & 45ppm As frm 20m t EOH) was returned frm hle WTRC004 at Mayhurst Central cnsistent with the pyrite shell t a prphyry system. Further drilling and grund magnetic surveys are planned fr the December quarter. Mrefield EL7675 (Gld Fields 80%, Clancy 20%) Mrefield cvers 285km 2 between Fifield and Cndblin in the central west f New Suth Wales. A 3D IP survey was cmpleted at the Bxdale Prspect and a significant chargeability anmaly was defined cincident with the gld-arsenpyrite-pyrite lde intersected in previus drilling, which cnfirms the NW strike rientatin. Field mapping in the Carlisle Reefs area identified a previusly unrecrded set f histrical wrkings where gld results frm mullck sampling returned 16.15g/t Au, 7.24g/t Au and 5.81g/t Au. The gld results have supprting arsenic (up t 2.26%) and antimny (up t 358ppm) anmalism. The results have an identical gechemical signature t the Bxdale target. These wrkings are apprximately 200m west f the recrded wrkings, and neither has been drill tested. Fllw up drilling is planned fr the December quarter. Crprate Chairman Dr Mike Etheridge accepted the Bard s invitatin t take n the rle f Clancy s Nn-Executive Chairman, effective frm July 22, Mike has been a nn-executive directr and chairman f several successful listed and nn-listed cmpanies. Frmer Chairman, Dr James Macdnald, will remain n the Bard as a Nn- Executive Directr. Preferred Drilling Cntractr An Earn-In Agreement was signed with Australian Mineral and Waterwell Drilling Pty Ltd (AMWD) t cmplete the preferred drilling cntractr agreement annunced in the previus quarter. A ne ff issue f 2,000,000 listed ptins (CLYO) was made t AMWD upn signing f a drilling earn-in agreement. 8

9 Clancy Explratin Limited (ASX: CLY) Quarterly Activities Reprt fr perid ending 30 September 2011 Figure 6 Map shwing the Clancy prjects in the Macquarie Arc f Lachlan Fld Belt. Inset the lcatin within NSW. 9

10 Clancy Explratin Limited (ASX: CLY) Quarterly Activities Reprt fr perid ending 30 September 2011 Please direct enquiries t: Grdn Barnes Shane Murphy Managing Directr FD Phne: Phne: inf@clancyexplratin.cm Mbile: +61 (0) Web: The infrmatin in this dcument that relates t Explratin Results, Mineral Resurces r Ore Reserves is based n infrmatin cmpiled by Mr Grdn Barnes wh is a Member f the Australian Institute f Gescientists. Mr Barnes is a full-time emplyee f Clancy Explratin Limited and has sufficient experience which is relevant t the style f mineralisatin and type f depsit under cnsideratin and t the activity which he is undertaking t qualify as a Cmpetent Persn as defined in the 2004 Editin f the Australasian Cde fr Reprting f Explratin Results, Mineral Resurces and Ore Reserves. Mr Grdn Barnes cnsents t the inclusin in the reprt f the matters based n his infrmatin in the frm and cntext in which it appears. Abut Clancy Explratin Clancy Explratin (ASX: CLY) is an Australian-fcused cpper, gld, base metals and tin explrer. The Cmpany s prtfli cnsists f cpper-gld prjects in the Lachlan Fld Belt f NSW, base metal and tin prjects in the Munt Read Vlcanic Belt f Tasmania, Nadbuck near Brken Hill in NSW and Yalg, adjacent t the Glden Grve mine in Western Australia. In NSW, Clancy has 12 whlly wned and managed prjects and 7 jint venture prjects which are managed by Gld Fields Australasia Pty Ltd. In Tasmania, Clancy has 2 base metal jint venture prjects with Bass Metals and 2 tin jint venture prjects with TNT Mines Pty Ltd (a whlly wned subsidiary f Minemakers Ltd). The Tasmanian prjects are managed by Clancy s jint venture partners. This mix f Clancy and jint venture prject funding allws a high level f explratin activity t be maintained, whilst prudently managing Clancy s financial resurces. Details f Clancy s prjects can be fund at the Cmpany's website: 10