REE – RareX Limited | Aussie Stock Forums


MC – $5m
Share price – 3c
Shares – 165,769,824 (+3m recent employee incentive shares)
Options – 98,934,786
Cash – $2.5m

Board
Dr Mike Etheridge
Mr Gordon Barnes
Dr James Macdonald
Mr Mark Lester
Dr Jeff Vassallo

Lachlan Fold Belt
•Targeting gold-copper porphyry and epithermal gold-silver-base metal mineralisation•Twelve wholly owned and managed projects
•Seven JV projects with Gold Fields which are managed by Gold Fields

Condobolin

Work completed by Clancy:
•Rock chip sampling and mapping
•Aeromagnetic / radiometric survey
•Extensive auger soil geochemical survey
•3D IP survey
•RC, AC and DD drilling
•Rock chip sampling:
–7 of 12 samples >5g/t Au (max 26g/t Au); 2 samples >5% Cu (max 8.53% Cu); 1 sample 25.3% Zn
Promising early drill results:
•All 5 prospects drill tested to date have yielded promising results
•Virgin high-grade gold discovery at Meritilga:
–4m @ 20g/t Au & 30.2g/t Ag from 75m; incl 1m @ 62g/t Au & 60g/t Ag
•Confirmed depth extension to gold mineralisation at the Phoenix prospect:
–9m @ 4.08g/t Au from 72m; incl 2m @ 14.18g/t Au
–The host rock sequence is most likely Silurian in age
–Suggests the mineralisation is the same age as Mineral Hill
•Confirmed extensions to base metal mineralisation at the Potters prospect:
–2m @ 7.1% Pb, 2.4% Zn and 83.5g/t Ag from 51m
–4m @ 4.1% Zn, 2.87% Pb and 29.6g/t Ag from 136m
•Visible gold in AC hole at Eureka NE of Meritilga
•Several other basement AC intercepts to be followed up:
–2m @ 3.99 g/t Au from 28m
–1m @ 4.75 g/t Au from 44m
•Potential for alluvial gold identified in shallow AC drilling
–1m @ 28.4 g/t Au from 4m

Tasmania JV’s – Mt Read Volcanic Belt
•Two tin projects managed by TNT Mines
•Two base metal projects managed by Bass Metals

Western Australia Project – Murchison Province
•One wholly owned base metal and gold project in adjacent to Golden Grove base metal mine

OFFER BY CLANCY EXPLORATION LIMITED FOR GENESIS RESOURCES LIMITED NOW UNCONDITIONAL AND FINAL
Clancy Exploration Limited (ASX: CLY) today announces that it has freed the offer under its off‐market
takeover bid for Genesis Resources Limited (ASX: GES) of all defeating conditions and has extended the offer
period.
The offer period has been extended by 3 weeks to 7pm (Sydney time) on Monday, 20 August 2012.
A copy of the formal Notice of Variation is attached.
Clancy’s offer is now final.
Clancy will not increase its offer consideration and the offer period will not be extended further other than
as required under the Corporations Act. Accordingly, Genesis shareholders who have not yet accepted the
offer should do so NOW.
Clancy is preparing a Second Supplementary Bidder’s Statement to provide, among other things, additional
disclosure regarding its intentions in relation to Genesis. Clancy’s Second Supplementary Bidder’s Statement
is expected to be made available on Monday, 23 July 2012.

 



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