Clancy Exploration has secured the Mitsubishi Materials Corporation of Japan as JV partner over three copper gold projects in New South Wales.

The deal is extremely important for Clancy to fast track exploration with Mitsubishi having the right to earn 49% stake of the Cundumbul, Currumburrama and Genaren projects by funding AUD 3 million over 3 years with AUD 500,000 minimum commitment in the first year. Clancy will manage the projects on behalf of the JV.

Highlighting the prospectivity of the Cundumbul project it is located within the Molong Volcanic Belt which already hosts Newcrest's giant Cadia porphyry copper and gold deposits south of Orange that have a combined endowment of over 65 Moz gold and 10 MT copper. Clancy has already commenced work on the Cundumbul project with auger soil sampling, rock chip sampling and geological mapping in progress.

The Currumburrama project is located in the Currumburrama Volcanics 40 kilometers east of West Wyalong, while the Genaren project is located at the northern end of the Northparkes Igneous Complex 29 kilometers from Rio Tinto's Northparkes copper and gold mine.

Source - Proactive Investors.com

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