RNS Number : 7670Y
Minco PLC
10 July 2008
Press Release
10 July 2008
Minco Plc
Drilling Update: Pallas Green
HIGHLIGHTS
* SIGNIFICANT EXTENSION OF KNOWN ZINC-LEAD MINERALISATION ON THE TOBERMALUG ZONE
* STEP OUT DRILLING TO NORTH, SOUTH AND WEST CONTINUING TO EXPAND TOBERMALUG
DISCOVERY
* LARGE EXPLORATION PROGRAMME ONGOING WITH 14 DRILLS IN OPERATION ON THE PALLAS GREEN
PROPERTY
London, 10 July, 2008 - Minco plc (MIO), the London AIM quoted exploration and development
company is pleased to report additional
encouraging results from ongoing drilling on the Pallas Green project, Co. Limerick, Ireland -
a joint venture with Xstrata Zinc. Fourteen
drills are now operating on the Pallas Green property, in the Caherconlish area, much of which
remains only partially explored.
Tobermalug Zone
Step out drilling on holes 100m to 300m apart has continued to expand the zinc-lead
mineralisation at the Tobermalug zone to the north,
south and to the west. Holes MN-2529-031 and MN-2529-029 represent large step-outs, of 275m
and 500m respectively, south of previously
reported hole MN-2529-027. Hole MN-2529-042 is a 213m step-out to the southwest of previously
reported hole MN-2529-026.
The full set of these latest drilling results from the Tobermalug Zone are reported as
follows:
Southern Part:
MN-2529-024 488.20 489.65 1.45 7.10 0.09
MN-2529-026* 388.20 396.60 8.40 30.53 5.33
MN-2529-027* 408.90 415.20 6.30 10.08 1.08
and 430.30 432.80 2.50 13.15 0.71
MN-2529-028* 380.30 397.15 16.85 14.93 2.57
Including 387.70 396.00 8.30 23.09 3.16
MN-2529-029 637.20 641.35 4.15 3.76 0.15
MN-2529-031 518.60 522.00 3.40 6.00 0.21
MN-2529-037 394.15 398.70 4.55 6.72 1.27
MN-2529-042 365.70 368.90 3.20 5.74 0.39
and 383.80 395.00 11.2 10.75 1.56
including 389.05 395.00 5.95 14.97 2.67
*results previously released
Extension of Tobermalug Deposit and Deployment of Additional Rigs
Drilling at Tobermalug has now demonstrated mineralisation believed to be continuous over
a dip section length of 2.7kms and over a
width of 200m in the north increasing to 700m in the south. The mineralized zone covers an
area of approximately 400,000 square metres and
remains open, particularly to the south.
In the south hole MN-2529-042 returned two significant intersections one of which graded
10.75% zinc and 1.56% lead over 11.2 metres.This hole is located 200 metres southwest of hole MN-2529-026 which previously reported a
spectacular 30.5% zinc and 5.3% lead over 8.4
metres.
The number of rigs working within the southern part of Tobermalug has been increased from
two to six. Drilling also continues on the
northern part of the Tobermalug deposit.
Three Discoveries at Caherconlish
Three separate zinc-lead bearing massive sulphide deposits have been discovered in the
Caherconlish area, at Tobermalug, Caherconlish
South and Srahane West. These three deposits are considered comparable to the clusters of
mineralized deposits currently supporting the
Lisheen and Galmoy mining operations located approximately 50 kilometres to the northeast.
The Caherconlish-Tobermalug clusters lie within the Pallas Green alteration trend which
covers an area of approximately 75 square
kilometers and is considered comparable to the alteration trend hosting the Lisheen and Galmoy
mines. It is estimated that 75 percent of
this trend, which extends to the east and west of Caherconlish, remains relatively unexplored
with potential for additional massive sulphide
deposits to be located.
Chief Executive's Comment
Commenting on the results, Terence McKillen, Minco's Chief Executive stated: "The ongoing
drilling near Caherconlish continues to extend
the mineralized deposit at Tobermalug and also the overall Pallas Green target area within
which a number of separate but potentially
related massive sulphide deposits have now been discovered. The cluster of deposits in the
Caherconlish area, where drilling is currently
focused with fourteen drill rigs in operation, (including the Tobermalug zone) remains open to
the south, to the east and to the west. We
believe the current Pallas Green project is the biggest exploration drilling programme ever
undertaken in the fifty-year modern history of
the Irish mining industry."
Qualified Person
The above information has been reviewed and verified by Mr. Terence N McKillen, B.A.(mod), M.A., M.Sc., P.Geo., Chief Executive
Officer. Mr. McKillen is the Qualified Person for the purposes of the AIM Guidance Note on
Mining, Oil and Gas Companies dated March 2006. Mr. McKillen holds degrees in Geology from the University of Dublin (Trinity College) and the
University of Leicester. He has 40 years of
exploration experience in Ireland and internationally.
About Minco:
Minco PLC is an AIM quoted precious and base metals exploration and development company
engaged in zinc exploration in Ireland in a
joint venture with Xstrata Zinc and investments in zinc-silver projects in Mexico through a
60% shareholding in Orca Minerals Limited which
has recently applied for listing on the TSX Venture Exchange (Toronto) under the new name of
XTIERRA Resources Ltd.
For further information, www.minco.ie or contact:
John Kearney: Executive Chairman +1 416 362 6686
Terence McKillen: Chief Executive +1 416 362 6686
Danesh Varma: CFO & Company Secretary + 44 (0) 8452 606 034
John Frain / Fergal Meegan: (NOMAD) Davy + 353 (0)1 6796363
Tom McCormack: (Ireland PR) ConneXions +353 (0)1 230 3015
This announcement has been issued through the Companies Announcement Service of
The Irish Stock Exchange.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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