TIDMMIO
RNS Number : 5427Q
Minco PLC
18 June 2015
MINCO PLC
MINCO INTERSECTS WIDESPREAD MINERALIZATION
IN 'ORE CLAST' HORIZON AT BUCHANS, NEWFOUNDLAND
--EXTENDS LUCKY STRIKE MINERALISATION
Toronto, 18 June 2015 - Minco plc (AIM - "MIO") (the "Company"),
is pleased to announce results from its recently completed twelve
hole, 2,200 metre, exploration drilling programme in Buchans,
central Newfoundland, Canada.
The 2015 drilling programme tested several mineralized
stratigraphic horizons to depths of less than 300 metres, with all
holes located immediately south of Minco's undeveloped Lundberg
deposit and approximately 250 m south of the former lucky Strike
mine. The drilling programme was undertaken primarily to assess the
potential for discovery of new high-grade massive sulphide.
Drilling intersected widespread ore clast mineralization within
a deeper stratigraphic horizon known as the 'Ore Clast' horizon,
below the Lucky Strike mine horizon and lesser explored Engine
House horizon.
All eight holes designed to test the Ore Clast horizon
intersected mineralized felsic volcanic breccia ranging from 1 to
23 metres in thickness, and hosting massive sulphides to
sulphide-rich clasts measuring up to 15 centimetres in diameter.
Intercepts include 0.5 metres averaging 13.32% combined base metals
(I.e., Cu%+Pb%+Zn%) as 1.80% Cu, 5.20% Pb, 6.32% Zn, 53.3 g/t Ag,
and 0.18 g/t Au in hole H-15-3493, as well as 1.0 metre averaging
6.16% combined base metals as 0.35% Cu, 1.72% Pb, 4.10% Zn, 63.4
g/t Ag, and 0.27 g/t Au in hole H-15-3497.
"Given the potentially high-grade character and widespread
nature of Ore Clast horizon mineralization, Minco believes that
horizon may hold significant potential for discovery of new
orebodies composed of breccia or "transported ores" similar to
those historically mined at Buchans" said Warren McLeod, President
of Minco's wholly owned subsidiary Buchans Minerals
Corporation.
Transported ores accounted for more than 52% of historic
production at Buchans, with head grades reported to have averaged
over 20% combined base metals as 1.04% Cu, 7.12% Pb, 12.20% Zn,
124.9 g/t Ag and 1.04 g/t Au.
Other notable results from the 2015 drill programme include new
intersections of higher grade mineralization extending the Lucky
Strike deposit to the south, where Hole H-15-3496 intersected 5.05
m averaging 5.98% combined base metals as 0.20% Cu, 2.15% Pb, 3.63%
Zn, 8.9 g/t Ag, and 0.05 g/t Au, including 2.70 m averaging 7.41%
combined base metals as 0.23% Cu, 2.74% Pb, 4.44% Zn, 10.1 g/t Ag,
0.06 g/t Au.
Further south, additional holes testing the Lucky Strike horizon
yielded mineralized intercepts, as hole H-15-3495 intersected 0.94
m assaying 12.04% combined base metals as 0.44% Cu, 3.80% Pb, 7.80%
Zn, 88.4 g/t Ag, and 1.62 g/t Au; while hole H-15-3497 intersected
0.5 m averaging 8.23% combined base metals as 0.20% Cu, 3.60% Pb,
4.43% Zn, 32.2 g/t Ag, and 0.29 g/t Au.
Two drill holes, H-15-3495 and 15-3496, were drilled to further
test high-grade massive sulphide mineralization west and northwest
of high-grade massive sulphides previously intersected in hole
H-14-3488 (high grade assays further disclosed in Minco Press
Release dated October 28, 2014). Both holes intersected weak
mineralization at the Engine House horizon, suggesting the zone may
thin and decrease in grade to the west.
In light of the positive results from its 2015 drilling, Minco
has further expanded its programme of relogging historic drill
holes to determine potential for new high-grade discoveries below
depths of previous mining near the former Lucky Strike mine.
Assays from the 2015 drilling programme are summarized in the
table below.
Hole Horizon from to width Cu Pb Zn Ag Au Cu+Pb+Zn
(m) (m) (m) (%) (g/t) (g/t) (%)
(%) (%)
-------------- --------- ------- ------- ------ ----- ----- ----- ------- ------- ---------
H-15-3492 LS 175.00 176.00 1.00 0.34 0.37 0.77 6.20 0.11 1.48
OCH 220.00 221.00 1.00 0.12 0.83 1.26 5.10 0.05 2.21
------------------------ ------- ------- ------ ----- ----- ----- ------- ------- ---------
H-15-3493 LS 115.35 116.20 0.85 2.42 0.03 0.05 6.46 0.03 2.50
--------- ------- ------- ------ ----- ----- ----- ------- ------- ---------
OCH 225.00 227.10 2.10 0.94 1.85 2.63 19.50 0.09 5.42
------------------------ ------- ------- ------ ----- ----- ----- ------- ------- ---------
incl. 226.60 227.10 0.50 1.80 5.20 6.32 53.30 0.18 13.32
------------------------ ------- ------- ------ ----- ----- ----- ------- ------- ---------
H-15-3494 LS 100.00 101.00 1.00 0.08 0.67 0.24 6.90 0.06 0.99
--------- ------- ------- ------ ----- ----- ----- ------- ------- ---------
OCH 204.40 213.50 9.10 0.41 0.33 0.41 6.96 0.07 1.15
------------------------ ------- ------- ------ ----- ----- ----- ------- ------- ---------
H-15-3495 LS 129.06 131.00 1.94 0.25 2.23 4.28 48.40 0.83 6.76
------- ------- ------ ----- ----- ----- ------- ------- ---------
incl. 130.06 131.00 0.94 0.44 3.80 7.80 88.40 1.62 12.04
------- ------- ------ ----- ----- ----- ------- ------- ---------
OCH 220.40 221.60 1.20 0.15 0.25 0.45 5.40 0.05 0.85
------------------------ ------- ------- ------ ----- ----- ----- ------- ------- ---------
H-15-3496 LS 76.25 81.30 5.05 0.20 2.15 3.63 8.86 0.05 5.98
------- ------- ------ ----- ----- ----- ------- ------- ---------
incl. 78.60 81.30 2.70 0.23 2.74 4.44 10.10 0.06 7.41
------------------------ ------- ------- ------ ----- ----- ----- ------- ------- ---------
EH 100.45 102.00 1.55 1.25 0.44 0.42 6.56 0.01 2.11
------------------------ ------- ------- ------ ----- ----- ----- ------- ------- ---------
H-15-3497 LS 120.20 120.70 0.50 0.20 3.60 4.43 32.20 0.29 8.23
------- ------- ------ ----- ----- ----- ------- ------- ---------
OCH 170.50 171.50 1.00 0.32 1.55 3.83 53.15 0.20 5.70
------------------------ ------- ------- ------ ----- ----- ----- ------- ------- ---------
OCH 174.00 174.30 0.30 0.37 0.72 4.76 20.10 0.16 5.85
------------------------ ------- ------- ------ ----- ----- ----- ------- ------- ---------
H-15-3498 LS 108.30 108.90 0.60 1.14 0.88 1.96 126.80 0.52 3.98
------- ------- ------ ----- ----- ----- ------- ------- ---------
incl. 108.30 108.55 0.25 2.60 1.42 3.39 286.40 1.02 7.41
------------------------ ------- ------- ------ ----- ----- ----- ------- ------- ---------
EH? 131.40 132.40 1.00 1.18 0.11 0.18 3.60 0.04 1.47
------------------------ ------- ------- ------ ----- ----- ----- ------- ------- ---------
OCH 187.10 201.40 14.30 0.09 0.33 0.57 8.68 0.10 0.99
------------------------ ------- ------- ------ ----- ----- ----- ------- ------- ---------
H-15-3499 LS 95.45 95.75 0.30 0.28 2.90 4.33 67.90 1.02 7.51
------- ------- ------ ----- ----- ----- ------- ------- ---------
OCH 228.40 229.20 0.80 0.20 1.11 1.33 14.00 0.14 2.64
------------------------ ------- ------- ------ ----- ----- ----- ------- ------- ---------
OCH 240.40 242.70 2.30 0.16 0.44 0.77 5.90 0.04 1.37
------------------------ ------- ------- ------ ----- ----- ----- ------- ------- ---------
incl. 242.35 242.70 0.35 0.16 1.70 2.70 9.60 0.09 4.56
------------------------ ------- ------- ------ ----- ----- ----- ------- ------- ---------
H-12-3449Ext no additional mineralization
-------------- -------------------------------------------------------------------------------------
H-14-3487Ext EH 128.70 130.10 1.40 1.03 0.23 0.39 9.10 0.04 1.65
------- ------- ------ ----- ----- ----- ------- ------- ---------
OCH 132.90 135.60 2.70 0.20 0.90 1.31 4.36 0.08 2.41
------------------------ ------- ------- ------ ----- ----- ----- ------- ------- ---------
incl. 134.90 135.60 0.70 0.37 2.90 3.94 8.10 0.14 7.21
------------------------ ------- ------- ------ ----- ----- ----- ------- ------- ---------
H-12-3450Ext OCH 220.65 221.00 0.35 0.11 1.16 1.52 4.20 0.03 2.79
-------------- --------- ------- ------- ------ ----- ----- ----- ------- ------- ---------
OCH 231.3 235.90 4.60 0.16 0.52 0.83 5.09 0.12 1.50
------------------------ ------- ------- ------ ----- ----- ----- ------- ------- ---------
H-12-3457Ext OCH 264.00 275.00 11.00 0.06 0.36 0.63 1.19 0.03 1.05
------- ------- ------ ----- ----- ----- ------- ------- ---------
OCH 285.00 288.00 3.00 0.02 0.45 0.73 6.93 0.06 1.20
------------------------ ------- ------- ------ ----- ----- ----- ------- ------- ---------
* Reported widths are core length. True widths estimated to be
approximately 90% of reported widths. All holes drilled vertically
from surface, except hole 15-3495 drilled at an angle of -51deg
towards azimuth 045deg, and 15-3496 drilled at an angle of -65deg
towards azimuth 045deg ( LS-Lucky Strike, EH- Engine House, OCH-
Ore Clast horizon).
Minco has applied for grant funding from the Government of
Newfoundland and Labrador's 2015 Junior Company Exploration
Assistance ("JEA") programme, from which the Company may receive
grants of up to $100,000 to support the current programme. In May
2015, Minco received a grant of CDN$45,000 from the Government of
Newfoundland and Labrador relating to its 2014 exploration
program.
BUCHANS PROJECT BACKGROUND
The Buchans project represents one of several of Minco's
advanced volcanogenic massive sulphide ("VMS") base metal projects
within central Newfoundland. Minco's interests in deposits in the
region include 100% interest in the Lundberg, Daniels Pond, and
Bobbys Pond deposits, each containing National Instrument 43-101
compliant resources, as well as 49% interest in the Tulks Hill
deposit.
The 2015 drilling programme at Lucky Strike is located within
Minco's 100%-owned Buchans project, comprised of 5,870 ha covering
most of the past producing Buchans mines where Asarco mined a total
of 16.2 million tonnes averaging 14.51% Zn, 1.33% Cu, 7.56% Pb, 126
g/t Ag & 1.37 g/t Au between 1928 and 1984 from insitu massive
sulphide and transported breccia sulphide ores. These operations
established Buchans as one of Canada's richest, historic base metal
mining camps. The Lucky Strike South area is located immediately
south of the former Lucky Strike mine, where Asarco mined 5.6
million tonnes averaging 18.4% Zn, 8.6% Pb, 1.6% Cu, 112 g/t Ag
& 1.7 g/t Au, before closing the Buchans mine in 1984.
Minco's Lundberg deposit is the most advanced undeveloped
deposit in the district and consists of a large lower grade
resource being evaluated for open pit mine development. The deposit
hosts Indicated resources of 23.4 million tonnes grading 1.41% Zn,
0.60% Pb, 0.35% Cu, 5.31 g/t Ag and 0.07 g/t Au, and Inferred
resources of 4.3 million tonnes averaging 1.29% Zn, 0.54% Pb, 0.27%
Cu, 4.47 g/t Ag and 0.08 g/t Au (see Minco press release dated
March 4, 2013 for more complete disclosure).
Minco continues to work towards advancing the Lundberg project
to pre-feasibility, while also continuing to explore for new
high-value discoveries within its properties in the Buchans area of
central Newfoundland.
QUALIFIED PERSON
Paul Moore, M.Sc., P.Geo., (NL), Vice President of Exploration
of Buchans Minerals, a Qualified Person within the meaning of
National Instrument 43-101, is supervising the 2015 drill programme
and has reviewed the technical contents of this release.
Historic production tonnages and grades grade from The Buchans
Orebodies: Fifty Years of Geology and Mining. (Edited by E.A.
Swanson, D.F. Strong, J.G. Thurlow), Geological Association of
Canada Special paper 22, 1981).
SAMPLING PROCEDURE
Drill cores were logged and sampled by Minco's geological and
technical staff with cores descriptively logged on site, aligned,
marked for sampling and split longitudinally using a diamond saw.
Samples consist of halved NQ-size core (47.6 mm diameter core) with
the remaining half of the core preserved in core boxes for future
reference. As part of Minco's' QAQC protocols, samples were bagged,
tagged, sealed and delivered directly to Eastern Analytical
Limited's laboratory in Springdale, Newfoundland, by Minco
personnel. Samples are nominally one metre in length, except where
specific geologic parameters required a different interval be
sampled. Sample preparation was completed by Eastern Analytical
with each sample crushed to approximately -10 mesh and split using
a riffle splitter to approximately 300 g. Each sample split was
pulverized using a ring mill to approximately 98% -150 mesh. In
addition to regular samples, blank samples (one per 20 samples) and
certified standards (one per 20 samples) were submitted for sample
preparation and assay.
All assays were completed by Eastern Analytical of Springdale
Newfoundland by the inductively coupled plasma method (ICP-30) for
base metals (Cu, Pb, Zn) and to Ore Grade Assay Cu, Pb and Zn if
upper detection limits by ICP were exceeded for either element
(upper detection limits; Cu 10,000 ppm, Pb 2,200 ppm, Zn 2,200
ppm). ICP analyses were completed using a 0.500 g sample digested
in nitric and hydrochloric acid and analyzed by ICPOES (Inductively
Coupled Plasma Optical Emission Spectroscopy). Base metal Ore Grade
Assays (Cu, Pb, Zn) were completed using a 0.200 g sample digested
in nitric and hydrochloric acid and analyzed by the atomic
absorption (AA) method. Silver assays were completed using a 1,000
mg sample digested in hydrochloric and nitric acid and analyzed by
AA (Atomic Absorption spectroscopy). Gold assays were completed by
standard 1/2 assay ton fire assay using the AA method.
ABOUT MINCO PLC
Minco Plc, incorporated in the Republic of Ireland and listed on
the AIM Market of the London Stock Exchange ("MIO"), is an
exploration and development company currently engaged in zinc-lead
exploration in Canada, the United Kingdom and Ireland, and is also
evaluating its Woodstock manganese project in New Brunswick,
Canada.
Minco also has interests in zinc-silver projects in Mexico
through its holding of 30 million shares (approximately 26%) in
Xtierra Inc. listed on the TSX Venture Exchange (TSX.V-"XAG").
Minco also holds a 2% NSR royalty on the Curraghinalt gold
property in Northern Ireland, currently being explored by Dalradian
Resources Inc. (TSX-"DNA").
For further information, including a map of the "Lucky Strike
Target Area" showing drill hole locations, please refer to Minco's
website at www.mincoplc.com or contact:
Warren MacLeod: Director, President Buchans Minerals +1 709 725
0555
Danesh Varma: CFO & Company Secretary +44 (0) 8452 606
034
Peter McParland: Director - Ireland +353 (0) 46 907 3709
John Frain/Alan Connolly: (NOMAD) Davy +353 (0)1 6796363
Saif Janjua: (Corporate Advisor) (Broker, Beaufort Securities)
+44 (0) 20 7382 8415
This information is provided by RNS
The company news service from the London Stock Exchange
END
DRLSFLSAAFISEFM
Minco (LSE:MIO)
Historical Stock Chart
From Aug 2024 to Sep 2024
Minco (LSE:MIO)
Historical Stock Chart
From Sep 2023 to Sep 2024