Minco PLC Drilling Update (6099R)
September 15 2014 - 2:01AM
UK Regulatory
TIDMMIO
RNS Number : 6099R
Minco PLC
15 September 2014
MINCO ANNOUNCES DRILLING AT BUCHANS, NEWFOUNDLAND, CANADA
Toronto, 15 September 2014 - Minco plc (AIM - "MIO") (the
"Company"), is pleased to announce the start of a four hole (525
metre) exploration drilling programme on its zinc/lead/copper VMS
project in Buchans, central Newfoundland, Canada.
The programme will test for shallow extensions to the former
Lucky Strike orebody, where Asarco mined 5.6 Mt averaging 18.4% Zn,
8.6% Pb, 1.6% Cu, 112 g/t Ag & 1.7 g/t Au. Drilling will focus
within an area 150 metres south of the former mine workings, where
historic shallow drilling intersected high-grade massive sulphides
but with poor core recoveries experienced by historic, small-core
diameter drilling.
Recent relogging of archived drill cores by Minco during its
summer 2014 exploration program suggests high-grade massive
sulphide mineralization occurs within this area at depths of less
than 100 m beneath a shallow, south-dipping fault structure.
Additionally Minco's recent interpretative work suggests that
mineralization in the area may be more continuous than previously
thought; potentially representing a near surface, continuous
mineralized zone with potential for further extensions down dip to
the south and west.
The area being targeted lies partially within the area of the
proposed open pit of the Lundberg deposit as defined in the
positive Preliminary Economic Assessment ("PEA") completed in 2011,
as well as revised pit designs generated since Minco updated and
expanded the Lundberg resource in 2013. While this mineralization
may be of potential benefit to future development of the Lundberg
deposit, this new drilling is being undertaken primarily as
exploration of the potential for discovery of new high-grade
massive sulphides south and west of the former Lucky Strike
mine.
Minco last drilled in this area in 2012. At that time, vertical
drill hole H-12-3453 intersected 2.0 metres averaging 4.05% Cu,
11.5% Pb, 22.7% Zn, 230 g/t Ag and 1.33 g/t Au between 29.2 and
31.2 m vertical depth. Relogging undertaken by Minco in 2014
confirms that several historic drill holes intersected high-grade
massive sulphides in this area, though not all intercepts were
assayed and several holes encountered poor core recoveries that
prevented accurate assessment of the width and grade of massive
sulphides within those intercepts. Highlights returned by historic
drilling within this area include intercepts occurring at less than
70 m below surface, including hole H-234 that intersected 1.52
metres assaying 1.3% Cu, 9.6% Pb, 18.7% Zn, 8.6 g/t Ag, 1.7 g/t
Au.
BUCHANS PRE-FEASIBILITY STUDY UPDATE
The Buchans project represents one of several of Minco's
advanced volcanogenic massive sulphide ("VMS") base metal projects
within the Buchans area of central Newfoundland. Since the positive
PEA on the Lundberg deposit in 2011, Minco has been advancing the
Lundberg project towards the completion of a pre-feasibility study
for a stand alone open pit base metal mine producing zinc, copper
and lead concentrates.
To date the pre-feasibility work has included the completion of
more in-depth metallurgical studies and upgrading of a large
portion of the Lundberg deposit to the National Instrument 43-101
Indicated category. The Lundberg deposit is currently estimated to
include NI 43-101 compliant Indicated resources totaling 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, andInferred 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
using a NSR cut-off of $US15 per tonne (see Minco press release
dated March 4, 2013 for more complete disclosure).
Ongoing work includes an internal analysis to determine if the
Daniels Pond and Bobbys Pond deposits can positively contribute as
satellite feeder mines to a central milling facility processing the
larger Lundberg open pit resource.
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 2014 drill program
and has reviewed the technical contents of this release.
ABOUT MINCO PLC
Minco Plc, registered 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 a manganese project in New Brunswick, Canada.
The Company 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 proposed
drilling, please refer to Minco's website at www.mincoplc.com or
contact:
Warren MacLeod: Director, President Buchans Minerals +1 709 725
0555
John Kearney: Chairman and Chief Executive +1 416 362 6686
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
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