TIDMMIO
RNS Number : 1835J
Minco PLC
07 September 2016
Minco plc
MOATE LEAD-ZINC EXPLORATION PROJECT, COUNTY WESTMEATH,
IRELAND
-- Drill Program Starting - 1400 metres planned in 6 holes
Dublin, 7 SEPTEMBER 2016 - Minco Plc (AIM - "MIO") announces the
start of a first stage diamond drilling programme to explore for
zinc-lead at Moate, County Westmeath, Ireland, centered on a
specific geological target, identified by Minco, with potential for
zinc-lead mineralization of Tynagh Mine type.
Minco has planned an initial drilling programme of six inclined
drill holes for a total of 1400 metres of drilling.
Located on "Tynagh-Ballinalack Trend"
Minco's prospecting licences PLs 1228, 1229 and 3981 are located
along the north-western margin of the Irish Midland Orefield on the
"Tynagh-Ballinalack Trend", comparable to the "Lisheen Trend" which
underlies the Lisheen and Galmoy Mines in Counties Tipperary and
Kilkenny, and also comparable to the "Pallas Green Trend" which
hosts the Pallas Green Deposit in Co. Limerick discovered by Minco
in 2007 where Minco's interest was sold to Xstrata for US$19.4
million in 2011.
The target at Moate was developed by Minco's in-house geological
team who successfully predicted the presence of the zinc-lead
deposits at Pallas Green.
Comparison to Tynagh Mine Geological Setting
Minco's Moate exploration target lies mid-way between the former
Tynagh Mine, located 50 kilometres to the southwest, and the
similar styled Ballinalack deposit, situated 35 kilometres to the
northeast. The Tynagh lead/zinc/copper/silver mine operated
successfully from 1965 to 1981 producing 9,000,000 tonnes of ore,
from both open pit and underground, at average grades of
approximately 7% lead, 5.5% zinc, 0.5% copper and 2.6 ounces of
silver per tonne.
The geology at Moate is also comparable to that at the smaller
Ballinalack Zinc-Lead Deposit (5.7mt averaging 8.8% zinc and 1.1%
lead) discovered by Noranda in 1970 and now being explored by Teck
Resources.
Historical Exploration
The general Moate area has seen intermittent exploration over
the past fifty years following discovery in 1968 of the Moyvoughly
deposit (125,000 tonnes averaging 8% zinc plus lead) located
immediately to the east of Minco's license areas. Exploration at
Moate in the past has focused almost exclusively on the potential
for Navan-type mineralization within the Moyvoughly Beds, a
geological formation that is located in an equivalent stratigraphic
position to the limestone beds that host the 100 million (plus +)
tonne Tara Mines zinc-lead deposit at Navan Co. Meath. This past
exploration work led to the identification of widespread traces of
zinc-lead mineralisation in the surrounding Moate, Westmeath
area.
Minco's Moate target
Minco's studies of previous drilling, however, have outlined a
geological setting that Minco believes mirrors that at the former
Tynagh Mine, where zinc-lead mineralization was hosted by breccias
developed at the margin between the reef and off-reef limestone
facies. The potential for reef hosted zinc-lead mineralization of
"Tynagh-type" at Moate has never been explored.
Minco's Moate target lies 150 to 200 metres below surface in the
immediate hanging wall of the major, northeast striking structural
Trend, locally called the Moyvoughly Fault. This well-defined
target has an estimated strike length of at least 3.5 kilometres
and remains untested by any previous drilling in the area.
Minco believes that its Moate target has potential to host a
significant zinc-lead deposit.
Qualified Person:
Terence McKillen, B.A. (MOD), M.A. (University of Dublin,
Trinity College), M.Sc., (University of Leicester), a Director of
Minco plc, is Minco's non-independent qualified person for the
purposes of the AIM Guidance Note on Mining, Oil and Gas Companies
and has reviewed the information contained in this News
Release.
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 holds an approximate 26% shareholding in Xtierra Inc,
(TSXV- "XAG"), which holds mineral properties in Mexico, and a 2%
NSR royalty on the Curraghinalt gold property in Northern Ireland,
currently being explored by Dalradian Resources Inc.
(TSX-"DNA").
For further information contact:
Peter Tyler: Chief Geologist - Ireland and UK +44 (0) 78 5432 3056
Peter McParland: Director - Ireland +353 (0) 46 907 3709
John F. Kearney: Chairman +1 416 362 6686
Danesh Varma: CFO & Company Secretary +44 (0) 8452 606 034
Warren MacLeod: Director, President Buchans Minerals +1 709 725 0555
John Frain: Davy (NOMAD) +353 (0)1 6796363
Saif Janjua: (Corporate Advisor) (Broker, Beaufort Securities)
+44 (0) 20 7382 8415
Website: www.mincoplc.com
Cautionary Statement - Forward-Looking Information
This news release contains certain forward-looking information,
including, among other things, the expected exploration of mineral
properties. This forward looking information includes, or may be
based upon, estimates, forecasts, and statements as to management's
expectations with respect to, among other things, the timing of
exploration, development and mining activities, the size and
quality of mineral resources, progress in development of mineral
properties, demand and market outlook for metals, future metal
prices and treatment and refining charges, future trends for the
company, and the financial results of the company. Mineral
exploration and development is a speculative business including,
among other risks, the failure to discover mineral deposits but
also from finding mineral deposits that, though present, are
insufficient in quantity and quality to return a profit from
development and production. There can be no assurances that such
statements will prove to be accurate and actual results and future
events could differ materially from those anticipated in such
statements. Mineral resources that are not mineral reserves do not
have demonstrated economic viability. Inferred mineral resources
are considered too speculative geologically to have economic
considerations applied to them that would enable them to be
categorized as mineral reserves. There is no certainty that mineral
resources will be converted into mineral reserves.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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