TIDMMIO
RNS Number : 8454M
Minco PLC
25 January 2016
Minco Plc
METALLURGICAL RESEARCH PROGRAM ON NEWFOUNDLAND PROPERTIES
-- Results of Drilling at Bobbys Pond and Daniels Pond, Newfoundland
-- Composite Samples Prepared and Submitted for Metallurgical Testwork
Toronto, 25 January, 2016 - Minco Plc (AIM - "MIO") ("Minco" or
the "Company") is pleased to announce assay results for its
recently completed drill programme on the Company's Bobbys Pond and
Daniels Pond VMS deposits in Central Newfoundland, drilled
primarily to collect fresh rock samples for metallurgical
testing.
A total of 781 metres of diamond drilling in seven (7) twin
holes was completed in November and December 2015 for the
collection of unoxidized samples for new metallurgical
testwork.
Select assays from the 2015 metallurgical drilling programme are
provided in bold below together with a comparison with the earlier
assays returned from adjacent twinned holes.
Daniels Mineralized From To Interval Cu Pb Zn Ag Au
Pond Drillholes Interval (m) (m) (m) % % % g/t g/t
------------------ ------------- ------- ------- --------- ----- ----- ------ ------- -----
South
DN-07-115* Lobe 23.06 29.56 6.50 0.20 2.17 4.91 108.95 0.36
------------------ ------------- ------- ------- --------- ----- ----- ------ ------- -----
DN-07-115M 24.00 30.00 6.00 0.18 2.12 4.36 47.10 0.72
--------------------------------- ------- ------- --------- ----- ----- ------ ------- -----
South
DN-07-111* Lobe 20.53 27.95 7.42 0.95 7.40 17.27 258.43 0.92
------------------ ------------- ------- ------- --------- ----- ----- ------ ------- -----
DN-07-111M 19.45 28.30 8.85 0.73 8.71 16.48 236.77 0.77
--------------------------------- ------- ------- --------- ----- ----- ------ ------- -----
North
DN-07-081* Lobe 26.09 34.09 8.00 0.12 1.16 3.23 52.33 0.90
------------------ ------------- ------- ------- --------- ----- ----- ------ ------- -----
DN-07-081M 29.00 37.00 8.00 0.12 0.92 2.72 39.41 0.52
--------------------------------- ------- ------- --------- ----- ----- ------ ------- -----
South
DN-07-055* Lobe 48.13 51.42 3.29 0.08 1.11 1.80 11.88 0.17
------------------ ------------- ------- ------- --------- ----- ----- ------ ------- -----
DN-07-055M 48.70 51.70 3.00 0.11 1.43 2.08 12.87 0.17
--------------------------------- ------- ------- --------- ----- ----- ------ ------- -----
South
DN-07-055* Lobe 84.00 89.08 5.08 0.40 2.27 5.22 92.88 1.22
------------------ ------------- ------- ------- --------- ----- ----- ------ ------- -----
DN-07-055M 86.30 87.45 1.15 0.40 2.93 7.90 76.00 7.29
--------------------------------- ------- ------- --------- ----- ----- ------ ------- -----
Bobbys Mineralized From To Interval Cu Pb Zn Ag Au
Pond Drillholes Interval (m) (m) (m) % % % g/t g/t
------------------ ------------- ------- ------- --------- ----- ----- ------ ------- -----
Lens
MOA-05-002* 2 130.53 139.32 8.79 0.51 0.47 8.45 10.10 0.25
------------------ ------------- ------- ------- --------- ----- ----- ------ ------- -----
MOA-05-002M 134.95 136.50 1.55 3.64 0.01 1.76 12.76 0.15
--------------------------------- ------- ------- --------- ----- ----- ------ ------- -----
Lens
MOA-05-002* 3 158.15 167.30 9.15 0.96 1.26 6.69 117.41 0.57
------------------ ------------- ------- ------- --------- ----- ----- ------ ------- -----
MOA-05-002M 157.00 159.85 2.85 0.69 2.87 8.49 86.01 0.23
--------------------------------- ------- ------- --------- ----- ----- ------ ------- -----
Lens
MOA-06-007* 3 233.75 239.75 6.00 1.50 0.02 1.25 8.59 0.15
------------------ ------------- ------- ------- --------- ----- ----- ------ ------- -----
MOA-06-007M 207.15 215.00 7.85 2.40 0.06 7.61 10.62 0.20
--------------------------------- ------- ------- --------- ----- ----- ------ ------- -----
Lens
MOA-06-007* 4 250.75 270.75 20.00 0.95 0.20 6.91 11.18 0.12
------------------ ------------- ------- ------- --------- ----- ----- ------ ------- -----
MOA-06-007M 237.90 256.00 18.10 1.00 1.00 13.09 29.12 0.26
--------------------------------- ------- ------- --------- ----- ----- ------ ------- -----
Lens
MOA-06-016* 2 65.50 72.00 6.50 0.85 1.04 5.44 23.54 0.30
------------------ ------------- ------- ------- --------- ----- ----- ------ ------- -----
MOA-06-016M 66.00 71.20 5.20 1.12 1.01 9.54 29.83 0.39
--------------------------------- ------- ------- --------- ----- ----- ------ ------- -----
Notes: * Historic drill holes (2005 to 2007) assays; Holes
identified with "M" (suffix) are 2015 metallurgical holes. True
thicknesses are estimated to range between 60% and 80% of reported
widths.
Representative samples from the drilling at the Bobbys Pond and
Daniels Pond deposits were collected and blended to produce
representative composite metallurgical samples, which approximately
correspond to previously published Indicated mineral resource
estimates for the two deposits. The metallurgical samples, ranging
in weight from 100 to 120 kilograms for each deposit, have been
submitted to Thibault & Associates Inc. in Fredericton, New
Brunswick for new mineralogical investigation, grindability
characterization, acid generation assessment, and bench scale
flotation testing.
DMS SAMPLING
Minco has also submitted a total of four, 5 to 10 kg samples to
Thibault & Associates for bench scale Dense Media Separation
("DMS") testing. The DMS sampling includes two samples from Bobbys
Pond deposit, one sample from Daniels Pond deposit collected from
the recently completed drilling programme and one sample from the
Tulks Hill deposit obtained from drilling in 2007. The DMS testing
is designed to assess the amenability of mineralized samples from
the deposits to physical upgrading (pre-concentration) at each site
as a potential means of reducing transportation to reduce
downstream processing costs.
KEY METALLURGICAL STUDIES UNDERWAY
On 2 December 2015, Minco announced that, through its wholly
owned subsidiary Buchans Minerals Corporation ("Buchans Minerals),
it had entered into a collaboration agreement with Canadian Zinc
Corporation (TSX: CZN; OTCQB: CZICF) ("Canadian Zinc") to undertake
a research programme to complete physical and metallurgical bench
scale studies on seven volcanogenic massive sulphide ("VMS")
deposits located in central Newfoundland and to share research data
on their respective central Newfoundland Cu-Pb-Zn-Ag-Ag
deposits.
The collaboration agreement between Buchans Minerals and
Canadian Zinc is focused on seven VMS deposits located in central
Newfoundland. Three of the deposits are held by Buchans Minerals
(Bobbys Pond, Daniels Pond and Tulks Hill) and four of the deposits
are held by Canadian Zinc (Lemarchant, Boomerang-Domino, Tulks
East, and Long Lake).
The total cost of the research project is estimated at $735,000
with Buchans Minerals and Canadian Zinc each contributing up to
$100,000. The Research & Development Corporation of
Newfoundland and Labrador is providing Canadian Zinc funding of
$535,000 for the research project through the GeoEXPLORE
Industry-led R & D Technology Development and Demonstration
Program.
The intent and objective of the program is to determine the
technical and economic viability of developing the companies' key
deposits into producing operations by utilizing a central milling
facility. The concept is based on the potential that collectively,
the satellite deposits can be economically mined, pre-concentrated,
trucked and then milled simultaneously or sequentially through a
central mill.
QUALIFIED PERSONS
Paul Moore, P.Geo. and Benjamin Batson, P.Geo., are Qualified
Persons within the meaning of National Instrument 43-101, and have
reviewed the technical contents of this release.
SAMPLING PROCEDURE
Drill cores were logged and sampled by Minco's geological and
technical staff with cores descriptively logged on site, aligned,
marked for assay sampling and split longitudinally using a diamond
saw. Samples consisted of either halved or quartered NQ-sized core
(47.6 mm diameter core) with the remaining half or 3/4 of the core
retained by Minco and shipped to Thibault and Associates in
Fredericton for final sample selection and blending as required for
the current metallurgical test program.
January 25, 2016 07:00 ET (12:00 GMT)
As part of Minco's QA/QC protocols, samples were bagged, tagged,
sealed and delivered by Minco personnel directly to Eastern
Analytical Limited's laboratory in Springdale, Newfoundland.
Samples were 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 grams. 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. Assay results for the standards and blanks
were reviewed by Minco technical staff and found to have returned
results within acceptable limits for the standards and blanks
used.
All assays were completed by Eastern Analytical by the Ore Grade
Assay procedure for Cu, Pb and Zn using a 200 mg 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 Plc, through its wholly owned subsidiary Buchans Minerals
Corporation, holds interests in four advanced base metal properties
in the Buchans area of central Newfoundland, which contain the
following deposits:
Tulks North property (which contains the Daniels Pond deposit)
with an Indicated Mineral Resource of 1.16 million tonnes grading
4.44% zinc, 2.12% lead, 0.31% copper, 87.79 g/t silver and 0.60 g/t
gold, as well as an additional Inferred resource totaling 445,000
tonnes grading 3.88% Zn, 1.74% Pb, 0.27% Cu, 81.63 g/t Ag and 0.52
g/t Au.
Bobbys Pond property (which contains the Bobbys Pond deposit)
with an Indicated Mineral Resource of 1.10 million tonnes grading
4.61% zinc, 0.44% lead, 0.86% copper, 16.6 g/t silver and 0.2 g/t
gold plus an additional Inferred Mineral Resource of 1.18 million
tonnes grading 3.75% zinc, 0.27% lead, 0.95% copper, 10.95 g/t
silver and 0.06 g/t gold (RPA, July 2008)
Tulks Hill property (49% Buchans Minerals/ 51% Prominex Resource
Corp) (which contains the Tulks Hill deposit) with an Indicated
Mineral Resource of 431,000 tonnes grading 3.97% zinc, 1.61% lead,
0.89% copper, 35.09 g/t silver and 1.17 g/t gold (RPA, July
2008).
Buchans property (which contains the Lundberg deposit). The
Lundberg copper-zinc-lead/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
Lundberg 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. (Peter C. Webster,
P. Geo., Mercator Geological Services Limited, 2013).
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:
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: Davy (NOMAD) +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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