LONDON (Alliance News) - Minco PLC Thursday said it has intersected widespread mineralisation at the Buchans project in Newfoundland, Canada, after conducting a 2,200 metre exploration drilling programme.
The 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. The drilling programme was undertaken primarily to assess the potential for discovery of new high-grade massive sulphide.
The company intersected mineralisation within the Ore Clast horizon, intersecting results of 0.5 metres averaging 13.32% combined base metals of 1.8% copper, 5.2% lead and 6.32% zinc, as well as 53.3 grammes of silver and 0.18 grammes of gold per tonne of ore.
Other highlighted intersections included 1.0 metre averaging 6.16% combined base metals of 0.35% copper, 1.72% lead and 4.1% zinc, with 63.4 grammes of silver and 0.27 grammes of gold per tonne of ore.
"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 Corp.
Other holes that were drilled during the programme provided intersections of 0.94 metres at 12.04% combined base metals of 0.44% copper, 3.8% lead, 7.8% zinc, and 88.4 grammes of silver and 1.62 grammes of gold per tonne and 0.5 metres at 8.23% combined base metals at 0.2% copper, 3.6% lead, 4.43% zinc, and 32.3 grammes of silver and 0.29 grammes of gold per tonne.
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.
Minco shares were down 4.1% to 2.11 pence per share late Thursday morning.
By Joshua Warner; joshuawarner@alliancenews.com; @JoshAlliance
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