rns18 Jun 2015 10:52
AST’ 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 s
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