15 Jul 2009 09:54
Two New High Grade Drill Holes at Pallas Green
Dublin, 15 July, 2009 - Minco Plc (AIM-"MIO") is pleased to announce further high grade results from the latest drilling on the Northwest Extension area of the Tobermalug zinc-lead deposit at Pallas Green, Co. Limerick.
MN-636-122
Hole MN-636-122 encountered three distinct mineralised horizons, or lenses, on the Northwest Extension zone at Tobermalug, with significant zinc and lead values over a down-hole interval of 37 metres, including a combined 51.59% zinc+lead over 0.55 metres in the lower lens. This exceptional grade of almost 52% combined zinc-lead is the highest mineral grade content so far intersected in drilling at Pallas Green.
Hole MN-636-122 is located 200 metres south of hole MN-636-121 (previously reported 18 May, 2009 comprising 3.45 metres of 24.20% zinc and 5.43% lead).
| Hole | From - To (metres) | Interval (core length) | Zinc | Lead |
| Hole MN-636-122 | 342.35 m - 344.90 m | 2.55 metres | 12.20% | 2.10% |
| 356.05 m - 357.10 m | 1.05 metres | 15.56% | 3.29% | |
| 378.80 m - 379.35 m | 0.55 metres | 41.32% | 10.27% |
MN-636-123
Hole MN-636-123, located approximately 890 metres northwest of hole MN-636-121, intersected a combined 27.66% zinc + lead over a length of 1.8 metres.
| Hole | From - To (metres) | Interval (core length) | Zinc | Lead |
| Hole MN-636-123 | 306.75 m - 308.55 m | 1.80 metres | 20.92% | 6.74% |
Hole MN-636-123 is the most northwesterly step-out to date on the Extension Zone and, assuming the mineralization is continuous, appears to extend the Northwest Extension zone for an additional 400 metres to the northwest.
Comment by Chief Executive
Commenting on the latest drill results, Terence McKillen, Chief Executive said, "The latest results for holes 122 and 123, when taken together with earlier reported intersections on the Northwest Extension, are very encouraging. We continue to hit exceptional grade intersections in the Northwest Extension area of the Tobermalug deposit and the zone still remains open ended."
The mineralised zone is a northwest extension of the main Tobermalug zinc-lead deposit along a west-northwest striking fault, now named the Caherconlish Fault. Higher grade mineralization appears to be associated with this northwest trend which has now been delineated over approximately 1,400 metres in length and has been intersected by eight mineralised holes (MN-636-044, 101, 107, 117, 118, 121, 122, and 123).
Summary Table of Intersections in Northwest Extension Zone
| Hole | From - To (metres) | Interval (core length) | Zinc | Lead |
| Hole MN-636-127 | In progress | |||
| Hole MN-636-123 | 306.75 m - 308.55 m | 1.80 metres | 20.29% | 6.47% |
| Hole MN-636-122 | 342.35 m - 344.90 m | 2.55 metres | 12.20% | 2.10% |
| 356.05 m - 357.10 m | 1.05 metres | 15.56% | 3.29% | |
| 378.80 m - 379.35 m | 0.55 metres | 41.32% | 10.27% | |
| Hole MN-636-121 | 330.90 m - 334.35 m | 3.45 metres | 24.20% | 5.43% |
| Hole MN-636-119 | No mineralisation | |||
| Hole MN-636-118 | 329.95 m - 338.70 m | 8.75 metres | 14.95% | 3.01% |
| Hole MN-636-117 | 316.25 m - 316.50 m | 0.25 metres | 3.53% | 0.08% |
| Hole MN-636-112 | Hole lost due to ground conditions before reaching target | |||
| Hole MN-636-107 | 315.50 m - 316.70 m | 1.20 metres | 18.75% | 1.19% |
| 329.75 m - 333.90 m | 4.15 metres | 9.05% | 1.46% | |
| Hole MN-636-101 | 356.60 m - 360.50 m | 3.90 metres | 7.99% | 1.28% |
| Hole MN-636-044 | 305.70 m - 307.20 m | 1.50 metres | 10.44% | 0.53% |
The zone remains open to the northwest and drilling is continuing in the Northwest Extension area with three drills.
Drill hole MN-2529-080, targeted on the southern extension of the Tobermalug deposit, was completed at a depth of 678.50 metres without intersecting any significant mineralisation and did not appear to cross the geologically important southern boundary fault which is interpreted as the main mineralisation controlling structure. One drill rig is continuing to drill a deep hole in this southern extension area.
The Pallas Green project is a joint venture with Xstrata Zinc. Four diamond drills are operating with a total of 7,034 metres (15 drill holes) drilled from January 1 to June 30, 2009.
Qualified Person
The above information has been reviewed and verified by Mr. Terence N McKillen, B.A. (MOD), M.A., M.Sc., P.Geo, Chief Executive Officer. Mr. McKillen is the Qualified Person for the purposes of the AIM Guidance Note on Mining, Oil and Gas Companies dated March 2006. Mr. McKillen is a graduate in Natural Sciences (Geology) from Trinity College Dublin and holds a Master of Science degree in Mineral Exploration and Mining Geology from the University of Leicester. He has 40 years of exploration experience in Ireland and internationally.
About Minco
Minco PLC is an AIM quoted precious and base metals exploration and development company engaged in zinc exploration on the Pallas Green property in Ireland in a joint venture with Xstrata Zinc and investments in zinc-silver projects in Mexico through its 60% shareholding in Xtierra Inc. listed on the TSX Venture Exchange (Toronto) under the symbol "XAG".
| For further information, www.minco.ie or contact: | |
| John Kearney: Executive Chairman | +1 416 362 6686 |
| Terence McKillen: Chief Executive | +1 416 362 8243 |
| Danesh Varma: CFO & Company Secretary | +44 (0) 8452 606 034 |
| John Frain / Fergal Meegan: (NOMAD) Davy | +353 (0)1 6796363 |