15 Oct 2009 09:24
Minco Reports New Drill Results at Pallas Green Zinc-Lead Exploration Project
Northwest Extension Area Continues to Extend High Grade Mineralization
Southern Extension Area Intersects High Silver Values
Dublin, 15 October, 2009 - Minco Plc (AIM-"MIO") is pleased to announce further high grade results from the latest drilling on both the Northwest Extension and the Southern Extension areas of the Tobermalug zinc-lead deposit at Pallas Green, Co. Limerick.
Northwest Extension Area
Drilling continues to extend the dimensions of the Northwest Extension area up to 1,500 metres northwest of the main zone of mineralization at Tobermalug and has resulted in what may be a new zone of mineralization, called the West Northwest Zone. The Northwest Extension remains open to the north and northwest and appears to be controlled by the Caherconlish Fault, providing opportunity for higher grade mineralization to occur within the breccia systems adjacent to where these are offset by the fault structure.
MN-636-126
Hole MN-636-126 located southeast of holes MN-636-123 and MN-636-124 has intersected a narrow, 20 centimetre wide, high grade zone averaging 41.83% zinc and 12.09% lead. This hole is located approximately 450 metres west-northwest of the previously reported cluster of high grade intersections in holes MN-636-107, MN-636-118, MN-636-121 and MN-636-122. Hole MN-636-117 (0.25 metres averaging 3.53% zinc and 0.08% lead) is located 240 metres to the east and previously reported hole MN-636-123, 450 metres to the west northwest.
West Northwest Zone
MN-636-125
Hole MN-636-125 is located in the West Northwest area, some 1,250 metres from hole MN-636-101 and 290 metres north of hole MN-636-123 (previously reported 15 July, 2009 comprising 1.8 metres of 27.7% combined zinc+lead) and is the furthest northwest hole drilled to date. The hole encountered a narrow interval (1.20 metres) of high grade mineralisation with 28.7% combined zinc+lead, including an interval of 0.35 metres grading 47.10% zinc+lead.
MN-636-128
Hole MN-636-128, located 140 metres west of hole MN-636-123, intersected about 10 metres of massive pyrite mineralization including 1.55 metres of zinc and lead mineralization (no assay results yet available).
Hole MN-636-124 collared in the Northwest Extension area was largely unmineralized and may have missed the target horizon which appears in places to be coincident with a porphyritic intrusive body.
Hole MN-636-127 intersected the target zone cut by an intrusive dyke including some thin high grade zinc and lead horizons averaging 1.55 metres of 7.47% zinc and 1.0% lead from 341.15 to 342.70 metres depth.
Southern Extension Area
Assays have been received for four widely spaced holes drilled to explore the deeper, down-dip, southern extension of the Tobermalug deposit and designed to test the base of Reef target close to the inferred location of a major geological boundary structure. Six holes have now been completed to explore an area roughly 800 metres by 700 metres to the south of the main Tobermalug deposit. All have intersected typical Tobermalug-style mineralization with significant widths of mineralized breccias. The zinc and lead mineralization remains open to the south and the inferred boundary structure has not yet been located.
MN-2529-068
Hole MN-2529-068 located 550 metres southwest of hole MN-2529-069 and 650 metres west of MN-2529-078 intersected 9.35 metres of low grade mineralization at a depth of 872 metres including a 3.2 metre intersection of 5.52% zinc and 0.7% lead.
MN-2529-077
Hole MN-2529-077 drilled at an angle of 82 degrees to the southeast and located 300 metres north of hole MN-2529-069 intersected three zones of low grade mineralization over 19.5 metres between 690.4 and 707.9 metres including 3.0 metres at 3.36% zinc and 0.58% lead, 9.6 metres at 2.95% zinc and 0.5% lead and 3.0 metres at 4.37% zinc and 0.58% lead.
MN-2529-078
Hole MN-2529-078 drilled at an angle of 71 degrees to the southeast from the collar of hole MN-2529-069 was located in the Southern Extension area of the Tobermalug deposit about 1,200 metres south of the main mineralized deposit and is the deepest hole drilled to date on the Pallas Green property. Two zones of zinc and lead mineralization were intersected at about 1,015 metres depth yielding respectively 9.4 metres (core length) averaging 9.85% combined zinc+lead with 38.56 g/t silver including 5.1 metres (core length) at 13.04% combined zinc+lead with 44.48 g/t silver and 2.3 metres (core length) averaging 11.2% combined zinc+lead with 59.23 g/t silver. Interestingly, these intersections represent the highest silver values recorded at the Tobermalug deposit to date.
MN-2529-079
Hole MN-259-079 is located 700 metres to the northwest of hole MN-2529-078 and 500 metres south of the main Tobermalug deposit intersected 2.85 metres averaging 3.9% combined zinc+lead.
These four holes have continued to follow up the mineralized zone down dip to a depth of over 1,140 metres with some quite impressive intersections and now with some interesting silver grades.
| Hole # | Zone | From | To | Hole inclination | Width-m | Zn% | Pb% | Zn+Pb% |
| MN-636-125 | WNW | 277.60 | 278.80 | 90° | 1.20 | 25.38 | 3.31 | 28.69 |
| including | 277.60 | 277.95 | 0.35 | 42.70 | 4.40 | 47.10 | ||
| MN-636-126 | NW | 341.45 | 341.65 | 90° | 0.20 | 41.83 | 12.09 | 53.92 |
| *MN-2529-038 | South | 778.25 | 781.25 | 90° | 3.00 | 1.85 | 2.50 | 4.35 |
| *MN-2529-069 | South | 774.30 | 776.25 | 90° | 1.95 | 6.72 | 1.48 | 8.20 |
| MN-2529-068 | South | 872.00 | 881.35 | 90° | 9.35 | 2.05 | 0.26 | 2.31 |
| including | 873.00 | 876.20 | 3.20 | 5.52 | 0.70 | 6.22 | ||
| MN-2529-077 | South | 690.40 | 693.40 | 82° | 3.00 | 3.36 | 0.58 | 3.94 |
| and | 704.90 | 714.50 | 9.60 | 2.95 | 0.50 | 3.45 | ||
| including | 704.90 | 707.90 | 3.00 | 4.37 | 0.58 | 4.95 | ||
| MN-2529-078 | South | 1137.20 | 1146.60 | 71° | 9.40 | 8.04 | 1.81 | 9.85 |
| including | 1137.20 | 1142.30 | 5.10 | 10.64 | 2.40 | 13.04 | ||
| and | 1144.30 | 1146.60 | 2.30 | 9.15 | 2.04 | 11.19 | ||
| MN-2529-079 | South | 704.10 | 715.00 | 90° | 10.90 | 1.48 | 0.11 | 1.59 |
| including | 704.40 | 707.25 | 2.85 | 3.71 | 0.20 | 3.91 |
[*denotes holes previously reported]
Comment by Chief Executive
Commenting on the latest drill results, Terence McKillen, Chief Executive said, "The partially explored Tobermalug-Caherconlish South cluster of zinc and lead deposits is now known to cover an area of at least 3.75 kilometres north-south by 2.5 kilometres east-west. The latest results for holes 125, 126 and 128, when taken together with earlier reported intersections on the Northwest Extension, are very encouraging and suggest an emerging zone of fault-controlled higher grade mineralization which could have a positive impact on the average grade of the deposit. Both extension zones to the Northwest and to the South of the main Tobermalug deposit remain open ended with the potential to add tonnage to the overall Tobermalug resource."
The Pallas Green project is a joint venture with Xstrata Zinc. Four diamond drills have been operating during the summer months with a total of 9,406 metres (20 drill holes) drilled from January 1 to September 18, 2009. One drill rig will continue through the balance of the calendar year.
Qualified Person
Xstrata Zinc is the project operator for the Pallas Green Joint Venture Project and is responsible for both fieldwork and resource evaluation including, but not limited to, sampling, submittal of samples for assay, assay verification, metallurgical evaluation and QA/QC. 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 |