21 Dec 2009 14:52
Minco Reports Latest Drill Results at Pallas Green Zinc-Lead Exploration Project
Dublin, 21 December, 2009 - Minco Plc (AIM-"MIO") is pleased to announce further drill results from recent drilling on the Northwest Extension area of the Tobermalug zinc-lead deposit at Pallas Green, Co. Limerick.
Northwest Zone Extension
All of the drilling completed in the final quarter of the year has been targeted on the Northwest Extension area of the Tobermalug zinc-lead deposit. Three holes have been completed and a fourth, drill hole MN-636-132, had to be abandoned for technical reasons.
| Hole # | Zone | From | To | Hole inclination | Width-m | Zn% | Pb% | Zn+Pb% |
| MN-636-131 | NW | 290.50 | 295.20 | 90° | 4.70 | 5.25 | 0.34 | 5.59 |
| including | 292.70 | 295.20 | 2.50 | 7.24 | 0.54 | 7.78 | ||
| MN-636-130 | NW | 355.30 | 358.85 | 90° | 3.55 | 5.94 | 0.16 | 6.10 |
| MN-636-129 | NW | 351.45 | 352.60 | 90° | 1.15 | 6.75 | 0.41 | 7.16 |
Hole MN-636-129, located 220 metres northwest of hole MN-636-127 and 100 metres to the southwest of hole MN-636-117, intersected a narrow (1.15m) zone of mineralization averaging 6.75% zinc and 0.41% lead between 351.45 metres and 352.60 metres.
Hole MN-636-130, located about 290 metres southeast of hole MN-636-127 and 190 metres southeast of high grade hole MN-636-122, intersected 3.55 metres averaging 5.94% zinc and 0.16% lead between 355.30 and 358.85 metres.
Hole MN-636-131, located about 310 metres northwest of high grade hole MN-636-123, intersected 4.70 metres averaging 5.25% zinc and 0.34% lead including 2.50 metres averaging 7.24% zinc and 0.54% lead between 290.50 and 295.20 metres depth.
A fifth hole, MN-636-133 has been collared approximately 360m west northwest of 636-131 and drilling is continuing.
Comment by Chief Executive
Commenting on the latest drill results, Terence McKillen, Chief Executive said, "The results for holes 129, 130 and 131, when taken together with earlier reported intersections along the Northwest Extension area at Tobermalug, continues to be very encouraging and confirms a zone of fault-controlled mineralization located northwest of the main resource at Tobermalug."
"The recent widely spaced holes intersected a somewhat lower grade than the Tobermalug average but the boundary of the extension zone remains to be precisely determined. The main part of the Tobermalug deposit, and the extension zones to the northwest and to the south, remain open with the potential to add tonnage to the overall Tobermalug zinc-lead resource."
Continuous mineralisation has now been demonstrated within the Northwest extension for 1.6 kilometres and the trend remains open to the northwest where hole MN-636-133 is currently in progress. The majority of the Northwest Extension is defined by widely spaced drill holes at approximately 300m centres and in many areas the limits to mineralization are poorly defined.
The Pallas Green project is a joint venture with Xstrata Zinc. The cumulative drilling for the year to November 30, 2009 is 10,245.65 metres. Drilling was scaled back to one rig since early October in order to accommodate wet ground conditions and to meet budgeted targets. The joint venture partners are considering a substantially expanded exploration programme in 2010 and will announce details of the plans when final approval is received from both companies.
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 |