7 Sep 2016 09:00
Minco plc
MOATE LEAD-ZINC EXPLORATION PROJECT, COUNTY WESTMEATH, IRELAND
● Drill Program Starting - 1400 metres planned in 6 holes
Dublin, 7 SEPTEMBER 2016 - Minco Plc (AIM - "MIO") announces the start of a first stage diamond drilling programme to explore for zinc-lead at Moate, County Westmeath, Ireland, centered on a specific geological target, identified by Minco, with potential for zinc-lead mineralization of Tynagh Mine type.
Minco has planned an initial drilling programme of six inclined drill holes for a total of 1400 metres of drilling.
Located on "Tynagh-Ballinalack Trend"
Minco's prospecting licences PLs 1228, 1229 and 3981 are located along the north-western margin of the Irish Midland Orefield on the "Tynagh-Ballinalack Trend", comparable to the "Lisheen Trend" which underlies the Lisheen and Galmoy Mines in Counties Tipperary and Kilkenny, and also comparable to the "Pallas Green Trend" which hosts the Pallas Green Deposit in Co. Limerick discovered by Minco in 2007 where Minco's interest was sold to Xstrata for US$19.4 million in 2011.
The target at Moate was developed by Minco's in-house geological team who successfully predicted the presence of the zinc-lead deposits at Pallas Green.
Comparison to Tynagh Mine Geological Setting
Minco's Moate exploration target lies mid-way between the former Tynagh Mine, located 50 kilometres to the southwest, and the similar styled Ballinalack deposit, situated 35 kilometres to the northeast. The Tynagh lead/zinc/copper/silver mine operated successfully from 1965 to 1981 producing 9,000,000 tonnes of ore, from both open pit and underground, at average grades of approximately 7% lead, 5.5% zinc, 0.5% copper and 2.6 ounces of silver per tonne.
The geology at Moate is also comparable to that at the smaller Ballinalack Zinc-Lead Deposit (5.7mt averaging 8.8% zinc and 1.1% lead) discovered by Noranda in 1970 and now being explored by Teck Resources.
Historical Exploration
The general Moate area has seen intermittent exploration over the past fifty years following discovery in 1968 of the Moyvoughly deposit (125,000 tonnes averaging 8% zinc plus lead) located immediately to the east of Minco's license areas. Exploration at Moate in the past has focused almost exclusively on the potential for Navan-type mineralization within the Moyvoughly Beds, a geological formation that is located in an equivalent stratigraphic position to the limestone beds that host the 100 million (plus +) tonne Tara Mines zinc-lead deposit at Navan Co. Meath. This past exploration work led to the identification of widespread traces of zinc-lead mineralisation in the surrounding Moate, Westmeath area.
Minco's Moate target
Minco's studies of previous drilling, however, have outlined a geological setting that Minco believes mirrors that at the former Tynagh Mine, where zinc-lead mineralization was hosted by breccias developed at the margin between the reef and off-reef limestone facies. The potential for reef hosted zinc-lead mineralization of "Tynagh-type" at Moate has never been explored.
Minco's Moate target lies 150 to 200 metres below surface in the immediate hanging wall of the major, northeast striking structural Trend, locally called the Moyvoughly Fault. This well-defined target has an estimated strike length of at least 3.5 kilometres and remains untested by any previous drilling in the area.
Minco believes that its Moate target has potential to host a significant zinc-lead deposit.
Qualified Person:
Terence McKillen, B.A. (MOD), M.A. (University of Dublin, Trinity College), M.Sc., (University of Leicester), a Director of Minco plc, is Minco's non-independent qualified person for the purposes of the AIM Guidance Note on Mining, Oil and Gas Companies and has reviewed the information contained in this News Release.
ABOUT MINCO PLC
Minco Plc, incorporated in the Republic of Ireland and listed on the AIM Market of the London Stock Exchange ("MIO"), is an exploration and development company currently engaged in zinc-lead exploration in Canada, the United Kingdom and Ireland, and is also evaluating its Woodstock manganese project in New Brunswick, Canada.
Minco also holds an approximate 26% shareholding in Xtierra Inc, (TSXV- "XAG"), which holds mineral properties in Mexico, and a 2% NSR royalty on the Curraghinalt gold property in Northern Ireland, currently being explored by Dalradian Resources Inc. (TSX-"DNA").
For further information contact:
Peter Tyler: Chief Geologist - Ireland and UK +44 (0) 78 5432 3056
Peter McParland: Director - Ireland +353 (0) 46 907 3709
John F. Kearney: Chairman +1 416 362 6686
Danesh Varma: CFO & Company Secretary +44 (0) 8452 606 034
Warren MacLeod: Director, President Buchans Minerals +1 709 725 0555
John Frain: Davy (NOMAD) +353 (0)1 6796363
Saif Janjua: (Corporate Advisor) (Broker, Beaufort Securities) +44 (0) 20 7382 8415
Website: www.mincoplc.com
Cautionary Statement - Forward-Looking Information
This news release contains certain forward-looking information, including, among other things, the expected exploration of mineral properties. This forward looking information includes, or may be based upon, estimates, forecasts, and statements as to management's expectations with respect to, among other things, the timing of exploration, development and mining activities, the size and quality of mineral resources, progress in development of mineral properties, demand and market outlook for metals, future metal prices and treatment and refining charges, future trends for the company, and the financial results of the company. Mineral exploration and development is a speculative business including, among other risks, the failure to discover mineral deposits but also from finding mineral deposits that, though present, are insufficient in quantity and quality to return a profit from development and production. There can be no assurances that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Mineral resources that are not mineral reserves do not have demonstrated economic viability. Inferred mineral resources are considered too speculative geologically to have economic considerations applied to them that would enable them to be categorized as mineral reserves. There is no certainty that mineral resources will be converted into mineral reserves.