Minco plc Intersects New, High-Grade, Massive Sulphide Horizon at Buchans, Newfoundland
Oct 28 14
Minco plc announced multiple intersections of massive sulphide mineralization with grades as high as 26.05% combined zinc, copper and lead over 1.45 metres from its 2014, four hole, 556 metre, exploration drilling programme on its zinc/copper/lead VMS project in Buchans, central Newfoundland, Canada. The four holes are located on the southern side of the planned open pit for the Lundberg resource, as defined in the positive Preliminary Economic Assessment ("PEA") completed in 2011, and were designed to test for the possible extensions of two massive sulphides horizons called Lucky Strike and Engine House that were subject to historic mining operations prior to the Buchans mine closing in 1984. The drilling results now confirm extensions to these massive sulphide horizons, with 2 of the 4 holes (14-3487 & 14-3488) intersecting high-grade mineralization at the relatively shallow Lucky Strike horizon and 3 of the 4 holes (14-3488, 14-3489 & 14-3491) successfully intersecting the deeper Engine House horizon, situated 40 to 50 metres below the Lucky Strike horizon. Hole 14-3487 intersected the Lucky Strike horizon at a depth of 53 metres, where it intersected 2.70 metres assaying 6.07% Zn, 0.53% Cu, 3.27% Pb, 103.5 g/t Ag and 1.65 g/t Au. Hole 14-3488 intersected 4.80 metres of 3.30% Zn, 0.22% Cu, 1.43% Pb and 118.7 g/t Ag at a depth of 65 metres, including an intercept of 0.80 metres of 16.80% Zn, 0.75% Cu, 7.40% Pb, 518 g/t Ag and 3.54 g/t Au (24.95% combined zinc, copper and lead). Hole 14-3488 also intersected 7.80 meters averaging 3.43% Zn, 1.85% Cu, 1.30% Pb, 22.9 g/t Ag, including 1.45 m of massive sulphides assaying 17.00% Zn, 2.51% Cu, 6.54% Pb, 92.5 g/t Ag (26.05% combined zinc, copper and lead) at the top of the Engine House horizon, between 105 and 113 metres depth. Hole 14-3491 intersected 3.30 metres averaging 1.23% Zn, 3.29% Cu, 1.00% Pb and 12.59 g/t Ag, including 0.45 m assaying 4.75% Zn, 12.50% Cu, 4.50% Pb and 45.10 g/t Ag (21.75% combined zinc, copper and lead), also in the Engine House horizon. These Engine House intercepts are considered particularly encouraging as they confirm potential exists for high-grade massive sulphides at this deeper and less well explored horizon in close proximity to the Lundberg deposit. These three holes now confirm Minco's interpretation that the Engine House horizon continues down dip to the west of Indicated resources defined within the current Lundberg Resource estimate (Technical Report dated April 26, 2013). The Engine House horizon was previously considered to be almost entirely composed of lower grade stockwork sulphide mineralization and has been largely ignored by historic drilling that focused almost exclusively on the shallower Lucky Strike horizon. In addition, Hole 14-3489 was continued to greater depths below the Engine House to test a deeper horizon referred to as the Ore Clast horizon and returned a 1 metre intercept assaying 2.31 % Zn, 0.08% Cu, 1.49% Pb, 24.6 g/t Ag and 0.47 g/t Au within what may be a faulted repeat of the Lucky Strike horizon. Little is known about the Ore Clast horizon, as it remains poorly tested by a limited number of widely spaced historic drill holes. One such historic hole drilled by Asarco in 1939, H-302, intersected 5.27 metres averaging 3.43% Zn, 1.98% Cu, 3.27% Pb, 19.46 g/t Ag, and 0.48 g/t Au (historic assays) approximately 215 metres below surface. Minco is encouraged by these deeper intercepts as they suggest potential exists for structurally repeated ore bodies at depths below previous mining. The company's 2014 drilling programme was designed to test for extensions to the former Lucky Strike and Engine House sulphide orebodies beyond previous workings. A significant portion of the tonnage historically mined by Asarco came from the Lucky Strike orebody where Asarco mined 5.6 Mt averaging 18.4% Zn, 8.6% Pb, 1.6% Cu, 112 g/t Ag & 1.7 g/t Au. Minco's program is part of an assessment of an area located about 200 metres from the southern limits of former mine workings (See "Lucky Strike Target Area", Map). Minco last drilled the Lucky Strike Horizon in this location in 2012. At that time, vertical drill hole H-12-3453 intersected 2.0 metres averaging 22.7% Zn, 4.05% Cu, 11.5% Pb, 230 g/t Ag and 1.33 g/t Au between 29.2 and 31.2 m vertical depth. Re-logging of archived drill cores by Minco during its summer 2014 exploration program suggests high-grade massive sulphide mineralization at the Lucky Strike horizon may occur in this area at shallow depths beneath a shallow, south-dipping fault structure. This work also indicated that this mineralization may be more continuous than previously thought; as historic, small-core diameter drilling intersected high-grade massive sulphides with poor core recoveries. In addition, Minco's re-logging also confirmed that stockwork sulphide mineralization associated with the Engine House horizon remained open down dip to the west. As a result, select 2014 drill holes were drilled to also test this deeper, historically poorly tested sulphide horizon, with Holes 14-3488 and 14-3491 extending below the Lucky Strike horizon to intersected high-grade massive sulphides at the top of the Engine House horizon. As a result of these new massive sulphide intercepts at the Engine House horizon, Minco has assigned a higher priority to the Engine House horizon for discovery of high-grade massive sulphides beneath depths previously tested by historic drilling.
Minco plc Announces Drilling at Buchans, Newfoundland, Canada
Sep 15 14
Minco plc announced the start of a four hole (525 metre) exploration drilling programme on its zinc/lead/copper VMS project in Buchans, central Newfoundland, Canada. The programme will test for shallow extensions to the former Lucky Strike orebody, where Asarco mined 5.6 Mt averaging 18.4% Zn, 8.6% Pb, 1.6% Cu, 112 g/t Ag & 1.7 g/t Au. Drilling will focus within an area 150 metres south of the former mine workings, where historic shallow drilling intersected high-grade massive sulphides but with poor core recoveries experienced by historic, small-core diameter drilling. Recent relogging of archived drill cores by Minco during its summer 2014 exploration program suggests high-grade massive sulphide mineralization occurs within this area at depths of less than 100 m beneath a shallow, south-dipping fault structure. Additionally Minco's recent interpretative work suggests that mineralization in the area may be more continuous than previously thought; potentially representing a near surface, continuous mineralized zone with potential for further extensions down dip to the south and west. The area being targeted lies partially within the area of the proposed open pit of the Lundberg deposit as defined in the positive Preliminary Economic Assessment ("PEA") completed in 2011, as well as revised pit designs generated since Minco updated and expanded the Lundberg resource in 2013. While this mineralization may be of potential benefit to future development of the Lundberg deposit, this new drilling is being undertaken primarily as exploration of the potential for discovery of new high-grade massive sulphides south and west of the former Lucky Strike mine. Minco last drilled in this area in 2012. At that time, vertical drill hole H-12-3453 intersected 2.0 metres averaging 4.05% Cu, 11.5% Pb, 22.7% Zn, 230 g/t Ag and 1.33 g/t Au between 29.2 and 31.2 m vertical depth. Relogging undertaken by Minco in 2014 confirms that several historic drill holes intersected high-grade massive sulphides in this area, though not all intercepts were assayed and several holes encountered poor core recoveries that prevented accurate assessment of the width and grade of massive sulphides within those intercepts. Highlights returned by historic drilling within this area include intercepts occurring at less than 70 m below surface, including hole H-234 that intersected 1.52 metres assaying 1.3% Cu, 9.6% Pb, 18.7% Zn, 8.6 g/t Ag, 1.7 g/t Au.
Minco plc Reports Unaudited Consolidated Earnings Results for the Second Quarter and Six Month Ended June 30, 2014
Aug 29 14
Minco plc reported unaudited consolidated earnings results for the second quarter and six month ended June 30, 2014. For the six month ended June 30, 2014, the company incurred a consolidated net loss of $487,000 compared to a loss of $790,000 during the same period ended June 30, 2013.
For the second quarter ended June 30, 2014, the company incurred a loss of $216,000 compared to a loss of $1,013,000 for the same period ended June 30, 2013.