Buchans Resources is a mineral exploration company with interests in zinc-lead-silver properties located in Canada, Ireland and the United Kingdom; gold properties in Newfoundland and Labrador; nickel-copper-cobalt properties in Labrador; a battery metal manganese project in New Brunswick; and, indirectly through its 22% shareholding in Xtierra Inc. (TSXV: “XAG”), in base metal and silver projects in Mexico.
Buchans was demerged from Minco plc on August 30, 2017 as part of a Scheme of Arrangement under which all of the shares of Buchans were transferred and distributed to the former shareholders of Minco plc and Minco plc was acquired by Dalradian Resources Inc. by the issue of 15,490,666 shares of Dalradian with an Effective Date valuation of C$25 million.
The directors and management of Buchans Resources have an established track record of discovering, developing and operating or selling mines and mineral properties across the world.
Overview of Buchans’ Projects
Buchans, Newfoundland, Canada
Buchans Resources’ wholly-owned subsidiary, Buchans Minerals Corporation, has four advanced base metal properties in the Buchans area of central Newfoundland containing numerous exploration prospects. At the core of these properties is the Lundberg copper-zinc-lead deposit, which is the most advanced undeveloped deposit in the district and consists of a large lower grade resource being evaluated for open pit mine development.
North Pennines, United Kingdom
The North Pennines Orefield in the north of England is the second largest area of carbonate-hosted lead-zinc mineralization in the British Isles with an extensive history of past production (1700s – 1938). Buchans Resources’ exploration project in the North Pennines is centered in the vicinity of Nenthead, the most prolific area of past production within the Pennines Orefield, with potential for disseminated zinc-lead mineralisation within the surrounding historic vein mine workings.
Moate, Westmeath, Ireland
Buchans Resources’ wholly-owned subsidiary, Minco Ireland Limited, holds three prospecting licences at Moate in County Westmeath, located along the northwestern margin of the Irish Midland Orefield on the “Tynagh-Ballinalack Trend” and centered on a specific geological target with potential for zinc-lead mineralisation of Tynagh Mine type.
Tatestown, Navan, Ireland
Buchans Resources indirectly owns a 20% interest (Tara-Boliden 80%) in Prospecting License 1440R in Tatestown, Ireland, located adjacent to Tara-Boliden’s Navan mine in Navan Co. Meath. Tara-Boliden has continued exploration of license 1440R to identify further mineralized areas for potential development as satellite deposits for mill feed at its Navan mine.
Buchans Resources is also participating in a joint venture with Boliden Tara on Prospecting Licence 3373, contiguous to the west with Licence 1440R, where Buchans can earn up to a 75% interest.
New Brunswick, Canada
Buchans Resources indirectly holds a 100% interest in the Woodstock electrolytic manganese metal (EMM) project located 5 km west of the town of Woodstock and the junction of the Trans Canada and US I95 Highways in west-central New Brunswick. Buchans Resources has completed a positive Preliminary Economic Assessment on the project for a 3,000 tonne per day open pit mining, hydrometallurgical and electrowinning operation, with projected average annual payable production of approximately 80,000 tonnes of electrolytic manganese metal.
Newfoundland and Labrador, Canada
Buchans Resources owns 100% interest in the 2075-hectare Lake Douglas gold project in central Newfoundland. Buchans’ Lake Douglas property is located 15 km northeast along strike of Marathon Gold Corporation’s Valentine Lake project which has Measured and Indicated resources totaling 2.69 million ounces of gold at 1.85 g/t and Inferred resources totaling 1.53 million ounces of gold at 1.77 g/t as reported by Marathon Gold.
Buchans also owns 100% interest in the Tasiuyak gold property in Labrador, located 10 km south of Vale’s Voisey’s Bay nickel-copper-cobalt mine. The property includes the rights to 11.5 km2 covering a historic hold prospect discovered during the Voisey’s Bay exploration rush during the mid-1990s.
Mexico – Zinc and Silver Projects
Through its 22% shareholding in Xtierra Inc. (TSX-V: XAG), Buchans Resources participates in the exploration and development of advanced projects in Mexico, including the Bilbao deposit located in the State of Zacatecas in the Central Mexican Mineral Belt, a prolific mineralized belt that has historically generated the bulk of Mexico’s silver production from the early colonial period to the present day and hosts many world class precious and base metal deposits.