Minco Reports Results of Annual General Meeting of Shareholders
More Positive Drill Results from Northern Pennines Exploration Project
At the Annual Meeting shareholders were updated that a total of 7,300 meters has now been drilled in 29 holes in Minco’s North Pennines zinc /lead exploration program in northern England. Twenty three holes have been drilled to explore potential within the Great Limestone geological succession and six holes with a total of 3219 meters have tested the deeper basal succession.
Drilling was suspended from September to November 2014 for the grouse shooting season. Drilling recommenced at the end of November and one new drill hole, NW-001, was drilled in difficult winter weather conditions and has now been completed. Hole NW-001 intersected three separate mineral sections at relatively shallow depths within the Great Limestone horizon.
|RESULTS FROM HOLE NW-001|
|Horizon||From(m)||To (m)||Length||Zn%||Pb%||Zn+Pb%||Ag g/t|
This is the first hole drilled to explore the Whitewood-Barneycraig-Williams fault/vein structure in Northumberland, which was demonstrated by historic mining to be mineralized over a strike length of 3.5 kilometres. The intersection of reasonable widths of lead and zinc mineralization at three different levels in Hole NW001 is considered a very positive result and indicates the mineral potential in this large area. The hole was stopped immediately below the Great Limestone and drilling has been suspended.
Minco has now, for the first time, demonstrated an extensive stratiform component to the mineralization within the Great Limestone horizon, only a fraction of which was mined historically. The 3.5 by 2.5 kilometre area of the Pennines currently being explored by Minco, centered around the town of Nenthead adjacent to the county boundaries of Cumbria, Northumberland and Durham, had never previously been explored by drilling, either from surface or underground, despite being the centre of extensive lead-zinc mining, extending from the mid-1700’s to the early 1900’s. Approximately twenty five kilometres of mineralised structures had been discovered and explored by past mining activity.
Commenting on the Company’s 2014 drilling results, John Kearney Minco’s Chairman and Chief Executive, told shareholders: “Minco considers the results from 29 holes drilled to date confirm the potential of the Northern Pennine Orefield for the discovery of new mineralization, extending both laterally around and at depth below historic workings, and with the potential to host an economic zinc- lead deposit.”
“In addition, Minco’s 2014 drilling program on its Buchans zinc lead project in Newfoundland, which intersected a new high grade massive sulphide horizon, is considered very encouraging” said Mr. Kearney.
As previously reported, the four hole drilling program at Buchans recorded multiple intersections of massive sulphide mineralization with grades as high as 26.05% combined zinc, copper and lead over 1.45 metres. (See Minco Press Releases October 28, 2014 and December 2, 2014). The 2014 drilling programme at Buchans was undertaken primarily to assess the potential for discovery of new high-grade massive sulphides, similar to the historic Asarco deposits, south and west of the Lundberg deposit, and the results have confirmed that potential which remains open both down-dip to the west and at depth.
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. Given the positive results achieved by the 2014 drilling at Buchans, Minco intends to carry out additional drilling in the area in 2015.
At the Annual Meeting, the Chairman also reviewed the results of the Preliminary Economic Assessment of Minco’s wholly owned Woodstock manganese project in New Brunswick. “The results of the PEA show that the Woodstock Project has good potential to become an economically attractive future mining and processing operation and holds promise to emerge as potentially one of the lowest cost producers of electrolytic manganese metal (EMM) in the world” said Mr. Kearney.
ANNUAL GENERAL MEETING VOTING RESULTS
Details of the proxy votes for each Resolution voted at the AGM are set out below:
The full text of each Resolution was included in the Notice of the Meeting and Form of Proxy circulated to shareholders.
Proxies giving discretion to the Chairman have been included in the totals of votes in favour of each Resolution.
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 a manganese project in New Brunswick, Canada.
The Company also has interests in zinc-silver projects in Mexico through its holding of 30 million shares (approximately 26%) in Xtierra Inc. listed on the TSX Venture Exchange (TSX.V-“XAG”).
Minco also holds a 2% NSR royalty on the Curraghinalt gold property in Northern Ireland, currently being explored by Dalradian Resources Inc. (TSX-“DNA”).
For further information, including a map of the proposed drilling, please refer to Minco’s website at www.mincoplc.com or contact:
John Kearney: Chairman and Chief Executive +1 416 362 6686
Danesh Varma: CFO & Company Secretary +44 (0) 8452 606 034
Peter McParland: Director – Ireland +353 (0) 46 907 3709
Warren MacLeod: Director, President Buchans Minerals +1 709 725 0555
John Frain/Alan Connolly: (NOMAD) Davy +353 (0)1 6796363
Saif Janjua: (Corporate Advisor) Broker, Beaufort Securities +44 (0) 20 7382 8415
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