Minco To Acquire Interests in Canadian Projects
Minco previously a base metals exploration and development company with zinc exploration in Ireland and zinc-silver investment in Mexico, the latter held through a 29% shareholding in Xtierra Inc. (XAG) listed on the TSX Venture Exchange (Toronto) has now acquired interests in Canadian mine properties. Minco shares are listed on London's AIM stock exchange, Symbol: MIO.
Minco has recently announced that it has entered into a joint venture with Buchans Minerals Corporation whereby it may acquire a 51% interest in the Lundberg and other properties in the historic Buchans Mining Camp in Central Newfoundland.
The Buchans Mine operated from 1928 to 1984 and was regarded as one of Canada's richest base metal mines and is reported to have produced about 16 million tonnes of high grade zinc, lead and copper over that period. The Lundberg deposit is a stockwork-type VMS deposit surrounding and extending from the old Buchans mine, containing lower grade zinc, copper, lead and minor silver, which was identified by Buchans in a review of the historical archives of the old Buchans mine and upon which Buchans Minerals Corp has reported an Inferred Resource of 22.21 million tonnes averaging grades of 1.62% zinc, 0.69% lead, 0.38% copper and 5.81 g/t silver.
In August 2011, Buchans announced the completion of a positive Preliminary Economic Assessment (PEA) by Wardrop Engineering, based on a 5,000 tonne per day open pit mining and milling operation over a 10 year mine life. The PEA is based on Inferred Mineral Resources, which are not Mineral Reserves and do not have demonstrated economic viability. Wardrop has recommended a number of programs to optimise and improve the Lundberg project to move it towards completion of a pre-feasibility study.
Minco is also engaged in zinc-lead exploration in Ireland, adjacent to the Galmoy and Tara mines and also holds a 2% NSR royalty on the Curraghinalt gold deposit located near Omagh, in Northern Ireland which is being explored by Dalradian Resources Inc.