Buchans and Minco announce initial Lundberg drilling results, Buchans, Newfoundland
2012年9月13日 - 9:30PM
PR Newswire (Canada)
WINDSOR, NS, Sept. 13, 2012 /CNW/ - Buchans Minerals Corporation
("Buchans Minerals" or the "Company"), together with Minco plc (AIM
Market: MIO)("Minco") are pleased to announce initial results from
their ongoing drilling program on the Lundberg base metal deposit
in Buchans, central Newfoundland, Canada. A total of 4,436 metres
of infill and step-out drilling has been completed in 39 of the
planned 56 drill holes since July. The program comprises
7,800 metres of drilling in total which is on track for completion
during late October. Detailed assay results and a map showing
hole locations relative to the known resource is provided at the
following link (http://www.buchansminerals.com). The results
of the first seven holes have been received and reviewed.
Additional results will be released as drilling progresses. Hole
Interval Width (m) Cu+Pb+Zn Cu% Pb% Zn % Ag (g/t) Au (g/t) (m) (%)
H-3426 10.3-27.0 16.7 3.38 0.55 0.96 1.87 5.5 0.022 H-3427 6.6-53.0
46.4 1.74 0.32 0.38 1.03 2.2 0.023 H-3428 6.3-105.0 98.7 1.56 0.21
0.43 0.93 1.9 0.016 incl. 22.0-88.0 66.0 1.89 0.23 0.53 1.13 2.1
0.018 H-3429 26.0-34.8 8.8 2.24 1.22 0.26 0.76 5.9 0.035 and
44.0-51.0 7.0 1.23 0.14 0.35 0.73 2.7 0.049 H-3430 38.0-80.0 42.0
1.98 0.19 0.45 1.34 2.6 0.017 H-3431 82.0-126.0 44.0 1.58 0.06 0.44
1.08 1.6 0.027 H-3432 96.7-110.7 14.0 1.39 0.07 0.46 0.86 1.6 0.035
and 119.7-125.7 6.0 3.00 0.13 0.77 2.09 2.5 0.029 Note: Holes were
drilled vertically from surface. Complete assays can be viewed on
the company website located at http://www.buchansminerals.com Drill
intercepts quoted are core lengths and true widths have not been
estimated due to the stockwork and disseminated nature of
mineralization intersected, although previous drilling suggests the
mineralization consists of a flat-lying "stratigraphically
controlled blanket". "The assay results from the first seven holes
appear to confirm the resource within the eastern portion of the
Lundberg deposit and the drilling program continues on plan,"
commented Warren Macleod, President and Chief Executive Officer of
Buchans Minerals. The drilling program has been designed with
multiple objectives, which include: (1) the upgrade of a
substantial portion of the current inferred resource to an
indicated category; (2) seeking to expand a number of higher grade
areas within the conceptual open pit, specifically both the near
surface "Engine House" deposit and also beneath the old "Lucky
Strike Glory Hole" and (3) seeking to expand the potential size of
the Lundberg deposits with step-out exploration holes. The Lundberg
Deposit The Lundberg deposit is a stockwork-type volcanogenic
massive sulphide ("VMS") deposit surrounding and extending from the
old Buchans mine, containing lower grade zinc, copper, lead and
minor silver. The current Inferred Resource within the
Lundberg conceptual open pit as defined by Wardrop Engineering, a
Tetra Tech Company ("Wardrop"), is estimated as 17.28 million
tonnes with average grades of 1.63% zinc, 0.69% lead, 0.40% copper,
and 5.96 gpt silver. The Lundberg deposit was assessed by a
positive Preliminary Economic Assessment ("PEA") completed by
Wardrop in 2011 that identified the deposit has the potential to
become a stand-alone 5,000 tonne per day mine. The PEA is available
for viewing on the Company's website and a summary of the PEA can
be read from the Company's news release August 11, 2011. Minco
Joint Venture Agreement On April 30(th), 2012, Buchans Minerals and
Minco announced an agreement granting Minco the right to earn a 51%
interest in the Company's base metal properties in central
Newfoundland by spending $8 million to advance the Lundberg deposit
to final feasibility over four (4) years and further explore the
Company's extensive mineral properties in the region. Minco is
required to spend $3.5 million over the next two years to advance
the project to the pre-feasibility stage. During this period
Minco plans to undertake a range of development activities that
will include drilling, resource estimation, geotechnical
engineering, open-pit mine plan, metallurgy, plant design,
engineering, environmental studies and an economic evaluation.
Following the expenditure of $3.5 million, Minco will have the
option to proceed to complete a final feasibility study by spending
a further $4.5 million over the following two years. Qualified
Person The drill program is being supervised by Buchans Minerals
Corporation. Drill intercepts quoted are core lengths and true
widths have not been estimated due to the stockwork and
disseminated nature of mineralization intersected, although
previous drilling suggests the mineralization consists of a
flat-lying "stratigraphically controlled blanket". Paul Moore,
M.Sc., P.Geo., (NL), Buchans Minerals' Vice President of
Exploration, is acting as Qualified Person in compliance with
National Instrument 43-101 with respect to this release and has
reviewed the contents for accuracy. Sampling Procedure All drill
core was logged and sampled by Buchans Minerals geological and
technical staff with cores descriptively logged on site, aligned,
marked for sampling and split longitudinally using a diamond saw.
Samples consist of quartered NQ-size diamond core (47.6 mm diameter
core). Three quarters of the core are preserved in core boxes for
future reference. As part of Buchans Minerals' QAQC protocols,
samples comprising quartered core were bagged, tagged, sealed and
delivered directly to Eastern Analytical Limited's laboratory in
Springdale by Buchans Minerals' personnel. Samples are nominally
one metre in length, except where specific geologic parameters
required a different interval be sampled. Sample preparation was
completed by Eastern Analytical with each sample crushed to
approximately -10 mesh and split using a riffle splitter to
approximately 300 g. Each sample split was pulverized using a ring
mill to approximately 98% -150 mesh. In addition to regular
samples, blank samples (one per 20 samples) and certified standards
(one per 20 samples) were also submitted for sample preparation and
assay. All assays were completed by Eastern Analytical of
Springdale Newfoundland by the inductively coupled plasma method
(ICP-30) for base metals (Cu, Pb, Zn) and to Ore Grade Assay Cu, Pb
and Zn if upper detection limits by ICP were exceeded for either
element (upper detection limits; Cu 10,000 ppm, Pb 2,200 ppm, Zn
2,200 ppm). ICP analyses were completed using a 0.500 g sample
digested in nitric and hydrochloric acid and analyzed by ICPOES
(Inductively Coupled Plasma Optical Emission Spectroscopy). Base
metal Ore Grade Assays (Cu, Pb, Zn) were completed using a 0.200 g
sample digested in nitric and hydrochloric acid and analyzed by the
atomic absorption (AA) method. Silver assays were completed using a
1,000 mg sample digested in hydrochloric and nitric acid and
analyzed by AA. Gold assays were completed by standard ½ assay ton
fire assay using the AA method. All samples analyzed by the Ore
Grade Assay method are ultimately re-assayed as check assays by ALS
Canada Limited of Vancouver, BC. Eastern and ALS also implement
independent QAQC protocols that include insertion of blanks and
certified CanMet standards as part their routine analyses. About
Minco plc Minco plc, registered in the Republic of Ireland and
listed on the AIM Market of the London Stock Exchange ("MIO"), is a
mineral exploration and development company, currently engaged in
lead-zinc and manganese development projects in Canada and in
zinc-lead exploration in Ireland. Minco holds 30 million shares
(~29%) in Xtierra Inc. listed on the TSX Venture Exchange
(TSXV-"XAG"), advancing zinc‐silver projects in Mexico, and also
holds 15 million shares (~10%) in Buchans Minerals Corp. listed on
the TSX Venture Exchange (TSXV-"BMC"). Minco also holds a 2%
NSR royalty on the Curraghinalt gold property in Northern Ireland
currently being explored by Dalradian Resources Inc. (TSX-"DNA").
Minco continues to explore two base metal prospecting licenses in
Ireland, one located adjacent to the currently operating Lisheen
zinc/lead mine (Vedanta) and the recently producing Galmoy mine
(Lundin), and the second held in joint venture with Boliden,
adjacent to Boliden's Tara zinc/lead mine at Navan. Minco currently
holds approximately US$17 million in cash and is also evaluating a
number of other investment opportunities in the minerals industry
in North America and Europe. For further information of Minco refer
to Minco's website at www.minco.ie. About Buchans Minerals Buchans
Minerals is an Atlantic Canada based resource company that has
three main assets that include its base metal properties near
Buchans in Central Newfoundland, its manganese property located
near Woodstock in New Brunswick and its 50% owned gold & copper
Long Range Property in central Newfoundland. Forward Looking
Statements Information set forth in this news release may involve
forward-looking statements under applicable securities laws.
Forward-looking statements are statements that relate to future,
not past, events. In this context, forward-looking statements often
address expected future business and financial performance, and
often contain words such as "anticipate", "believe", "plan",
"estimate", "expect", and "intend", statements that an action or
event "may", "might", "could", "should", or "will" be taken or
occur, or other similar expressions. All statements, other than
statements of historical fact, included herein including, without
limitation; statements about the potential of the Lundberg project
and the Woodstock project, are forward-looking statements. By their
nature, forward-looking statements involve known and unknown risks,
uncertainties and other factors which may cause our actual results,
performance or achievements, or other future events, to be
materially different from any future results, performance or
achievements expressed or implied by such forward-looking
statements. Such factors include, among others, the following
risks: the need for additional financing; operational risks
associated with mineral exploration; fluctuations in commodity
prices; title matters; environmental liability claims and
insurance; reliance on key personnel; the potential for conflicts
of interest among certain officers, directors or promoters with
certain other projects; the absence of dividends; competition;
dilution; the volatility of our common share price and volume and
the additional risks identified the management discussion and
analysis section of our interim and most recent annual financial
statement or other reports and filings with the TSXV and applicable
Canadian securities regulations. Forward-looking statements are
made based on management's beliefs, estimates and opinions on the
date that statements are made and Buchans Minerals undertakes no
obligation to update forward-looking statements if these beliefs,
estimates and opinions or other circumstances should change, except
as required by applicable securities laws. Investors are cautioned
against attributing undue certainty to forward-looking statements.
Neither the Exchange nor its Regulation Services Provider (as that
term is defined in the policies of the Exchange) accepts
responsibility for the adequacy or accuracy of this release, and no
securities regulatory authority has either approved or disapproved
of the contents of this release. BUCHANS MINERALS CORP. CONTACT:
Buchans Minerals Corporation.Warren MacLeod, President & CEOPh:
(902) 472-3520Windsor, Nova Scotiawww.buchansminerals.comMinco
plc.John Kearney, Executive ChairmanPh: (416) 362 - 6686Toronto,
Ontariowww.minco.ie
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