Shoshone Silver Mining
Drilling Results from Bilbao, Zacatecas, Mexico
Press Release
For the Accompanying Charts and Diagrams, Click Here
Minco plc, (MIO), 23 October 2006 the AIM listed precious and base metals exploration and development company today announces an update on its drilling and evaluation programmes at the Bilbao project in Zacatecas, Mexico.
- Recent drilling extends the southern limit of the known sulphide mineralisation at Bilbao
- Sulphide mineralisation remains open both at depth towards the south and laterally along strike
- Updated resource evaluation programme for both oxide and sulphide mineralisation is underway
- Conceptual design work is underway to establish an open pit for the exploitation of the oxide ores at Bilbao
- To date, a total of 4,850 metres of diamond drilling has been completed
Minco’s Executive Chairman, Roger Turner, commented “The ongoing drilling programme at Bilbao is confirming our confidence in the potential of Minco becoming a producer in the short term via developing oxide ore processing at Bilbao. Our continuing success in intersecting deeper sulphide mineralisation provides us with the exciting longer term possibility of sulphide ore production from Bilbao. To date, we have intersected sulphide mineralisation at depths from 115 metres to 260 metres over an area measuring approximately 300 metres by 150 metres and over thicknesses up to 35 metres.”
The results of the Bilbao drilling campaign to date are summarised in the following table:
Summary table of Bilbao drilling and assay results as of 23rd October 2006
|
BH |
From (m) |
To |
Width (m) |
Zn % |
Pb% |
Cu% |
Ag g/t |
Oxide |
B2 |
10.63 |
14.30 |
3.67 |
1.52 |
5.35 |
0.20 |
77 |
Oxide |
B6A |
77.50 |
80.75 |
3.25 |
0.87 |
0.35 |
0.55 |
102 |
Oxide |
|
151.30 |
153.90 |
2.60 |
1.22 |
1.59 |
0.03 |
149 |
Sulphide |
* |
224.00 |
225.50 |
1.50 |
4.21 |
0.73 |
0.10 |
89 |
Oxide |
B6B |
186.00 |
189.40 |
3.40 |
Waiting for Assays |
|||
Oxide |
X3 |
24.00 |
31.00 |
7.00 |
2.50 |
2.17 |
0.14 |
12 |
Oxide |
X10 |
4.00 |
33.00 |
29.00 |
1.54 |
4.17 |
0.19 |
16 |
Oxide |
|
75.00 |
97.00 |
22.00 |
2.35 |
0.63 |
0.63 |
14 |
Oxide |
|
103.00 |
113.00 |
10.00 |
3.32 |
1.66 |
0.20 |
60 |
Sulphide |
* |
116.00 |
141.00 |
25.00 |
3.49 |
2.75 |
0.26 |
141 |
Oxide |
X11 |
17.00 |
42.00 |
25.00 |
1.25 |
2.38 |
0.10 |
47 |
Oxide |
|
69.00 |
73.00 |
4.00 |
4.13 |
0.50 |
0.29 |
71 |
Sulphide |
* |
153.00 |
175.00 |
22.00 |
6.85 |
1.39 |
0.22 |
100 |
Oxide |
X13 |
31.00 |
42.00 |
11.00 |
2.50 |
4.62 |
0.16 |
33 |
Oxide |
|
132.50 |
151.80 |
19.30 |
8.36 |
1.52 |
0.10 |
23 |
Sulphide |
* |
166.95 |
201.95 |
35.00 |
5.57 |
4.92 |
0.33 |
80 |
Oxide |
X14 |
41.70 |
59.00 |
17.30 |
Waiting for Assays |
|||
Oxide |
X14 |
69.00 |
76.00 |
7.00 |
Waiting for Assays |
|||
Sulphide |
X14 |
184.00 |
193.00 |
9.00 |
Waiting for Assays |
|||
Oxide |
X15 |
57.00 |
60.00 |
3.00 |
2.03 |
3.55 |
0.05 |
53 |
Oxide |
X15 |
96.00 |
106.00 |
10.00 |
Waiting for Assays |
|||
Oxide |
X15 |
118.00 |
124.00 |
6.00 |
Waiting for Assays |
|||
Sulphide |
X15 |
207.00 |
213.00 |
6.00 |
Waiting for Assays |
|||
Sulphide |
X18 |
228.50 |
237.00 |
8.50 |
Waiting for Assays |
|||
Sulphide |
X19 |
192.00 |
213.00 |
21.00 |
Waiting for Assays |
|||
Sulphide |
X19 |
235.60 |
260.00 |
24.40 |
Waiting for Assays |
|||
* Previously released |
||||||||
Background
The Bilbao site was mined for oxide ores prior to closure during the 1940s. In
1994, Watts Griffis & McOuat prepared a resource estimate of 3.2 tonnes
at an average grade of 3.9% zinc equivalent using a 0% cut-off grade on behalf
of the then owners, Minera Portree. This work was also the basis of
outline engineering and metallurgical studies by Kilborn Engineering and
Lakefield Research which were submitted in 1995 and 1997.
In June 2006, Minco initiated a drilling programme to verify this historic oxide resource. The initial objective of the programme was to bring resources to current reporting standards and provide data in order to evaluate the viability of re-establishing oxide ore production using acid leach technology. This programme continues and Minco expects to be able to report on resources early in 2007.
During the course of this programme Minco elected to test the potential for underlying sulphide mineralisation beneath the oxides. This programme was able to report initial intersections of previously undiscovered primary sulphide mineralisation in June 2006. Since that time, drilling has continued to intersect sulphide mineralisation up to 35 metres wide at depths ranging from 115 metres to 260 metres.
Currently drilling shows sulphide mineralisation extending over an area of some 300 metres along strike and 200 metres down dip towards the south. The mineralisation remains open both along strike and down dip and Minco is continuing to drill to establish the lateral extent of the mineralisation.
The exploration industry in general is experiencing delays in assaying, however the table, which is also available on Minco’s website presents the drilling and assay results received from Bilbao to date.
Maps and geological sections showing the location and results of this drilling and the location of the planned oxide ore-pit are available on Minco’s website.
Qualified Person
The information in this press release has been reviewed and verified by Mr.
Terence N McKillen, BA (MOD), MA, M.Sc., P.Geo, Director of Exploration
and Business Development. Mr. McKillen is the Qualified Person for the
purposes of the AIM Guidance Note on Mining, Oil and Gas Companies dated
March 2006. Mr McKillen is a graduate in Geology from Trinity College
Dublin and holds a Master of Science degree in Mineral Exploration and
Mining Geology from the University of Leicester. He has over 38 years of
exploration experience.
For further information contact:
Roger Turner, Executive Chairman |
+44 (0) 20 7397 8155 |
Terence McKillen, Director of Exploration & Business Development |
+1 416 362 8243 / +1 416 362 6686 |
Simon Beardsmore, Commercial Manager |
+44 (0) 20 7397 8159 |
Chris Rollason, Collins Stewart |
+44 (0) 20 7523 8350 |
Tom McCormack, ConneXions |
+353 (0) 1 230 3015 |
Alex Buck, BuckBias |
+44 (0) 7932 740 452 |