Vancouver — Drilling by
Minco is focusing on Changkeng, a shallow, Carlin-style gold deposit consisting of two parallel, or stacked, zones: the deeper and larger No.1 zone and, overlying it, the smaller, No.2 zone.
Minco can earn a 51% in the project. Drill highlights include:
— hole 401 — 41.4 metres (from 106 metres) grading 6.13 grams gold per tonne and 20.5 grams silver per tonne, including 6.6 metres of 17.75 grams gold and 31.8 grams silver.
— hole 601 — 13.9 metres (from 80.6 metres) averaging 5.5 grams gold and 9.2 grams silver.
A previous resource estimate by Minco’s Chinese partners has been modified to comply with guidelines set out by the Canadian Institute of Mining, Metallurgy and Petroleum. Categorized as an inferred resource, the No. 1 zone contains 3.7 million tonnes grading 7.94 grams gold, plus 129,332 tonnes in zone No.2 averaging 7.44 grams gold.
Subsequent to this resource estimate, local miners reportedly have removed 3 tonnes of gold (about 96,000 oz.) from near the surface. The local government has since stopped the illegal mining.
The deposit is in a flat, synformal structure with a northeast-trending axis. Mineralization extends from surface to a depth of about 250 metres. The mineralized zones have a tested 800-metre strike length and are open in both directions and downdip.
The gold zones at Changkeng are associated low-angle faulting along an unconformable contact between Lower Carboniferous limestones and Triassic mudstones and siltstones. The thickness of the mineralized fault zones ranges from several to tens of metres.
Drilling continues to confirm the continuity of the zones, and trenching and underground development are planned.
Some of the drilling has encountered silver-lead-zinc mineralization at depth, below the gold zones.
Minco has 30.6 million share outstanding and, at presstime was trading at $1.53 on a volume of more than 253,000 shares.
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