Minco secures three new Irish prospecting licences

Minco said it has been granted three new prospecting licences in Ireland by the Minister of Communications, Energy and Natural Resources.

The AIM-listed minerals exploration and development company said the new licences, Pls 1228, 1229 and 3981, at Moate in County Westmeath are centered on a specific geological target identified by Minco, with potential for zinc-lead mineralisation.

Each licence will be valid for a period of six years from 3 November 2015 and Minco has planned an initial exploration programme consisting of six inclined drill holes for a total of 1400 metres of drilling.

Chief geologist Peter Tyler said: “This is a very specific geological target which Minco has developed and we have been waiting patiently for these licences to come open for some years.”

He added that Moate is the only remaining untested target of its kind in Ireland.

At 1026 GMT, Minco shares were up 5.7% at 0.77p.