Minco boosts drilling budget
Wednesday July 02 2008
LONDON-listed mining group Minco said it is to significantly increase its budget for developing Pallas Green in Co Limerick, in which it holds a 23.6pc interest with Xstrata.
With 13 drilling rigs now operating and more rigs to come, the project is described as the "biggest exploration drilling programme ever undertaken in the 50-year modern history of Irish mining".
The company is "very hopeful that this exploration will lead to the development of the next Irish zinc-lead mine, and the first new mine in Ireland since the early 1990s".
Four separate and distinct zones of zinc-lead mineralization have been discovered on the Pallas Green project -- at Castlegarde, Shrane West, Caherconlish and Tobermalug.
In 2007 about 16,000 metres of drilling was completed at Pallas Green at a cost of €1.7m.
For 2008, the budget has been "hugely increased" to €6m, of which Minco's share is about €1.4m. Planned drilling for the year has quadrupled to 50,000 metres, the company added.
Executive chairman John F Kearney said Pallas Green was "one of the best exploration projects we have seen in more than 35 years in this business".
- Sharon Lynch
