The Buchans project represents one of several of Minco's advanced volcanogenic massive sulphide ("VMS") base metal projects within the Buchans area of central Newfoundland.
Since the positive PEA on the Lundberg deposit in 2011, Minco has been advancing the Lundberg project towards the completion of a pre-feasibility study for a stand alone open pit base metal mine producing zinc, copper and lead concentrates.
To date the pre-feasibility work has included the completion of more in-depth metallurgical studies and upgrading of a large portion of the Lundberg deposit to the National Instrument 43-101 Indicated category.
The Lundberg deposit is currently estimated to include NI 43-101 compliant Indicated resources totaling 23.4 million tonnes grading 1.41% Zn, 0.60% Pb, 0.35% Cu, 5.31 g/t Ag and 0.07 g/t Au, andInferred resources of 4.3 million tonnes averaging 1.29% Zn, 0.54% Pb, 0.27% Cu, 4.47 g/t Ag and 0.08 g/t Au using a NSR cut-off of $US15 per tonne (see Minco press release dated March 4, 2013 for more complete disclosure).
Ongoing work includes an internal analysis to determine if the Daniels Pond and Bobbys Pond deposits can positively contribute as satellite feeder mines to a central milling facility processing the larger Lundberg open pit resource.