Of Interest: Minco Minco to announce more cheerful news closer to home, with a report that that the first phase of exploration at its Northern Pennines lead and zinc project in northern England had encountered “elevated zinc and lead grades over broad intervals in all the four holes completed”.
In particular, the company said the third hole had met one intersection with 4.32% zinc and 13 grammes of ore over 2.35 metres. Another intersection showed 2.93% zinc, 0.59% lead and 5.37 grammes a tonne of silver over 65.75 metres.
According to Minco, the 2.35-metre intersection included one interval with 12.2% zinc and another with 11.3% zinc, prompting chief executive officer John Kearney to argue this “demonstrates that economic mineralisation can exist there at depths of 350 to 400 metres”.
The shares, which have traded at between 5.25p and 1.63p over the past 12 months, finished the week at 2.88p, which put a value of £10 million on the company.