RE:Add on info ...Teclis pointed out, "Minco has a deposit right beside with a NI43-101 deposit and a PEA. I see some JV there in future but we will see..."
"Minco is a London listed (AIM Market: MIO) mining exploration and development company engaged in zinc exploration in Ireland and England as well as zinc-lead-copper-silver exploration and development in Newfoundland Canada and manganese development in New Brunswick, Canada. Minco has investments in base metal and silver projects in Mexico through an investment (29%) in Xtierra Inc. listied on the TSX Venture Exchange in Toronto. The Company's management has an established track record of discovering, developing and operating mines world-wide and this expertise is directed to turning Minco into a production and holding company." "Woodstock, New Brunswick - Minco has entered in to a option/joint venture agreement on the Woodstock manganese deposit of Buchans Minerals Corp. Under the terms of the option agreement Minco has negotiated the right to earn, in stages, up to a 50% interest in the Canadian Manganese Company Inc. ("CMC"), a wholly owned subsidiary of Buchans Minerals that owns 100% of the Woodstock manganese property.
In the first stage Minco has committed to spend $1.250 million in drilling over a period of 12 months to earn a 10% interest in CMC.
At the end of Stage one, Minco will have 30 days to elect to continue with Stage two expenditures of $750,000 to complete a preliminary economic assessment ("PEA") on the Plymouth deposit within a further period of six months and thereby earn a further 10% interest in CMC, (cumulative 20%). In the event that Minco elects not to proceed to the second stage, Buchans will have a 90 day option to buy back Minco's 10% interest in CMC for $1.250 million.
Upon completion of the PEA, Minco will have an exclusive 3 month option to elect to earn a further 30% interest (cumulative 50%) in CMC by completing a pre-feasibility study on the Plymouth deposit within a further period of two years (the budget to be determined at that time).
Based on historical exploration work, the Woodstock deposits are potentially one of the largest undeveloped manganese carbonate resources in North America. Woodstock, although still at an early stage, is believed to have the potential to be developed into a significant producer of Electrolytic Manganese Metal (EMM), which is used primarily in the production of stainless steel.
Worldwide demand for EMM has expanded significantly since 2000, particularly in China, and is expected to continue to grow. Over 95% of world supply of EMM currently comes from China.
The Woodstock project comprises 5,800 hectare near Woodstock, New Brunswick, Canada.
The project has excellent infrastructure, including railway lines (16 km west) as well as the TransCanada Highway and major electrical transmission lines located less that 5 kilometres to the east. The Plymouth deposit is located less than 10 kilometres east of the US border and Highway Route 95 (an extension of US Interstate 95) passes less than a kilometre south of the deposit.
Historical literature indicates that the Woodstock property hosts three deposits of sediment-hosted-manganese-iron mineralization, first discovered in 1957 by Strategic Manganese Corporation. These historic deposits include the Plymouth and two Hartford deposits (North & South), located 5 kilometres west of the town of Woodstock.
In 1957, Strategic Manganese Corporation reported that the Plymouth deposit extends from surface to a minimum depth of 500 feet (152 metres) and hosts a historic, uncategorized resource estimate of (3)51.2 million short tons (46.5 million tonnes) averaging 10.9% Mn (manganese) and 13.3% Fe (iron). The Hartford North and South deposits are located less than 2 kilometres on strike to the north of the Plymouth deposit. Historic uncategorized resource estimates for the Hartford deposits by Strategic Manganese Corporation in 1957, were reported to include 50 million short tons (45 million tonnes) grading 8% Mn and 12% Fe at the (3)North Hartford deposit and an additional resource of 50 million short tons grading 8% Mn and 12% Fe at the (3)South Hartford deposit."