Buchans & Minco receive final assays from Lundberg drilling, Buchans, Newfoundland
January 9, 2013 (Source: CNW) — Buchans Minerals Corporation (TSXV: BMC) (“Buchans Minerals” or the “Company”), together with Minco plc (AIM Market: MIO) (“Minco”) are pleased to announce remaining assays from their recently completed drilling program on the Lundberg and Engine House base metal deposits in Buchans, central Newfoundland, Canada.
The 3 month drilling program was completed in October and consisted of 58 holes totaling 8,184 metres of drilling. Results for the final seven 7 holes of the program are now available and include additional favourable results confirming thick mineralization extending to depth within the resource’s northwestern area while also confirming the resource extends further east than previously interpreted, with two shallow step-out holes intersecting the zone beneath overburden east of the known resource. Results from the northwest area include multiple thick intercepts that further confirm the resource in this key area including 43 metres averaging 2.37% combined base metals comprised of 0.15% copper, 0.69% lead, and 1.52% zinc in hole 3477. Highlights from the east margin of the Lundberg zone include an intercept of 37.7 metres averaging 1.01% combined based metals comprised of 0.23% copper, 0.15% lead and 0.63% zinc beneath 11.3 metres of overburden in hole 3482. A second hole drilled in this area, 3483, also intersected mineralization immediately below overburden coring 16.55 metres averaging 1.79% combined base metals comprised of 0.26% copper, 0.42% lead and 1.11% zinc. Results from these two holes suggest the zone remains open beyond the eastern limits of the previous resource estimate.
About Buchans Minerals
Buchans Minerals is an Atlantic Canada based resource company that has three main assets that include its 100% owned base metal properties near Buchans in central Newfoundland (joint ventured to Minco plc.), its 100% owned manganese property located near Woodstock in New Brunswick (also joint ventured to Minco plc.) and its 50% owned gold and copper Long Range Property in central Newfoundland.
Buchans Options Correction
The Company also announces a correction to the number of options granted reported in the January 7, 2013 news release. A total of 837,000 options were granted to an aggregate of 4 directors, officers and employees of the Company rather than 635,500 options announced on January 7, 2013. The terms and conditions of the option grant remain unchanged.
Forward Looking Statements
Information set forth in this news release may involve forward-looking statements under applicable securities laws. Forward-looking statements are statements that relate to future, not past, events. In this context, forward-looking statements often address expected future business and financial performance, and often contain words such as “anticipate”, “believe”, “plan”, “estimate”, “expect”, and “intend”, statements that an action or event “may”, “might”, “could”, “should”, or “will” be taken or occur, or other similar expressions. All statements, other than statements of historical fact, included herein including, without limitation; statements about the potential of the Lundberg project, are forward-looking statements. By their nature, forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause our actual results, performance or achievements, or other future events, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Such factors include, among others, the following risks: the need for additional financing; operational risks associated with mineral exploration; fluctuations in commodity prices; title matters; environmental liability claims and insurance; reliance on key personnel; the potential for conflicts of interest among certain officers, directors or promoters with certain other projects; the absence of dividends; competition; dilution; the volatility of our common share price and volume and the additional risks identified the management discussion and analysis section of our interim and most recent annual financial statement or other reports and filings with the TSXV and applicable Canadian securities regulations. Forward-looking statements are made based on management’s beliefs, estimates and opinions on the date that statements are made and Buchans Minerals undertakes no obligation to update forward-looking statements if these beliefs, estimates and opinions or other circumstances should change, except as required by applicable securities laws. Investors are cautioned against attributing undue certainty to forward-looking statements.
Neither the Exchange nor its Regulation Services Provider (as that term is defined in the policies of the Exchange) accepts responsibility for the adequacy or accuracy of this release, and no securities regulatory authority has either approved or disapproved of the contents of this release.
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