InvestmentPitch Media Video Discusses Minto Metals’ Reporting of High-Grade Intersections from 2021 Drilling at Minto Mine Property in Yukon
VANCOUVER, British Columbia, March 18, 2022 (GLOBE NEWSWIRE) — Minto Metals Corp. (TSXV:MNTO) has reported assays from its 2021 drilling program in the Yukon. Minto owns and operates the producing Minto mine located in the Minto Copper Belt of the Yukon, Canada, which has been in operation since 2007 with underground mining commencing in 2014. Since 2007, approximately 500 million lbs of copper have been produced from the Minto mine.
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Capstone Mining, the previous owner, put the mine into care & maintenance in 2018 and the mine operations were shut down. In mid-2019, Minto, formerly Minto Explorations Ltd., purchased the Minto mine operation and restarted the mine.
The Minto mine property is located on the Selkirk First Nation’s Territory, sitting about 20 kilometres WNW of Minto Landing on the west side of the Yukon River. Minto Landing is located on the east side of the Yukon River approximately 250 road-kilometres north of the City of Whitehorse, the capital city of the Yukon.
The current Minto mine includes underground mining operations, a processing plant that produces a high-grade copper, gold and silver concentrate, and all supporting infrastructure associated with operating a remote mine located in Yukon.
Minto conducted 9,400 metres of drilling in 22 holes in 2021 targeting extensions at depth or along strike of current or historically producing orebodies, focusing on historically un-drilled targets and gaps within the Minto North, main and East orebodies. To date, Minto has received results from 14 holes, with assays pending for the remaining 8 holes.
Drill hole 21EXP003, drilled to test a strong chargeability anomaly immediately adjacent to the Minto North orebody, successfully intersected a 1 to 5% sulphide, bornite-chalcopyrite mineralized migmatite.
This mineralized zone returned 1.58% copper, 1.29 g/t gold and 8.11 g/t silver over 28 metres and included a sub-interval of 3.50% copper, 3.34 g/t gold and 19.10 g/t silver over 9 metres.
Other highlights include Hole 21EXP012 at Minto North, which returned 1.76% copper over 5 metres, Hole 21SDME-001 at Minto East, which returned 1.83% copper over 20 metres including 3.07% copper over 5 metres, and Hole 21SDME-002 at Minto East, which returned 1.53% copper over 22 metres including 2.20% copper over 12 metres.
David Benson, VP Exploration, stated: “These results are extremely encouraging in that they confirm the high-grade nature and prospectivity to increase the resource that exists within the current Mining operations infrastructure. Multiple copper and precious metal mineralized lenses within the “migmatite” host-rock were intersected in each hole confirming the sub-horizontal, stacked and en echelon nature of the orebodies and geological model. They serve as a great kick-off point to an aggressive exploration program planned for 2022 that includes 30,000 metres of exploration drilling, borehole and surface geophysics.”
Chris Stewart, President & CEO, added: “The Minto Mine has had no real exploration done on the property for almost a decade now. These drill results from 2021 demonstrate that there is still a lot of potential to find high grade lenses on this property near our existing resources where over 500 million lbs of copper have been produced since mining started in 2007. In 2022, we will also be drilling into some completely new, high potential targets stepping out from our known resource.”
A NI 43-101 PEA Technical Report, produced by JDS Energy effective March 31, 2021, reported a resource estimate of 11,092,000 tonnes of ore in the Indicated category and another 13,013,000 tonnes in the Inferred category.
The company is well-funded having raised gross proceeds of approximately $31 million from a combination of a brokered “best efforts” private placement offering and a non-brokered private placement offering, both priced at $2.60 per share. The shares, which began trading on the TSX Venture Exchange on November 29th are currently trading at $2.33.
For more information, please visit the company’s website, www.MintoMetals.com, contact David J. Birch, CFO at 416- 895-4824 or Chris Stewart, President & CEO, at 647-523-6618 or by email at info@MintoMine.com.
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