Milltown Project

Prospecting Licence 3788, County Clare, Ireland

Overview

The Milltown Project covers the historic Milltown mineral prospect and adjacent ground in County Clare which Minco believes to be prospective for Irish type Zn+Pb mineralisation.

Previous work located a significant zinc and lead deposit at the base of the Reef in Milltown Townland a couple of kilometres west of Tulla. Historical drilling indicated a non-JORC compliant resource of approximately 400,000 tonnes grading 12% zinc plus lead.

Historic mining of calcite was conducted at the Milltown site in the 19th century via an open-pit, up to a reputed 35 m depth.

Subsequent exploration efforts in the mid-1990’s identified base metal mineralization at a depth of approximately 70 m beneath the coarsely crystalline calcite, with varying thickness including an intercept of 20.4 m @ 7.81% Zn, 4.22% Pb at a depth of 38.3 m.

Title and Commitments

Minco, through its wholly-owned subsidiary Minco Ireland Limited, holds a 100% interest in Prospecting Licence ("PL") 3788. The licence was issued on February 14^th 2023 and remains valid for a period of 6 years with the following expenditures requirements:

Years 1 – 2: €10,000

Years 3 – 4: €15,000

Years 5 – 6: €20,000

Location

The project is contiguous to the north-east of Hannan Metals' Clare Project, which includes its Kilbricken Deposit which hosts a National Instrument 43-101 compliant resource comprising indicated resources of 2.7 million tonnes at 8.8% zinc equivalent (“ZnEq”) and inferred resources of 1.7 million tonnes at 8.2% ZnEq.

History of Exploration

The area has a long history of exploration, with small-scale mining in the 19^th century providing the encouragement for semi-systematic work, by Irish Base Metals and Westland Exploration (1960-1989), Central Mining Finance (“CMF”) (1994-1999), CMF-Billiton (1999-2002), Belmore Resources (2002-2009), Lundin (2009 – 2016) and most recently by Hannan Metals (2016 – 2020).

Through this period, extensive, semi-systematic, coverage by shallow and deep soil geochemical, IP/Resistivity with partial – limited coverage by gravity, ground and airborne EM and magnetic surveys.

Trenching and drilling were also conducted within the area with a particular focus on the Milltown Prospect and its environs. A drilling database of 98 holes (11,500m) has been compiled and provides the framework for Minco’s interpretation of the potential.

Geology and Mineralization

The area is located within the Limerick sub-province in the south-western part of the Irish Midlands Orefield.

Locally, the geology is dominated by an easterly trending belt, of southerly dipping, Waulsortian Reef with a re-entrant of sub-reef limestone between the Carahan and Milltown mineral prospects.

Interpretation of the structural setting highlighted the similarity with the Silvermines and Lisheen areas.

Mineralisation is present at three stratigraphic levels within the general area: Calcite Veins within Supra-Waulsortian Limestones, Zn-Pb+/-Ag Within the Basal Parts of the Waulsortian, and Cu-Ag within the Basal Carboniferous Limestones and Shales.

Plans

A re-interpretation of a historic Airborne TEM survey, flown by BHP in 1998, has identified an untested anomaly circa 175 m to the east of the Milltown Prospect. It is intended that, subject to consideration of social licence issues in the area, to complete a tight-detailed EM survey to ground locate the anomaly, and to determine its strike, with a view to designing a drill test.