Minco, a base metal explorer headed by Dr John Teeling, has had "encouraging" results from its exploration programme in Limerick. The firm says it has found zinc and lead bearing deposits at three drill holes on its Pallasgreen prospect. "It is early days and I emphasise that a few good drill results do not mean a commercial mine has been found. They do, however, provide an excellent indicator as to the potential of the area," said Dr Teeling. Minco was set up in 1995 following the merger of Irish Base Metals, the exploration assets of Cominco and Irish Marine Oil and is quoted on the OFEX market in London. Canadian mining company Noranda is a joint venture on the project.