Nevada Zinc Core Drills 16.62 metre interval assaying 12.79% Zinc and 8.84% Lead (21.63% zinc+lead) in an overall interval of 91.5 metres averaging 7.67% Zinc and 1.91% Lead (9.58% zinc+lead)

TORONTO, Nov. 20, 2017 (GLOBE NEWSWIRE) -- Nevada Zinc Corporation (“Nevada Zinc” or the “Company”) (TSX-V:NZN) is pleased to announce the first cored drill hole assay results from its 13 hole core drill program recently completed at the Company’s Nevada based Lone Mountain Zinc Project. Results for 11 of the confirmation and step-out core drill holes are pending.

The Company’s drill program is the first core drill program completed on the Lone Mountain Zinc Project since the 1940s and follows up on the Company’s 83 reverse circulation drill holes completed between 2014 and 2016.

Bruce Durham, President and CEO of Nevada Zinc, commented: “Assay results from our first core hole exceeded expectations. The RC discovery hole we drilled at this location in 2014 returned a high grade and extensive interval of zinc and lead mineralization grading 7.56% zinc + lead over 89.92 metres. This  core hole returned a slightly longer interval of 91.5 metres, however, it assayed more than 26% higher than the RC drill hole, assaying a combined  9.58% zinc + lead over the 91.5 metre or 300 foot interval. With current strong zinc prices and a forecast for a continuation of strong zinc prices going forward our Lone Mountain Zinc Project is very well positioned and we are anxious to receive the remaining assay results from this initial core drill program.”

Highlights

Core hole assay results from NLM-17-01 include a 16.62 metre (54.5 foot) interval assaying 12.79% zinc and 8.84% lead (21.63% zinc + lead) within an overall interval of 91.5 metres (300 feet) grading 7.67% zinc and 1.93% lead (9.58% zinc + lead). 

Hole NLM-17-01 twinned the original RC drill hole (NLM-14-01) at that location. The RC drill hole intersected an interval of 89.92 metres (295 feet) assaying 6.22% zinc and 1.34% lead (7.56% zinc+lead). Drill hole NLM-17-01 provides important comparative assay information as well as geological data that will be used in the Company’s continuing analysis and future reporting.

The average grade of core hole NLM-17-01 is a significant 26.7% higher than the average grade in RC drill hole NLM-14-01.

Core hole assay results are still pending for 11 additional holes.

The top of the mineralization in core hole NLM-17-01 is at a vertical depth of approximately 100 metres.

The overall 91.5 metre interval in hole NLM-17-01 included approximately 15.24 metres (50 feet) of areas with little or no core recovery that were included at zero grade in the interval average thereby reducing the overall reported average grade.

Hole NLM-17-02 intersected 18.3 metres (60 feet) of mineralization grading 4.6% zinc approximately 25 metres behind (to the northeast of) the intersection in RC hole NLM-16-64, one of the deepest holes on the Lone Mountain property.

Screen Shot 2017-11-21 at 12.14.34 AM.png

 

Hole NLM-17-01 drilled at -70 degree dip, 180 degrees azimuth and hole NLM-17-02 drilled at -88 degrees dip and 120 degrees azimuth.

True widths are not known at this time.

LoneMountainProjectDrillCollars.png

 

About Nevada Zinc

Nevada Zinc is a discovery driven, early-stage mineral exploration company with a proven management team focussed on identifying unique opportunities in mineral exploration that can provide significant value to its shareholders.

While the Company continues to maintain a significant equity interest in the highly prospective Yukon gold properties through its majority ownership position in Generic Gold Corporation (“Generic Gold”), the current focus of the Company is the exploration and advancement of the Lone Mountain Zinc Project comprised of 224 claims covering approximately 4,000 acres near Eureka, Nevada.

The Lone Mountain Zinc Project is located in east-central Nevada and is easily accessible via paved and gravel roads northwesterly from Eureka where all essential services are available. The Project includes options, leases or purchase agreements to acquire 100% interests in all properties along the key structural trend for more than 4 kilometres.

The Company has completed 83 reverse circulation drill holes on its Lone Mountain Zinc Project and  recently completed an initial 13 hole diamond drill hole program on the property. Results from the RC drilling programs showed numerous broad intervals of medium to high grade non-sulphide zinc mineralization in two locations both of which are located between surface and a depth of approximately 250 metres.

The Company also recently obtained the right under an option agreement to earn up to an 80% interest in the MacBride Zinc Project in northern Manitoba (see the Company’s press release dated October 23, 2017).

Additional information about the Company is available on the Company’s website: www.nevadazinc.com.

Bruce Durham P.Geo, President and CEO of Nevada Zinc, is a Qualified Person, as that term is defined by Canadian regulatory guidelines under National Instrument 43-101, and has read and approved the technical information contained in this press release.

About Majority Owned Generic Gold

Generic Gold is a Toronto based mining company exploring targets in the Tintina Gold Belt in the Yukon Territory of Canada. Since incorporation on May 30, 2017, Generic Gold has raised approximately $2.4 million to fund its 2017 and 2018 exploration programs and has completed diamond drilling on its Livingstone project, trenching on its VIP project, and has commenced reverse circulation drilling on its Goodman project. Generic Gold is currently pursuing a going public transaction which is expected to be completed within the next 45 to 60 days. Nevada Zinc currently owns 25 million common shares of Generic Gold or approximately 75% of the issued and outstanding common shares. For further information on Generic Gold’s property portfolio and exploration activities please visit the company’s website at genericgold.ca.

For further information contact:

Nevada Zinc Corporation
Suite 1660 141 Adelaide St. West
Toronto, Ontario M5H 3L5
Tel: 416-504-8821

Bruce Durham, President and CEO
bdurham@nevadazinc.com

www.nevadazinc.com

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

This news release may contain forward-looking statements including but not limited to comments regarding the timing and content of upcoming work programs, geological interpretations, receipt of property titles, potential mineral recovery processes, etc.  Forward-looking statements address future events and conditions and therefore, involve inherent risks and uncertainties.  Actual results relating to, among other things, the ability to complete the Business Combination, results of exploration, project development, reclamation and capital costs of the Company's mineral properties, and the Company's financial condition and prospects, could differ materially from those currently anticipated in such statements. These and other factors should be considered carefully and readers should not place undue reliance on the Company's forward-looking statements. The Company does not undertake to update any forward-looking statement that may be made from time to time by the Company or on its behalf, except in accordance with applicable securities laws.

Nevada Zinc Reports on Majority Owned Generic Gold Corporation’s Exploration Program on the VIP Gold Project

Toronto, Canada November 16, 2017- Nevada Zinc Corporation (“Nevada Zinc” or the “Company”) (TSX-V: NZN) is pleased to announce that majority owned Generic Gold Corporation (“Generic Gold”) has provided the Company with an update on the exploration activities completed at its VIP Project, approximately 120 kilometres south of Dawson City and west of Goldcorp’s Coffee Project, Yukon Territory. The Company owns 25 million shares (approximately 75% of the issued and outstanding shares) of Generic Gold.

The 2017 field program was the most comprehensive work program completed on the 17,500 hectare VIP Project since 2010 when the Company acquired most of the property (prior to the Kaminak discovery of the Coffee gold deposits). The work completed during the 2017 field season consisted of trenching, soil sampling, prospecting, geological mapping, and geoprobe sampling. 

President and CEO of Nevada Zinc, Bruce Durham commented: “VIP was the first  and top priority property in our initial Yukon portfolio. We were acquiring the VIP claims before Kaminak announced the first Coffee Project diamond drill hole results so we were in the Coffee Creek district very early. I am excited to see that Generic elected to carry out a significant work program on VIP this summer and we are anxiously awaiting the assay results from their work given some of the similarities in the recently trenched material at VIP and the original geological commentary on Kaminak’s Coffee gold discoveries”. 

The VIP project covers an area of roughly 17 x 13 kilometres, located 120 kilometres south of Dawson City, and is accessible by helicopter, nearby fixed wing aircraft airstrips, and nearby barge ports along the Yukon River. The project is in the White Gold district, approximately 20 kilometres west of Goldcorp’s Coffee gold deposits (2.16 Moz Au P&P Reserves, 0.78 Moz Au M&I Resources, 1.15 Moz Au Inferred Resources (Goldcorp Mineral Reserves & Resources, June 30, 2017), along the interpreted extension of the Coffee Creek fault system. The VIP Project is also contiguous with Independence Gold Corp.’s Boulevard property, Goldcorp’s Apollo property, and White Gold Corp.’s recently staked Coffee Trend West properties.

 

The 2017 VIP work program consisted of:

Mechanical Trenching

  • Four trenches were dug by a heli-portable excavator in the area of the Big Creek anomaly. Due to more permafrost than expected and variable topography, the trenching focused on a portion of the northern margin of the interpreted 700+ metre long northwest trending Au-Ag-Bi-Mo-Cu-Pb-Zn-Se-Te-Hg anomaly.

 

  • Trenching identified an extensive zone of strong alteration and coincident oxidation. The altered and oxidized rock material was predominantly quartz-sericite schist that has been altered to an assemblage of quartz, sericite, oxidized pyrite, hematite, limonite, and various clay minerals, indicating the presence of a significant hydrothermal system.

 

  • The abundance of significantly oxidized rock encountered suggests the presence of a structural corridor which may host associated gold mineralization. At Goldcorp’s neighbouring Coffee Project “the mineralized structures at the Coffee Project have undergone extensive preferential weathering and oxidation of iron-bearing minerals as a result of meteoric fluids percolating from surface downwards through the permeable structural corridors. Conversely, unfractured and unaltered country rock is typically fresh (unoxidized) at surface. As a result of this preferential weathering, oxidation is channelized along the structural corridors. … Oxidation appears to be channeled along the structural corridors that host the deposits.” (Coffee Gold Project Feasibility Study, 2016)

Geoprobe Sampling

  • Forty-six geoprobe samples were drilled across the Big Creek anomaly at 5 metre spacings. The geoprobe drilling was done to penetrate through permafrost that limits the effectiveness of soil sampling, in order to test the uppermost portion (approximately 10 centimetres) of bedrock and basal soils. Oxidized rock and soil material was intersected over 130 metres (26 of 46 samples) crossing the Big Creek anomaly.

Soil sampling, prospecting, and geological mapping

  • Soil sampling and prospecting was undertaken in underexplored areas of the large property. Ridge and spur style soil sampling was completed in unexplored areas of the project, while follow-up grid sampling and geological mapping was conducted in areas identified as anomalous in previous exploration campaigns. A total of 65 rock samples and 658 soil samples were taken during the duration of the field program.

Results are pending and will be released by the Company once they have been received from Generic Gold.

References

JDS Energy & Mining Inc., 2016, NI 43-101 Feasibility Study Technical Report for the Coffee Gold Project, Yukon Territory, Canada, effective January 6, 2016, pgs. 7-19.

Goldcorp Inc. Mineral Reserves and Mineral Resources, as of June 30, 2017 https://s22.q4cdn.com/444421831/files/doc_downloads/reserves_resources/Goldcorp-Reserves-Resources-as-of-30-June-2017.pdf

About Generic Gold

Generic Gold was incorporated pursuant to the Business Corporation Act (Ontario) on May 30, 2017. Generic is a Toronto based mining company exploring targets in the Tintina Gold Belt in the Yukon Territory. Since incorporation, Generic Gold has raised approximately $2.4 million to fund 2017 and 2018 exploration programs and has completed diamond drilling on its Livingstone project, trenching on its VIP project, and has commenced reverse circulation drilling on its Goodman project. Genric Gold is currently pursuing a going public transaction which is expected to be completed in the next 45 to 60 days.  For information on Generic Gold’s property portfolio and exploration activities, visit the company’s website at genericgold.ca or contact Kelly Malcolm, President and CEO, at kmalcolm@genericgold.ca or 647-299-1153.

About Nevada Zinc

Nevada Zinc is a discovery driven, early-stage mineral exploration company with a proven management team focussed on identifying unique opportunities in mineral exploration that can provide significant value to its shareholders.

While the Company continues to maintain a significant interest in the highly prospective Yukon gold properties through its majority ownership position in Generic Gold, the current focus of the Company is the exploration and advancement of the Lone Mountain Zinc Project comprised of 224 claims covering approximately 4,000 acres near Eureka, Nevada. 

The Lone Mountain Zinc Project is located in east-central Nevada and is easily accessible via paved and gravel roads northwesterly from Eureka where all essential services are available. The Project includes options, leases or purchase agreements to acquire 100% interests in all properties along the key structural trend for more than 4 kilometres.

The Company has completed 83 reverse circulation drill holes on the property and has recently completed a 13 hole diamond drill program.  Results from the RC drilling programs have shown numerous broad intervals of medium to high grade non-sulphide zinc mineralization in two locations both of which are located between surface and a depth of approximately 250 metres.  Initial diamond drill core assay results remain outstanding at this time, however, assay results are expected to be received commencing prior to the end of November.

In addition the Company has recently expanded its project portfolio by acquiring the rights under an option agreement to earn up to an 80% interest in the MacBride Zinc Project in northern Manitoba (see the Company’s press release dated October 23, 2017).

Additional information about the Company is available on the Company’s website: www.nevadazinc.com

Bruce Durham P.Geo, President and CEO of Nevada Zinc, is a Qualified Person, as that term is defined by Canadian regulatory guidelines under National Instrument 43-101, and has read and approved the technical information contained in this press release.

 

For further information please contact:

Nevada Zinc Corporation 

Suite 1660 141 Adelaide St. West

Toronto, Ontario M5H 3L5

Tel: 416-504-8821

 

Bruce Durham, President and CEO

bdurham@nevadazinc.com 

 

www.nevadazinc.com

 

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

This news release may contain forward-looking statements including but not limited to comments regarding the timing and content of upcoming work programs, geological interpretations, receipt of property titles, potential mineral recovery processes, etc.  Forward-looking statements address future events and conditions and therefore, involve inherent risks and uncertainties.  Actual results relating to, among other things, the ability to complete the Business Combination, results of exploration, project development, reclamation and capital costs of the Company's mineral properties, and the Company's financial condition and prospects, could differ materially from those currently anticipated in such statements. These and other factors should be considered carefully and readers should not place undue reliance on the Company's forward-looking statements. The Company does not undertake to update any forward-looking statement that may be made from time to time by the Company or on its behalf, except in accordance with applicable securities laws.

Nevada Zinc Options Zinc-Copper Project With Historic Resources And Significant Untested Exploration Targets

Toronto, October 23, 2017 – Nevada Zinc Corporation (“Nevada Zinc” or the “Company”) (TSX-V: NZN) announces it has entered into an option agreement that allows the Company the right to earn up to an 80% interest in the MacBride zinc property (the “MacBride Property”).  The MacBride Property, located in central Manitoba, contains the high grade MacBride zinc deposit located along a six kilometre structural magnetic high corridor.  Along this well defined magnetic high corridor, several additional untested electromagnetic (“EM”) airborne anomalies similar to the EM signature of the MacBride zinc deposit have been identified. The MacBride Property is located approximately 60 kilometres from the significant, Ruttan zinc-copper mine owned by Trevali Mining Corporation (former open pit and underground mine). Given the propensity for these volcanogenic zinc and copper rich massive sulphide deposits to be found in proximity to each other and the history of discoveries in the belt, the Company views the MacBride zinc deposit as having very high potential for additional discoveries. 

Bruce Durham, President and CEO of Nevada Zinc commented, “Reasonably accessible, high grade, near-surface zinc deposits with significant room for growth like the MacBride zinc deposit are very rare, particularly in a stable, safe and mining friendly jurisdiction like Manitoba.  The MacBride zinc deposit remains open to expansion in all directions and with additional drilling has the potential to be much larger in size.  Modern airborne geophysical data and interpretation shows a number of undrilled, similar, EM targets which indicate a high likelihood of discovering additional zinc-copper mineralization elsewhere on the MacBride Property. Nevada Zinc now has two significant zinc exploration projects underway, both in excellent jurisdictions. Diamond drilling continues at our Lone Mountain project in Nevada. We expect to begin to receive drill core assay results near the end of this month from Lone Mountain and we will begin compilation work at MacBride immediately.”

 

MacBride Property Highlights

  • Large contiguous land package

The MacBride Property is comprised of 22 contiguous mining claims covering an area of 4,992 hectares 45 kilometres north of Leaf Rapids, Manitoba and the MacBride Property is reasonably accessible. The MacBride Property covers the favourable volcanogenic massive sulphide stratigraphy for more than 15 kilometres. 

  • Significant historical resource

An historical report by Knobby Lake Mines Limited in 1977 outlined a resource for the MacBride zinc deposit which Nevada Zinc is treatingas an “historical estimate” under NI 43-101 and not as a current mineral resource. The historical resource is summarized below:

 

Historical Resource, MacBride Zinc Deposit, Manitoba

MacBride Tonnes   Zn (%)   Cu (%)   Au (g/t)    Ag (g/t)

Main       1,820,055   8.8        0.30  0.10    4.50              ________________________________________________

 

Historical estimates of grade and tonnage in this press release are viewed as reliable and relevant based on the information and methods used at the time. However, they were not prepared in compliance with resource definitions under NI 43-101 and must be considered only as historic resources. Neither Nevada Zinc nor its Qualified Persons have done sufficient work to classify the historic estimate as a current mineral resource under current mineral resource or mineral reserve terminology and the Company and its QP are not treating the historic estimate as a current mineral resource. The historic resource should not be relied upon.  Additional work including surface geophysics, drilling and bore hole geophysics will need to be completed to upgrade the historical resource to current NI43-101 standards.

  • Near surface drill holes include results of 9.98% zinc and 0.56% copper over a core length of 10.67 metres (depth approximately 25 metres). True width of the zone is unknown.
  • Deeper drill holes (near a vertical depth of225 metres) include an interval of 10.3% zinc over a core length of 11.19 metres. True width of the zone is unknown.
  • Mineralization appears to be open to significant expansion along strike and the mineralization also remains open beyond the depth of the deepest drill holes.
  • Processing of the available recent geophysical database shows the existence of numerous similar untested targets.
  • Manitoba is an excellent jurisdiction with a strong local history of zinc and copper mining (Lyn Lake Manitoba area).
  • Lack of local surface exposure means only shallow or exposed mineralization was tested historically.
  • Newly identified outside targets remain untested and exhibit conductivity characteristics virtually identical to MacBride zinc deposit’s electromagnetic response.
  • Scattered copper and gold mineralization located outside the MacBride zinc deposit area near other targets was reported in some historic work on and in the area of the MacBride Property.

 

The MacBride zinc deposit, discovered in the 1970’s, has seen only limited drilling and has not been subjected to an extensive, systematic, exploration program.  The MacBride zinc deposit is within the same Paleoproterozoic-aged metavolcanic rocks and interbedded meta-sediments as those that host the historic Ruttan copper-zinc mine.  The MacBride zinc deposit coincides with a 1.8 kilometre long, strongly conductive, EM anomaly feature hosted within a well defined extensive magnetic high corridor that is more than six kilometres long.  The deposit has been drilled along a strike length of approximately 275 metres and the remaining 1,550 metres of the EM anomaly remains untested.  The MacBride zinc deposit remains open along strike and at depth.  There are numerous similar conductive EM anomalies that have been identified in reprocessing of a modern airborne geophysical survey along the magnetic corridor that remain undrilled.

 

The MacBride zinc deposit mineralization consists of coarse pyrite in a matrix of pyrrhotite, sphalerite and containing blebs of chalcopyrite.  The extensive recrystallization of the massive sulphides and incorporation of wall rock fragments in the deposit mineralization suggests significant sulphide remobilization. The gangue mineral assemblage is lightly disseminated with sulphides and is primarily comprised of amphibole, biotite, chlorite, sericite and garnet typical of wall rock alteration products in volcanic massive sulphide deposit terrains. 

 

Summary of Option Agreement

Nevada Zinc, as optionee, has the right to earn an initial 70% interest in the MacBride Property by making aggregate cash payments to Rockcliff Copper Corporation (“Rockcliff”), as optionor, of $200,000 over a three year term commencing with a $30,000 cash payment and the issuance of 200,000 shares to Rockcliff within five business days from the closing date of the option agreement, as well as incurring total expenditures on the MacBride Property of $2,500,000 over three years. Minimum expenditures of $250,000 are required annually. Upon earning an initial 70% interest in the MacBride Property, Nevada Zinc can increase its ownership interest to 80% by making a $2,000,000 payment to Rockcliff. In the event either party has its ownership interest reduced below 10% its interest shall convert to a 1% net smelter returns royalty or a 0.5% royalty on those claims subject to a pre-existing royalty. Certain claims in the MacBride Property are subject to a maximum 2% net smelter returns royalty payable to the original property vendor, 1% of which may be purchased. The option agreement is subject to regulatory approval.

 

About Nevada Zinc

Nevada Zinc is a discovery driven, early-stage mineral exploration company with a proven management team focussed on identifying unique opportunities in mineral exploration that can provide significant value to its shareholders.

While the Company continues to maintain a significant interest in the highly prospective Yukon gold properties through its majority ownership position in Generic Gold Corporation, the current focus of the Company is the exploration and advancement of the Lone Mountain zinc project comprised of 224 claims covering approximately 4,000 acres near Eureka, Nevada. 

The Lone Mountain zinc project is located in east-central Nevada and is easily accessible via paved and gravel roads northwesterly from Eureka where all essential services are available. The project includes options, leases or purchase agreements to acquire 100% interests in all properties along the key structural trend for more than 4 kilometres.

The Company has completed 83 reverse circulation drill holes on the Lone Mountain property and is currently carrying out a minimum 12 hole diamond drill hole program on the property. Results in the RC drilling programs showed numerous broad intervals of medium to high grade non-sulphide zinc mineralization in two locations both of which are located between surface and about 250 metres depth.  Initial diamond drill core assay results remain outstanding at this time, however, assay results are expected to begin to be received commencing in October. 

 

Additional information about the Company is available on the Company’s website: www.nevadazinc.com

 

References:

Trevali Mining Corporation website: Ruttan size – 82.8 million tonnes at grades of 1.37% copper and 1.63% zinc.

Current inferred resource at Ruttan 19.75 million tonnes at grades of 1.17% copper and 1.47% zinc.

Bruce Durham P.Geo, President and CEO of Nevada Zinc, is a Qualified Person, as that term is defined by Canadian regulatory guidelines under National Instrument 43-101, and has read and approved the technical information contained in this press release.

 

For further information contact:

Nevada Zinc Corporation 

Suite 1660, 141 Adelaide St. West

Toronto, Ontario M5H 3L5

Tel: 416-504-8821

Bruce Durham, President and CEO

bdurham@nevadazinc.com

 

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

This news release may contain forward-looking statements including but not limited to comments regarding the timing and content of upcoming work programs, geological interpretations, receipt of property titles, potential mineral recovery processes, etc.  Forward-looking statements address future events and conditions and therefore, involve inherent risks and uncertainties.  Actual results relating to, among other things, the ability to complete the Business Combination, results of exploration, project development, reclamation and capital costs of the Company's mineral properties, and the Company's financial condition and prospects, could differ materially from those currently anticipated in such statements. These and other factors should be considered carefully and readers should not place undue reliance on the Company's forward-looking statements. The Company does not undertake to update any forward-looking statement that may be made from time to time by the Company or on its behalf, except in accordance with applicable securities laws.

Nevada Zinc Provides Update On Majority Owned Generic Gold's Exploration Program On The Livingstone Project

Toronto, October 13, 2017 – Nevada Zinc Corporation (“Nevada Zinc” or the “Company”) (TSX-V: NZN) is pleased to announce that majority owned Generic Gold Corporation (“Generic Gold”) has provided the Company with an update on the exploration activities completed at the Livingstone Project, approximately 85 kilometres northeast of Whitehorse, Yukon Territory. The Company owns 25 million shares (approximately 75% of the issued and outstanding shares of Generic Gold).

President and CEO, Bruce Durham commented; ”armed with sufficient funds to do the first drilling program ever in the Livingstone area, Generic Gold has really advanced the understanding of the bedrock geology of the Livingstone Project. This new information will help define the source of the large number of extremely coarse placer gold nuggets that have been found in the five high energy creeks that drain westerly across the Livingstone property”.

The 2017 work program was the first time that core drilling was completed to test for gold in bedrock along the Livingstone Project’s 14 kilometre length. In addition, new claims were staked, soil sampling and prospecting were completed, and a comprehensive compilation and interpretation of existing company and government geophysical and geochemical data was completed. 

The Livingstone Project covers an area of roughly 14 x 4 kilometres, located 85 kilometres northeast of Whitehorse, and is accessible by a winter road, fixed wing aircraft, and helicopter. Five west-draining creeks, all of which have their headwaters on the Livingstone property, are known for having produced numerous multi-ounce gold nuggets, some of which still contain primary quartz vein and accessory mineral material. Placer mining has been occurring sporadically in the Livingstone area since 1898. In 2016, the Yukon Geological Survey flew a 4,226 kilometre airborne VTEM survey, which identified several target areas that the government (Colpron et al., 2017) indicates “define potential exploration targets for the source of placer gold in the centre of the Livingstone Creek area.” These target areas were further defined and refined through geological, geochemical, and geophysical work completed by Nevada Zinc’s geologists over the past 6 years. 

The 2017 Livingstone Project work program consisted of:

Core Drilling

Completion of 8 diamond drill holes, ranging in depth from 81 to 212 metres, on three high priority targets for a total of 1,315 metres. Assay results have yet to be received and results will be released by the Company once they have been received and compiled by Generic Gold.

o King zone: Five holes were drilled along the Big Salmon trend on a multiparameter target defined by gold-in-soil geochemical anomalies, ground-based IP geophysics, airborne VTEM geophysics, and prospecting. These holes were targeting a graphitic fault horizon from which bedrock grab samples returned values of up to 10 g/t gold and 4.9 oz/t silver from quartz vein material.

o Chinook zone: Two holes were drilled along the Big Salmon trend on a multiparameter target defined by gold-in-soil geochemistry, ground-based IP geophysics, and airborne VTEM geophysics. These holes were targeting silicified metasediments that had returned anomalous precious metal values.

o Kokanee zone: One hole was drilled on a target which was defined by gold-in-soil geochemistry and airborne VTEM geophysics. This hole was targeting an area of increased resistivity along a regional EM conductor.

Soil sampling and prospecting

o Soil sampling was undertaken in the Kokanee zone area that had been identified as anomalous during previous work campaigns, which coincided with a strong and structurally kinked EM anomaly. Results were positive and showed a broad trend of elevated gold-in-soils, with a geochemical signature of Au-As-Co-Cr-Cu-Ni-Pb-Te-W-Zn which may be indicative of ultramafic-related gold mineralization. Highlights of the 2017 exploration program are shown in Figure 1.

Figure 1. Click Here To Download PDF - Livingstone 2017 Highlights 

 

Claim Staking

A total of 36 claims were added to the Livingstone Project claim package, expanding the total land holding to 192 mineral claims, or roughly 4,013 hectares. Two of the new claim blocks were staked at the headwaters of historical placer creeks, while one was staked along the extension of the Big Salmon trend EM anomaly.

Geophysical Modelling

A common Earth model was generated through inversion and interpretation of all existing geophysical and geochemical data in the Livingstone area. This interpretation work was done by consultant Alan King of Geoscience North, a globally renowned geophysicist who was previously Chief Geophysicist for Vale Global Exploration.  The Earth model assisted with drill targeting for the summer program, and also provided numerous targets for future exploration programs.

References

Colpron, M., Carr, S., Hildes, D. and Piercey, S., 2017. Geophysical, geochemical and geochronological constraints on the geology and mineral potential of the Livingstone Creek area, south-central Yukon (NTS 105E/8). In: Yukon Exploration and Geology 2016, K.E. MacFarlane and L.H. Weston (eds.), Yukon Geological Survey, p. 47-86.

About Generic Gold

Generic Gold was incorporated pursuant to the Business Corporation Act (Ontario) on May 30, 2017. Generic Gold is a Toronto based mining company exploring targets in the Tintina Gold Belt in the Yukon Territory of Canada. Since incorporation, Generic Gold has completed diamond drilling on its Livingstone Project, trenching on its VIP Project, and will soon commence reverse circulation drilling on its Goodman Project. For information on Generic Gold’s property portfolio, visit the company’s website at genericgold.ca.

About Nevada Zinc

Nevada Zinc is a discovery driven, early-stage mineral exploration company with a proven management team focussed on identifying unique opportunities in mineral exploration that can provide significant value to its shareholders.

While the Company continues to maintain a significant interest in the highly prospective Yukon gold properties through its majority ownership position in Generic Gold, the current focus of the Company is the exploration and advancement of the Lone Mountain Zinc Project comprised of 224 claims covering approximately 4,000 acres near Eureka, Nevada. 

The Lone Mountain Zinc Project is located in east-central Nevada and is easily accessible via paved and gravel roads northwesterly from Eureka where all essential services are available. The Project includes options, leases or purchase agreements to acquire 100% interests in all properties along the key structural trend for more than 4 kilometres.

Nevada Zinc has completed 83 reverse circulation drill holes on the property and the Company is currently carrying out a minimum 12 hole diamond drilling program on the Lone Mountain property. Results from the RC drilling programs have shown numerous broad intervals of medium to high grade non-sulphide zinc mineralization in two locations both of which are located between surface and a depth of approximately 250 metres.  Initial diamond drill core assay results remain outstanding at this time, however, assay results are expected to begin to be received commencing in October.

Additional information about the Company is available on the Company’s website: www.nevadazinc.com

The Company has recently granted an aggregate of 700,000 stock options to certain directors pursuant to its stock option plan at an exercise price $0.23 per share and an expiry date of October 11, 2022.

Bruce Durham P.Geo, President and CEO of Nevada Zinc, is a Qualified Person, as that term is defined by Canadian regulatory guidelines under National Instrument 43-101, and has read and approved the technical information contained in this press release.

 

For further information contact:

Nevada Zinc Corporation 

Suite 1660, 141 Adelaide St. West

Toronto, Ontario M5H 3L5

Tel: 416-504-8821

Bruce Durham, President and CEO

bdurham@nevadazinc.com

 

 

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

This news release may contain forward-looking statements including but not limited to comments regarding the timing and content of upcoming work programs, geological interpretations, receipt of property titles, potential mineral recovery processes, etc.  Forward-looking statements address future events and conditions and therefore, involve inherent risks and uncertainties.  Actual results relating to, among other things, the ability to complete the Business Combination, results of exploration, project development, reclamation and capital costs of the Company's mineral properties, and the Company's financial condition and prospects, could differ materially from those currently anticipated in such statements. These and other factors should be considered carefully and readers should not place undue reliance on the Company's forward-looking statements. The Company does not undertake to update any forward-looking statement that may be made from time to time by the Company or on its behalf, except in accordance with applicable securities laws.

 

Nevada Zinc Announces Proposed Going Public Transaction Of Majority Owned Generic Gold Corporation With Wamco Technology

Toronto, September 26, 2017 – Nevada Zinc Corporation (“Nevada Zinc” or the “Company”) (TSX-V: NZN) is pleased to announce that Generic Gold Corporation (“Generic Gold”), a subsidiary of the Company holding its Yukon gold assets, has executed a binding letter of intent (“LOI”) withWamco Technology Group Ltd. (“Wamco”), a reporting issuer, to complete a going public transaction by way of a business combination (the “Business Combination”) between Generic and Wamco.  Nevada Zinc currently owns 75% of Generic Gold’s outstanding common shares. Generic Gold was incorporated on May 30, 2017 and since that date has raised approximately $2.4 million to fund 2017 and 2018 exploration programs on its Yukon properties.

 

Nevada Zinc President and CEO, Bruce Durham commented; ”Good progress has been made recently by Generic Gold’s management team on both the financing and exploration fronts. Generic Gold has been active all summer in Yukon with trenching, geochemical surveys, trenching and core drilling programs and the company still anticipates completing additional work this year on its Goodman Project adjacent to the west of Victoria Gold’s Eagle Project. The Business Combination announced today by Generic and Wamco is another step in the building of Generic Gold into a publicly listed premier gold explorer in Yukon.”

 

The Business Combination Transaction

Pursuant to the terms and conditions of the LOI, Wamco and Generic Gold will combine and the resulting issuer (the “Resulting Issuer”) from the Business Combination will continue operations under the name, Generic Gold Corporation. The Resulting Issuer will hold all of Generic Gold’s assets and conduct the business of Generic Gold.  

Pursuant to the Business Combination, the common shares in the capital of Wamco will be consolidated on the basis of one (1) post-consolidation common share of Wamco for every two point two (2.2) pre-consolidation common shares of Wamco.  Each shareholder of Generic Gold will receive one (1) post-consolidation common share of the Resulting Issuer. Holders of common share purchase warrants, incentive options and broker warrants in the capital of Generic Gold shall receive common share purchase warrants, incentive options and broker warrants in the capital of the Resulting Issuer on the same terms and conditions after adjustment for the foregoing exchange ratios.

As of September 26, 2017, there are 6,603,244 common shares of Wamco issued and outstanding and 33,356,968 common shares of Generic Gold issued and outstanding. As a result of the Business Combination, the Resulting Issuer expects to have approximately 36,358,442 issued and outstanding common shares on a non-diluted basis. Approximately 68.8% of those shares will be held by Nevada Zinc, 23% by other Generic Gold shareholders and 8.2% will be held by former shareholders of Wamco. 

The proposed management of the Resulting Issuer upon completion of the Business Combination is as follows: 

 

Kelly Malcolm, President & Chief Executive Officer

Mr. Malcolm has been working in the mineral exploration industry since 2011, and specializes in geochemical and geophysical data integration & interpretation to guide exploration activities.  He was most recently involved in the discovery and delineation of Detour Gold's high-grade 58N deposit. Mr. Malcolm acts as a consultant to several boutique Toronto-based finance firms. Mr. Malcolm holds a Bachelor of Science Honours degree in geology and a Bachelor of Arts degree in economics, both from Laurentian University.

 

Donald Christie, Chief Financial Officer, Corporate Secretary and Director

Mr. Christie is CEO and a director of Norvista Capital Corporation, an investment company focussed on the resource industry. Mr. Christie is also CFO and a director of Nevada Zinc and a director of Rockcliff Copper Corporation and Northern Graphite Corporation. Mr. Christie was previously CFO of Continental Gold Limited and spent over 25 years as an investment banker.  Mr. Christie holds a Bachelor of Commerce Honours degree from Queen’s University and received his Chartered Accountant designation while working for PricewaterhouseCoopers LLP. 

 

Bruce Durham, Director 

Mr. Durham, a Professional Geologist, is currently President, CEO and a director of Nevada Zinc and sits on the board of several public resource-related companies. Mr. Durham has been involved in the mineral exploration business for more than 40 years, primarily in the junior exploration industry exploring for precious and base metal deposits in Ontario and Quebec, but also with companies exploring across Canada, in the United States and in Africa. Mr. Durham’s career has seen him directly involved in a number of exploration programs that resulted in new mines being built, including two of the three Hemlo, Ontario gold mines, as well as the newest nickel, copper, platinum group elements (PGE) mine in the Raglan area of Quebec. 

 

Victor Cantore, Director

Mr. Cantore is President, CEO, and a director of Amex Exploration Inc., a Quebec-based exploration company. He is a seasoned capital markets professional specializing in the resource and high-tech sectors. He has more than 25 years of advisory and leadership experience having begun his career in 1992 as an investment advisor and then moving into management roles at both public and private companies. During his career he has organized and structured numerous equity and debt financings, mergers and acquisitions, joint venture partnerships and strategic alliances. Mr. Cantore sits on the board of several public and private companies.

 

Nathan Tribble, Director

Mr. Nathan Tribble, B.Sc. P.Geo. (ON) is a Senior Lead Geologist for Sprott Mining Inc. and Jerritt Canyon Gold LLC. He has over 12 years of professional experience in exploration and mining. Prior to his current role, Mr. Tribble was lead project geologist for Kerr Mines Inc. in Kirkland Lake, geologist for Northern Gold Mining Inc. in Matheson, Ontario. Mr. Tribble was also an exploration geologist and project geologist for Trelawney Mining and Exploration Inc. in Gogama, where he was part of the exploration team that discovered the 8.2 million-ounce Côté Lake gold deposit prior to the $608 million takeover by Iamgold. Nathan has also held other geologist-related positions with Lake Shore Gold Corporation and Inco Limited. Mr. Tribble is registered as a Professional Geoscientist in Ontario and holds a Bachelor of Science degree in Geology from Laurentian University.

 

Upon completion of the Business Combination one or possibly two more directors may be appointed to the board of directors of the Resulting Issuer as agreed to by Wamco and Generic Gold.

Completion of the Business Combination is subject to various closing conditions, which are usual and appropriate for a transaction of this nature, including but not limited to approval of name change and share consolidation by the shareholders of Wamco and the approval of the Business Combination by the shareholders of Generic Gold at their respective special meetings of shareholders. Pursuant to the LOI, each of Wamco and Generic Gold shall deliver voting support agreements in favour of the Business Combination from at least 60% of their shareholders, respectively. 

 

About Wamco

Wamco is a reporting issuer in the Provinces of Alberta and British Columbia and its common shares are not currently listed on any exchange or market. Wamco has no commercial operations, no assets, and minimal liabilities.

 

About Generic Gold 

Generic Gold was incorporated pursuant to the Business Corporation Act (Ontario) on May 30, 2017. Generic is a Toronto based mining company exploring targets in the Tintina Gold Belt in the Yukon territory of Canada. Since incorporation, Generic Gold has completed diamond drilling on its Livingstone project, trenching on its VIP project, and commenced reverse circulation drilling on its Goodman project. For information on Generic Gold’s property portfolio, visit the company’s website at genericgold.ca.

 

About Nevada Zinc 

Nevada Zinc is a discovery driven, early-stage mineral exploration company with a proven management team focussed on identifying unique opportunities in mineral exploration that can provide significant value to its shareholders.

While the Company continues to maintain a significant interest in the highly prospective Yukon gold properties through its majority ownership position in Generic Gold, the current focus of the Company is the exploration and advancement of the Lone Mountain Zinc Project comprised of 224 claims covering approximately 4,000 acres near Eureka, Nevada. 

The Lone Mountain Zinc Project is located in east-central Nevada and is easily accessible via paved and gravel roads northwesterly from Eureka where all essential services are available. The Project includes options, leases or purchase agreements to acquire 100% interests in all properties along the key structural trend for more than 4 kilometres.

The Company has completed 83 reverse circulation drill holes on the property and is currently carrying out a minimum 12 hole diamond drill hole program on the property. Results in the RC drilling programs showed numerous broad intervals of medium to high grade non-sulphide zinc mineralization in two locations both of which are located between surface and about 250 metres depth.  Initial diamond drill core assay results remain outstanding at this time, however, assay results are expected to be begin to be received commencing in October.

 

Additional information about the Company is available on the Company’s website: www.nevadazinc.com

Bruce Durham P.Geo, President and CEO of Nevada Zinc, is a Qualified Person, as that term is defined by Canadian regulatory guidelines under National Instrument 43-101, and has read and approved the technical information contained in this press release.

 

For further information contact:

Nevada Zinc Corporation 
Suite 1660 141 Adelaide St. West
Toronto, Ontario M5H 3L5
Tel: 416-504-8821

Bruce Durham, President and CEO
bdurham@nevadazinc.com 

www.nevadazinc.com

 

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

This news release may contain forward-looking statements including but not limited to comments regarding the timing and content of upcoming work programs, geological interpretations, receipt of property titles, potential mineral recovery processes, etc.  Forward-looking statements address future events and conditions and therefore, involve inherent risks and uncertainties.  Actual results relating to, among other things, the ability to complete the Business Combination, results of exploration, project development, reclamation and capital costs of the Company's mineral properties, and the Company's financial condition and prospects, could differ materially from those currently anticipated in such statements. These and other factors should be considered carefully and readers should not place undue reliance on the Company's forward-looking statements. The Company does not undertake to update any forward-looking statement that may be made from time to time by the Company or on its behalf, except in accordance with applicable securities laws.

Nevada Zinc Announces Restructuring of Yukon Gold Assets and Closing of First Tranche of Financing

Toronto, June 29, 2017 – Nevada Zinc Corporation (“Nevada Zinc” or the “Company”) (TSX-V: NZN) is very pleased to announce the restructuring of the Company’s Yukon gold assets and a concurrent financing, the net proceeds from which will be allocated to fund the 2017 and 2018 exploration programs for the Yukon gold assets.  Drilling is scheduled to begin during the second week of July.

 

The Company incorporated a wholly-owned private subsidiary, Generic Gold Corporation (“Generic”).  On May 30, 2017 Nevada Zinc vended, on a tax free basis, its Yukon gold properties into Generic.  As consideration for the sale of its gold properties to Generic, the Company received 25,000,000 common shares of Generic at a deemed value of $0.30 per share for aggregate share consideration of $7,500,000. 

 

Subsequent to the closing of the purchase and sale transaction with Nevada Zinc, Generic commenced financing activity to raise approximately $2,500,000 (the “Financing”).   In order to commence and fund exploration immediately a first tranche of the Financing closed on June 27th for aggregate gross proceeds of $890,500.  The first tranche consisted of units (“Units”) in the amount of $829,500 (2,765,000 Units) and flow-through units (“FT Units”) in the amount of $61,000 (152,500 FT Units).  The Units were priced at $0.30 per Unit and consisted of one common share of Generic and one common share purchase warrant.  Each warrant gives the holder the right to purchase one common share of Generic at a price of $0.50 per share and the warrant has an expiry date of 36 months from the final closing date of the Financing.  The FT units were priced at $0.40 per Unit and consisted of one common share of Generic and one common share purchase warrant.  Each warrant gives the holder the right to purchase one common share of Generic at a price of $0.50 per share and the warrant has an expiry date of 36 months from the final closing date of the Financing.  

 

A finders fee on the first tranche equal to 8% of the dollar amount of Units and FT Units sold and broker warrants equal to 8% of the number of Units and FT Units sold were paid by Generic.  The finders fee was paid in Units in lieu of cash and aggregated to 237,467 Units.  The broker warrants aggregated to 233,400 Units. A broker warrant gives the holder the right to purchase a Unit at $0.30 per Unit and the broker warrants expire 24 months after the Generic common shares are listed on a recognized stock exchange. 

 

Newly appointed President and CEO of Generic, Kelly Malcolm, commented on the commencement of Generic’s initial work program; “Bruce and the team at Nevada Zinc have built an impressive portfolio of properties and advanced several to the drill-ready stage. These properties are in strategic land positions and show signs of significant hydrothermal systems. The Yukon has seen a dramatic increase in mineral exploration activity within the past year. Since 2016, major gold producers have invested approximately $667 million into junior Yukon gold exploration companies through acquisitions, earn-in positions, or equity stakes. We are very excited to begin drill testing several of the multi-parameter targets generated by Nevada Zinc, as well as further advancing the properties for future drilling campaigns. The 2017 work program will include 1,500 metres of diamond drilling on Livingstone, 1,500 metres of RC drilling on Goodman, as well as induced polarization geophysics, trenching, soil sampling, and prospecting on all of our key projects to generate targets for future drilling campaigns.”

 

Highlights

  • Generic's exploration portfolio consists of ten properties with a total land position of 39,820 hectares within the Yukon Territory. Some of the projects are in close proximity to significant gold deposits, including Goldcorp’s Coffee project, Victoria Gold’s Eagle Gold deposit, and placer mining districts for which bedrock sources of gold have not been identified. Three of these properties, Livingstone, VIP, and Goodman, are in the advanced exploration stage with several drill-ready targets. 

 

  • The Livingstone Project (156 mineral claims) which covers an area of approximately 50 square kilometres, is located 85 kilometres northeast of Whitehorse, Yukon. Five west draining creeks, four of which have their headwaters on the Livingstone property, are renowned for the production of very coarse, multi-ounce placer gold nuggets. There has never been a hole drilled to test for gold in bedrock along the Livingstone project's 14 kilometre length. Recently released 2016 and 2017 Yukon government reports highlight areas on the Livingstone property as a potential source for the placer gold. Nevada Zinc has identified gold associated with galena bearing quartz veins in bedrock correlating to a target area identified by airborne and ground geophysics. Generic will be completing 1,500 metres of diamond drilling on the Livingstone project during the 2017 work program.

 

  • The VIP Project (837 mineral claims) covers 17 kilometres along the main structural trend from Goldcorp's recently acquired Coffee gold deposit (total indicated mineral resource of 63.7 million tonnes averaging 1.45 g/t Au for 2,968,000 ounces of contained gold, and a total inferred mineral resource of 52.4 million tonnes at an average grade of 1.31 g/t Au for 2,212,000 ounces of contained gold) at a cost of approximately $520 million. The VIP Project contains the East Big Creek target, a 700 metre long northwest trending gold-in-soil and pathfinder element geochemical anomaly that remains untested and open in both directions along strike. The anomaly is up to 250 metres wide. An extensive, prominent magnetic low in airborne magnetic data defines a northwest trending structure directly associated with the East Big Creek target that remains open ended and unexplored along trend for several kilometres. Generic will be completing trenching and prospecting during the 2017 field season, in preparation for a 2018 drilling campaign.

 

 

  • The Goodman Project (379 mineral claims) covers 20 kilometres of favourable stratigraphy located along the projection of the Potato Hills Trend and immediately southwest of Victoria Gold's Eagle Gold Deposit (222,193,578 tonnes indicated mineral resource grading 0.68 g/t Au containing 4,992,821 ounces gold and 77,930,767 tonnes inferred mineral resource grading 0.60 g/t Au containing 1,578,707 ounces gold). The Goodman Project covers the upper reaches of at least five current or historic placer creeks for which there is no known source for the gold. A recent Company airborne magnetic survey clearly outlines a 5 x 1.5 kilometre elongate felsic intrusion (termed the Murphy Intrusion) similar to the host felsic intrusion at the Eagle Gold Deposit. This magnetic anomaly correlates with numerous geochemical anomalies, particularly an extensive, prominent magnetic low in the airborne magnetic data along the southeast margin of the Murphy Intrusion that may reflect strong alteration, possibly the result of gold mineralizing fluids. Generic will be conducting 1,500 metres of RC drilling on the Goodman project during the 2017 field season, as well as trenching, IP geophysics, and soil sampling to further advance the property.

 

About Nevada Zinc

Nevada Zinc is a discovery driven, early-stage mineral exploration company with a proven management team focused on identifying unique opportunities in mineral exploration that can provide significant value to its shareholders. The Company’s existing projects are located in Nevada and Yukon.

For further information contact:

Nevada Zinc Corporation 
Suite 1660 – 141 Adelaide St. West
Toronto, Ontario M5H 3L5
Tel: 416-504-8821

Bruce Durham, President and CEO of Nevada Zinc Corporation
bdurham@nevadazinc.com

www.nevadazinc.com

Generic Gold Corporation 

Kelly Malcolm, President and CEO 

Tel: 647-299-1153

kmalcolm@genericgold.ca

 

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release.

This news release may contain forward-looking statements including but not limited to comments regarding the timing and content of upcoming work programs, geological interpretations, receipt of property titles, potential mineral recovery processes, etc.  Forward-looking statements address future events and conditions and therefore, involve inherent risks and uncertainties.  Actual results may differ materially from those currently anticipated in such statements.

Nevada Zinc Initiates Work Program Including Core Drilling On Its Lone Mountain Zinc Project

Toronto, June 22, 2017 – Nevada Zinc Corporation (“Nevada Zinc” or the “Company”) (TSX-V: NZN) is pleased to announce the commencement of its summer field work program in Nevada, which will include core drilling on the Company’sLone MountainZinc Project (the “Project”), located near Eureka, Nevada. 

President and CEO, Bruce Durham commented on the commencement of the work program; “We are very pleased to report the re-start of field operations on our Lone Mountain Zinc Project and our first core drilling program on the Project since acquiring our initial interests in the area in 2014, prior to the current level of significant investor interest in the global zinc market. In fact, this drilling program will be the first core drilling completed on the Project in more than 70 years”.

 

Highlights

  • Other than the 41 generally very shallow surface core drill holes completed during 1944 and 1945 to test for near surface zinc mineralization in the vicinity of the then active Mountain View Mine workings, no core drilling has been completed anywhere on the Project.
  • The Company plans to initially complete at least 12 holes in the first part of the work program (subject to expansion to more holes).
  • Total amount of drilling will be in excess of 2,000 metres or 6,560 feet in the first phase of the core drilling program. 
  • Reverse Circulation (“RC”) drilling by the Company to-date is comprised of 83 holes (12,200 metres) most of which have intersected zinc mineralization between surface and depths of approximately 250 metres (820 feet).
  • RC drill results include some very broad intervals of zinc mineralization with or without accessory lead mineralization. 
  • RC drill holes completed to the northwest of the historic Mountain View Mine site include highlight holes such as the Company’s first hole (LM-14-01) at its Discovery Area that returned a composite assay interval of 7.56% zinc+lead over 89.92 metres (295 feet) and hole LM-15-27 which intersected a 118.87 metre (390 feet) interval of mineralization averaging 10.32% zinc+lead.
  • The Company’s most recent Phase 5 RC drill program continued to produce excellent assay results with holes such as hole LM-16-56 which intersected 6.99% zinc+lead over 100.58 metres (330 feet). 
  • None of the historic core holes from the 1940’s tested the main zones of zinc mineralization more than 250 feet (76 metres) below surface and most of the holes intersected the mineralization at depths of less than 100 feet (30 metres).
  • Further surface evaluation of a new area of mineralization located to the southwest of the Mountain View Mine will also be undertaken in a new area of zinc mineralization discovered in late 2016.
  • The most easterly hole drilled on the main zone reported shallow mineralization near the east boundary of the Mountain View Mine property with intersections of 46 feet averaging 4.63% zinc and 17 feet averaging 8.8% zinc in the interval between 79 feet and195 feet.  
  • No core or reverse circulation drilling has ever been reported to the east of the Mountain View Mine property.
  • One of the deepest intersections in the historic core drilling program near the west boundary of the Mountain View Mine property, DDH-36, intersected two zones of mineralization: 31 feet grading 7.42% zinc and 26 feet grading 4.46% zinc.

 

HistoricCore Drilling Results - Summary Table

(1944-45) Shallow Drilling at Mountain View Mine – no core drilling occurred at the Company’sDiscovery Area which is approximately 250 metres to the northwest of the Mountain View Mine (see commentary on Discovery Area RC drilling above)

Screen Shot 2017-06-21 at 11.37.05 PM.png

The drill core assay results above are from 1944 and 1945 as summarized in a table in 1951-1952 and as such predate NI-43-101 standards for disclosure for mineral projects. The data is therefore to be considered historic, it is incomplete, and the assay methods are not known. No QA/QC is known to have been completed and therefore that information contained in this release must be considered to be historic in nature under NI 43-101 and therefore should not be relied upon. True widths have not and cannot be calculated for the intervals in the table above.

 

Sample Preparation and Quality Control

Supervision and organization of reverse circulation drilling chip samples was undertaken by Company personnel.  Samples were collected at 5 foot intervals from a rotating wet splitter assembly attached to the drill rig. Chip tray samples were collected from the reject side of the wet splitter. The splitter was adjusted to produce 10 to 20 pounds of sample.  Samples were collected from the drill in cloth bags by employees of New Frontier Drilling under the supervision of Company personnel.  Samples were catalogued by Nevada Zinc geologists and stored in a secure location.  Certified reference standards were placed in the sample stream of each drill hole at random intervals.  Blank material was also inserted at random intervals.

 

Assay Techniques

Preparation of the samples was done at the ALS Chemex Elko, NV facility.  A 250 gram master pulp was taken, then splits were sent to ALS’s North Vancouver, BC facility or their Reno, NV facility.  A 48 element package using a 4 acid digestion with ICP-AES and ICP-MS completed on all samples. For lead and zinc values exceeding the limits of the 48 element package (1% zinc or lead), the procedure was to use a 4 acid digestion with ICP-AES or AAS finish (ore grade analysis).  In the case of values exceeding the limits of the ore grade analysis (30% zinc, 20% lead), the procedure was to use specialized titration methods.  

 

Laboratory QA/QC

Quality control samples from the lab include numerous control blanks, duplicates and standards. Reference standards used include OREAS-133b, OREAS-134b, OGGeo08, and CZN-4.  No issues were noted with analytical accuracy or precision.  

ALS Chemex’s Reno, Elko, and North Vancouver locations have ISO/IEC 17025:2005 accreditation.

Bruce Durham P.Geo, President and CEO of Nevada Zinc, is a Qualified Person, as that term is defined by Canadian regulatory guidelines under National Instrument 43-101, and has read and approved the technical information contained in this press release.

 

The Lone Mountain Project

While the Company maintains its highly prospective Yukon gold properties and continues to advance them, the current focus of the Company is the exploration and advancement of the highly prospective Lone Mountain Zinc Projectcomprised of 224 claims covering approximately 4,000 acres near Eureka, Nevada. 

The Lone Mountain Project is located in east-central Nevada and is easily accessible via paved and gravel roads northwesterly from Eureka where all essential services are available. The Project includes options, leasesor purchase agreements to acquire 100% interests in all properties along the key structural trend for more than 4 kilometres.

An updated map showing the location of the Phase 5 drill holes is available on the Company’s website: www.nevadazinc.com

 

Stock Options

Pursuant to its Incentive Stock Option Plan the Company has issued to a director of the Company, effective June 20, 2017, 200,000 stock options with an exercise price of $0.35 per share and an expiry date of June 19, 2022.

 

About Nevada Zinc

Nevada Zinc is a discovery driven, early-stage mineral exploration company with a proven management team focused on identifying unique opportunities in mineral exploration that can provide significant value to its shareholders. The Company’s existing projects are located in Nevada and Yukon.

 

For further information contact:

Nevada Zinc Corporation 
Suite 1660 – 141 Adelaide St. West
Toronto, Ontario M5H 3L5
Tel: 416-504-8821

Bruce Durham, President and CEO
bdurham@nevadazinc.com

www.nevadazinc.com

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release.

This news release may contain forward-looking statements including but not limited to comments regarding the timing and content of upcoming work programs, geological interpretations, receipt of property titles, potential mineral recovery processes, etc.  Forward-looking statements address future events and conditions and therefore, involve inherent risks and uncertainties.  Actual results may differ materially from those currently anticipated in such statements.

Nevada Zinc Corporation Completes Oversubscribed Prospectus Offering of $2.2 Million

Toronto, Ontario--(Newsfile Corp. - May 29, 2017) - Nevada Zinc Corporation (TSXV: NZN) ("Nevada Zinc" or the "Company") is pleased to announce that it has completed its previously announced short form prospectus offering (the "Offering") of units ("Units") for aggregate gross proceeds of $2,200,249.80.

Nevada Zinc intends to use the net proceeds of the Offering for working capital and general corporate purposes, including continuing exploration and development of the Company's Lone Mountain Project in Nevada and its Yukon properties.

The Offering

Pursuant to the Offering, the Company issued an aggregate of 6,286,428 Units at the price of $0.35 per Unit (the "Offered Securities"). The Offered Securities are comprised of units consisting of one common share ("Common Share") of the Company and one-half of one Common Share purchase warrant ("Warrant"). Each whole Warrant is exercisable into one Common Share of the Company at a price of $0.50 per Common Share for a period of 24 months from the closing date of the Offering.

The Offering was led by Canaccord Genuity Corp. (the "Agent") as the sole lead manager and sole bookrunner. The Company granted the Agent an over-allotment option to sell up to an additional 15% of the Offered Securities pursuant to the Offering, exercisable in whole or in part at any time up to 60 days from the closing of the Offering, to cover over-allotments, if any (the "Over-allotment Option"). As of the closing date of the Offering, the Company issued 572,142 Offered Securities pursuant to the exercise of the Over-allotment Option granted to the Agent. The Agent also received a commission equal to 8% of gross proceeds of the Offering. In addition, the Company issued 502,914 non-transferrable options (the "Compensation Options") to the Agent. Each Compensation Option is exercisable for units consisting of one Common Share of the Company and one-half of one Common Share purchase warrant ("Agent Warrant"). Each whole Agent Warrant is exercisable into one Common Share of the Company at a price of $0.50 per Common Share for a period of 24 months from the closing date of the Offering.

Corporate Update

The Company plans to commence drilling operations in Nevada shortly. The main objectives of the next phase of drilling are to continue to expand the known limits of the zones of zinc mineralization and to provide additional assay data within the boundaries of the limits of the mineralization so that comprehensive models can be prepared as part of determining the size, extent and grade of the near surface zinc mineralization. The Company is also undertaking additional mineralogical and metallurgical test work on material from the various zones of mineralization to further determine possible concentration and dissolution properties of the mineralization. All zinc (and lead) mineralization discovered to date is non-sulphide and appears to be amenable to dense media concentration and furthermore appears to be dissolvable in either acid or base solutions. Concentration and dissolution details may prove to be important in any eventual plans to produce products from the mineralization for further processing on site or for materials to be shipped off-site for further processing.

The Company is also planning to carry out additional geological mapping, prospecting and geophysical surveys to aid in new target definition at other locations on the Lone Mountain property beyond the limits of the known mineralization.

Elsewhere, the Company is planning work programs on its VIP, Goodman and Livingstone gold projects in Yukon. The focus on these projects will be the continuing development of solid exploration targets that warrant drill testing. The Company has outlined targets on each of these large projects and the work planned for the upcoming field season will further refine these drill targets as well as hopefully identify new targets worthy of drill testing. Work in Yukon will commence in June.

Bruce Durham P.Geo, President and CEO of Nevada Zinc, is a Qualified Person, as that term is defined by Canadian regulatory guidelines under National Instrument 43-101, and has read and approved the technical information contained in this press release.

U.S. Disclaimer

This press release shall not constitute an offer to sell or the solicitation of an offer to buy the Offered Securities, nor shall there be any sale of the Offered Securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such jurisdiction. The Offered Securities will not be, and have not been, registered under the United States Securities Act of 1933, as amended, and may not be offered or sold within the United States to, or for the account or benefit of, a U.S. person.

About Nevada Zinc

Nevada Zinc is a discovery driven mineral exploration company with a proven management team focused on identifying unique mineral exploration opportunities that can provide significant value to its shareholders. The Company's existing zinc and gold projects are located in Nevada and Yukon, respectively.

For further information contact:

Nevada Zinc Corporation
Suite 1660, 141 Adelaide St. West
Toronto, Ontario M5H 3L5
Tel: 416-504-8821
Bruce Durham, President and CEO
bdurham@nevadazinc.com

www.nevadazinc.com

Neither the TSX-V nor its Regulation Services Provider (as that term is defined in the policies of the TSX-V) accepts responsibility for the adequacy or accuracy of this release.

CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS

This news release includes certain information and statements about management's view of future events, expectations, plans and prospects that constitute "forward looking statements", which are not comprised of historical facts. Forward-looking statements may be identified by such terms as "believes", "anticipates", "intends", "expects", "estimates", "may", "could", "would", "will", or "plan", and similar expressions. Specifically, forward looking statements in this news release include, without limitation, statements regarding: the closing of the Offering and the use of proceeds therefrom; the timing and content of upcoming work programs, geological interpretations, receipt of property titles, potential mineral recovery processes, and estimates of market conditions. These statements involve known and unknown risks, uncertainties, and other factors that may cause actual results or events, performance, or achievements of Nevada Zinc to differ materially from those anticipated or implied in such forward-looking statements. The Company believes that the expectations reflected in these forward-looking statements are reasonable, but there can be no assurance that actual results will meet management's expectations. In formulating the forward-looking statements contained herein, management has assumed that business and economic conditions affecting Nevada Zinc will continue substantially in the ordinary course and will be favourable to Nevada Zinc. Factors that may cause actual results to differ materially from those anticipated by these forward looking statements include: the need to satisfy regulatory and legal requirements with respect to the Offering; changes in equity markets, the Company's ability to raise additional capital if and when necessary; and other factors as described in detail in Nevada Zinc's Annual Information Form and Nevada Zinc's other public filings, all of which may be viewed on SEDAR (www.sedar.com). Given these risks and uncertainties, readers are cautioned not to place undue reliance on such forward looking statements and information, which are qualified in their entirety by this cautionary statement. Except as required by law, Nevada Zinc disclaims any intention and assumes no obligation to update or revise any forward looking statements to reflect actual results, whether as a result of new information, future events, changes in assumptions, changes in factors affecting such forward looking statements or otherwise.

Nevada Zinc Corporation Files Final Prospectus and Announces Pricing for Public Offering of Units

TORONTO, ONTARIO--(Marketwired - May 15, 2017) - Nevada Zinc Corporation ("Nevada Zinc" or the "Company") (TSX VENTURE: NZN) is pleased to announce that it has filed a final short form prospectus (the "Final Prospectus") relating to its previously announced public offering of units (the "Offering"). Pursuant to the Offering, Nevada Zinc will issue 5,714,286 units (the "Units") of the Company at the price of $0.35 per Unit for aggregate gross proceeds of $2,000,000 (the "Offered Securities").

The Offered Securities will be units consisting of one common share ("Common Share") in the Company and one-half of one Common Share purchase warrant ("Warrant"). Each whole Warrant shall be exercisable into one Common Share of the Company at a price of $0.50 per Common Share for a period of 24 months from the closing date of the Offering.

The Company has entered into an agency agreement (the "Agency Agreement") with Canaccord Genuity Corp. (the "Agent"), as sole lead manager and sole bookrunner in respect of the Offering. The Company has granted the Agent an over-allotment option to sell up to an additional 15% of the Offered Securities pursuant to the Offering, exercisable in whole or in part at any time up to 60 days from the closing of the Offering, to cover over-allotments, if any. The Company has agreed to pay the Agent a commission equal to 8% of gross proceeds of the Offering payable in cash or Offered Securities, or any combination of cash or Offered Securities at the option of the Agent. The Company has also agreed to issue to the Agent non-transferrable options (the "Compensation Options") entitling the Agent to subscribe for that number of Units as is equal to 8% of the number of Offered Securities sold pursuant to the Offering at a price of $0.35 per Unit. Each Compensation Option shall be exercisable for units consisting of one Common Share in the Company and one- half of one Common Share purchase warrant ("Agent Warrant"). Each whole Agent Warrant shall be exercisable into one Common Share of the Company at a price of $0.50 per Common Share for a period of 24 months from the closing date.

Nevada Zinc intends to use the net proceeds of the Offering for working capital and general corporate purposes, including continuing exploration and development of the Company's Lone Mountain Project in Nevada and its Yukon properties.

A copy of the Final Prospectus is available at www.sedar.com.

Subject to satisfying customary terms and conditions contained in the Agency Agreement and the receipt of all necessary approvals, including, the approvals of the TSX Venture Exchange (the "TSX-V") and applicable securities regulatory authorities, the Company expects that the closing of the Offering will occur on or about the week of May 25, 2017, or as otherwise agreed to between the Company and the Agent.

The Company has applied to list the Common Shares from the Offering on the TSX-V.

This press release shall not constitute an offer to sell or the solicitation of an offer to buy the Offered Securities, nor shall there be any sale of the Offered Securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such jurisdiction. The Offered Securities being offered will not be, and have not been, registered under the United States Securities Act of 1933, as amended, and may not be offered or sold within the United States or to, or for the account or benefit of, a U.S. person.

About Nevada Zinc

Nevada Zinc is a discovery driven mineral exploration company with a proven management team focused on identifying unique mineral exploration opportunities that can provide significant value to its shareholders. The Company's existing zinc and gold projects are located in Nevada and Yukon, respectively.

Neither TSX-V nor its Regulation Services Provider (as that term is defined in the policies of the TSX-V) accepts responsibility for the adequacy or accuracy of this release.

CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS

This news release includes certain information and statements about management's view of future events, expectations, plans and prospects that constitute "forward looking statements", which are not comprised of historical facts. Forward-looking statements may be identified by such terms as "believes", "anticipates", "intends", "expects", "estimates", "may", "could", "would", "will", or "plan", and similar expressions. Specifically, forward looking statements in this news release include, without limitation, statements regarding: the closing of the Offering and the use of proceeds therefrom; the timing and content of upcoming work programs, geological interpretations, receipt of property titles, potential mineral recovery processes, and estimates of market conditions. These statements involve known and unknown risks, uncertainties, and other factors that may cause actual results or events, performance, or achievements of Nevada Zinc to differ materially from those anticipated or implied in such forward-looking statements. The Company believes that the expectations reflected in these forward-looking statements are reasonable, but there can be no assurance that actual results will meet management's expectations. In formulating the forward-looking statements contained herein, management has assumed that business and economic conditions affecting Nevada Zinc will continue substantially in the ordinary course and will be favourable to Nevada Zinc. Factors that may cause actual results to differ materially from those anticipated by these forward looking statements include: the need to satisfy regulatory and legal requirements with respect to the Offering; changes in equity markets, the Company's ability to raise additional capital if and when necessary; and other factors as described in detail in Nevada Zinc's Annual Information Form and Nevada Zinc's other public filings, all of which may be viewed on SEDAR (www.sedar.com). Given these risks and uncertainties, readers are cautioned not to place undue reliance on such forward looking statements and information, which are qualified in their entirety by this cautionary statement. Except as required by law, Nevada Zinc disclaims any intention and assumes no obligation to update or revise any forward looking statements to reflect actual results, whether as a result of new information, future events, changes in assumptions, changes in factors affecting such forward looking statements or otherwise.

Nevada Zinc Corporation
Bruce Durham
President and CEO
416-504-8821
bdurham@nevadazinc.com
www.nevadazinc.com

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