Toronto, Ontario – November 25, 2015 – Nevada Zinc Corporation (“Nevada Zinc” or the “Company”) (TSX-V: NZN) is pleased to announce that it has secured significant exploration data from exploration and mining work carried out at its recently acquired Mountain View Mine (“MVM”) and the surrounding area, in some cases dating back more than 70 years. The recently acquired data which came from two separate sources significantly enhances the data available to-date on the MVM property and expands the limit of the known mineralization on the Company’s Lone Mountain project. The files include partial diamond drill core assay results for 37 of 41 diamond drill holes completed on or near the recently acquired MVM property.
President and CEO, Bruce Durham commented on the acquisition of the historic data, “it always increases our understanding of a project when we can indirectly have the assistance of the previous operators. There are details in historic maps and reports that are of great assistance in the planning of our future exploration programs. In this case we have old drill results, maps of underground workings, geological maps of some underground workings as well as old smelter settlement records for ore shipments, all of which will be very helpful in moving our Lone Mountain project forward.”
- Records indicate that there were 41 generally very shallow surface drill holes completed during 1944 and 1945 to test for near surface zinc mineralization in the vicinity of the MVM mine workings and extending to the west to the general vicinity of the up-dip projection of the Company’s Discovery Zone of mineralization.
- 33 holes are reported to have been drilled at a variety of angles, dips and and to various lengths. Virtually all of these holes intersected significant intervals of zinc mineralization.
- 28 holes were drilled on or in close proximity to the MVM property and stretch across the projected strike length of the main zone from the west boundary to the east boundary of the MVM property, a distance of 180 metres.
- None of these diamond drill holes are reported to have tested the main zones of zinc mineralization more than 250 feet below surface and most of the holes intersected the mineralization at depths of less than 100 feet.
Summary of Historic Information
- The Company is working to ascertain the actual location of the holes so they can be included in an updated database of hole locations and drill hole intercepts. The holes can then be updated onto a longitudinal section in the plane of the main Discovery Zone of mineralization.
- The most easterly hole drilled on the main zone reported shallow mineralization near the east boundary of the MVM property with intersections of 46 ft averaging 4.63% zinc and 17 feet averaging 8.8% zinc in the interval between 79 feet and 195 feet. It is not known if additional intervals were analyzed. No drilling is reported to the east of the MVM property.
- The diamond drill hole assay intervals are all shallow and all of the drill holes on the MVM property are drilled at elevations of 100 feet above the collars of the Company’s drilling on its Discovery Zone of zinc and lead mineralization. No diamond drill holes tested the main zone of zinc mineralization at depths at which the Company has intersected broad zones of high grade zinc mineralization. One of the deepest intersections in the historic program near the west boundary of the MVM property, DDH -36 intersected two zones of mineralization: 31 feet grading 7.42% zinc and 26 feet grading 4.46% zinc. The bottom of the deeper section is at 226 feet below the collar of the hole.
- The Company will provide further commentary and results on the data review as the evaluation of the data progresses. What can be said is that the work appears to have been carried out in a detailed and methodical manner.
- The data obtained is all more than 60 years old and is therefore historic, incomplete, the assay methods are not known. No QA/QC is known to have been completed and therefore the information contained in this release must be considered to be historic in nature under NI 43-101 and therefore should not be relied upon. The Company does, however, consider the data to be of significance and of value for future work programs on the property.
- Initial indications are that core recovery in the mineralized zones was very poor in some cases (not uncommon given drilling techniques 70 years ago).
Drill Plan Map
Historic Drill Hole Results
|DDH ID||Depth (ft)||From (ft)||To (ft)||Width (ft)||% Zn|
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 starndards 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 the information contained in this release must be considered to be historic in nature under NI 43-101 and therefore should not be relied upon. The drill collar locations and azimuths are being verified to help dertermine the quality of the historical work. True widths have not and cannot be calculated for the intervals in the table above. All data is in feet: to convert to metres multiply by 0.3048
The Mountain View Mine Property
Little information was readily available on the operations at the historic Mountain View Mine at the time the Company purchased the MVM property. In a Nevada State report by Roberts, R.J., Montgomery, K.M., and Lehner, R.E., (1967) and titled Geology and Mineral Resources of Eureka County, Nevada, Nevada Bureau of Mines and Geology, Bull. 64, the following is indicated:
Production years were from 1942-1964 and production totalled 4,952,627 lb of zinc, 649,579 lb of lead, 4,040 oz of silver and 600 lb of copper (no data provided or available for 1950).
Roberts et al (1967) reported the first claims were located in the area in 1920 for zinc. Production was small until 1942 when high grade zinc carbonate was discovered on the Mountain View claim. An underground mine was established with levels on the 44-foot and 82-foot levels. Production in 1942-1943 totalled 2,284 short tons grading 28.8% zinc and 4% lead. Production to 1964 amounted to 4,952,627 lb. of zinc, 649,579 lb. of lead, 4,040 oz of silver and 600 lb of copper. The mineralogy of the ore was reported to be smithsonite, zincite, hydrozincite and cerussite, malachite, and azurite. It was reported that small amounts of sulphide were present locally, principally, sphalerite, galena, chalcopyrite, and pyrite. A small drill program was reported to have been completed in areas proximal to the MVM properety which indicated the presence of additional mineralization. Mineralization is located within brecciated Devils Gate Limestone and is thought to be structurally controlled, perhaps at the intersection of two fault systems (Roberts et al.).
It is not known if any mining or exploration has been completed on the MVM property since 1964.
About The Lone Mountain Project
The Lone Mountain project (the “Property”) which is 100% owned by the Company is comprised of 218 claims covering approximately 4,000 acres and is subject to certain terms as per the underlying lease agreements disclosed on SEDAR (press release June 24, 2014 and various other filings including the Company’s MD&A’s filed on SEDAR).
The Property 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 Property nowincludes the Mountain View Mine.
Bruce Durham, P.Geo, is a qualified person as that term is defined by National Instrument 43-101 on behalf of the Company and has approved the scientific and technical content contained in this press release.
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. The Company’s existing projects are located in Nevada and Yukon.
For further information contact:
Nevada Zinc Corporation
Suite 612 - 390 Bay St.
Toronto, Ontario M5H 2Y2
Bruce Durham, President and CEO
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 may differ materially from those currently anticipated in such statements.