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.”
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.
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.
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
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 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.