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”.
- 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)
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.
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.
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
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
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 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.