Nevada Zinc Announces Premium Priced Financing With Strategic Partner

TORONTO, Sept. 10, 2019 -- Nevada Zinc Corporation (“Nevada Zinc” or the “Company”) (TSX-V: NZN) is pleased to announce the closing of a financing (the “Financing”) with InCoR Holdings Ltd. (“InCoR”) at a premium of 78% above the closing price of the Company’s shares as of September 9, 2019. The Financing, a non-brokered private placement of common shares of the Company (the “Shares”) was completed at $0.08 cents per Share for proceeds of $100,000.

The 1,250,000 Shares issued pursuant to the Financing, when combined with the 6,800,000 Shares currently owned by InCoR, results in InCoR now owning 8,050,000 or 11.0% of Nevada Zinc’s issued and outstanding shares. The Company has no warrants outstanding.

The proceeds of the Financing will be used for general purposes and the advancement of the Company’s Lone Mountain Zinc Project in east Central Nevada.

Bruce Durham, President and CEO of Nevada Zinc commented on the announcement today: “InCoR has been a significant shareholder of Nevada Zinc for more than a year now and to have them now control more than 10% of the Company is a reflection of their continuing confidence in the Lone Mountain Project and the Company’s management team.” Mr. Durham further added: “the current financing allows us to continue to move the Lone Mountain project forward with ongoing funding participation from InCoR. InCoR also provides access to new proprietary zinc leach processing technology licenced by InCoR.”

The Shares issued under the Financing are subject to statutory hold period of four (4) months and a day from the date of issuance, in accordance with applicable securities legislation.

About Nevada Zinc

The Company is focused on its 100% owned Lone Mountain Zinc Project in east central Nevada where its has been working since 2014 on a significant zinc oxide/carbonate zone of mineralization. To date, the Company has completed 85 drill holes, an initial resource estimate and a Preliminary Economic Assessment (“PEA”) of the potential economic viability of the Lone Mountain Zinc Project under a variety of assumptions. In that regard, the Company recently announced the favourable results of the PEA indicating the potential economic viability of mining the zinc mineralization at the Company’s Lone Mountain Zinc Project. The PEA highlights strong potential economics for a low pre-production capital cost, a relatively simple, open pit mine and floatation plant operating, producing, and selling zinc concentrate for 12 years based on the current mineral resources. The operating rate of the mine is planned to be a nominal 800 tonnes per day. Using a long-term average zinc price of US $1.13 per pound and an 8% discount rate the Lone Mountain Project generates a pre-tax net present value (“NPV”) of US $56.4 M (CDN$75.2 M) and a pre-tax 40% internal rate of return (“IRR”). The after tax NPV (8%) is US$43.2 M (CDN$57.6 M) and the after tax IRR is 35%. At this point the PEA does not incorporate the potentially significant incremental economic benefits that could accrue to the Company from the conversion of zinc concentrate to high value add products such as zinc oxide and zinc sulphate (primarily fertilizer).

About InCoR - International Commodities and Restructuring

InCoR is a venture capital investor in the natural resources sector focused on the development and commercialization of minerals processing technologies. Its business model is to pair investment in minerals processing technologies with investment in mineral resources and processing facilities.

InCoR’s key management are experienced industry professionals in the disciplines of hydrometallurgy, geology, engineering design, construction, investment banking and private equity.

InCoR applies hydrometallurgical technologies to produce metal products using new technologies that have environmental benefits over alternative pyrometallurgical processing. Environmental sustainability is a key tenet of InCoR’s investment philosophy. InCoR holds interests in base metals, as follows:

Lead – processing technologies for recovery of lead from lead oxide and lead sulphide material utilising methane sulfonic acid as a leaching agent, paired with its investment in LeadFX Inc.;

Copper – processing technologies for leaching copper from copper concentrates containing copper sulphides including chalcopyrite concentrates and concentrates containing arsenic and antimony compounds, together known as the GALVANOXTM process;

Nickel – processing technology for recovery of nickel from nickel saprolite ore, known as the Starved Acid Leaching technology or SALT; and

Zinc – processing technology for recovery of high purity zinc oxide from zinc ore.

In rare and strategic metals, InCoR has investments in:

Indium – recovery of indium (and silver, gold and other precious and base metals) from complex oxide and sulphide ores; and

Rare Earths – recovery of high purity mixed rare earth oxide concentrates via its investment in Search Minerals Inc.

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.

Early Warning Report

Immediately prior to the closing of the Financing, InCoR held directly and indirectly 6,800,000 common shares or approximately 9.3% of the then 73,141,128 issued and outstanding common shares of the Company. Following the closing of the Financing, InCor held 8,050,000 common shares or approximately 11.0% of the total number of issued and outstanding Shares. The Shares were acquired by InCor for investment purposes, and depending on market and other conditions, InCoR may from time to time in the future increase or decrease ownership, control or direction over securities of the Company, through market transactions, private agreements, or otherwise. For the purposes of this notice, the address of InCoR is Palladium House, 1-4 Argyll Street, London, England, W1F 7LD.

In satisfaction of the requirements of the National Instrument 62-104 - Take-Over Bids And Issuer Bids and National Instrument 62-103 - The Early Warning System and Related Take-Over Bid and Insider Reporting Issues, Early Warning reports respecting the acquisition of common shares by InCoR will be filed under the Company’s SEDAR Profile at www.sedar.com.

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

Caution Regarding Forward-Looking Statements

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, 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.

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.