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Nevada Zinc Corp
Symbol NZN
Shares Issued 73,141,128
Close 2017-11-15 C$ 0.22
Market Cap C$ 16,091,048
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Nevada Zinc's Generic conducts work program at VIP

2017-11-16 02:23 ET - News Release

Mr. Bruce Durham reports

NEVADA ZINC REPORTS ON MAJORITY OWNED GENERIC GOLD CORPORATION'S EXPLORATION PROGRAM ON THE VIP GOLD PROJECT

Majority-owned Generic Gold Corp. has provided Nevada Zinc Corp. 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 per cent 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 chief executive officer 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 by 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 million ounces gold of proven plus probable reserves; 780,000 ounces gold of measured and indicated resources; and 1.15 million ounces gold of inferred resources (Goldcorp mineral reserves and 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 the following.

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-plus-metre-long northwest-trending gold-silver-bismuth-molybdenum-copper-lead-zinc-selenium-tellurium-mercury 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 downward 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 channellized along the structural corridors. Oxidation appears to be channelled 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 five-metre spacings. The geoprobe drilling was done to penetrate through permafrost that limits the effectiveness of soil sampling, 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 were 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 were 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, National Instrument 43-101 feasibility study technical report for the Coffee gold project, Yukon Territory, Canada, effective Jan. 6, 2016, pages 7 to 19.

Goldcorp mineral reserves and mineral resources as of June 30, 2017.

About Nevada Zinc Corp.

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.

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 composed of 224 claims covering approximately 4,000 acres near Eureka, Nev.

In addition, the company has recently expanded its project portfolio by acquiring the rights under an option agreement to earn up to an 80-per-cent interest in the MacBride zinc project in Northern Manitoba (see the company's press release dated Oct. 23, 2017).

Bruce Durham, PGeo, president and chief executive officer 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.

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