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Zincx Resources Corp
Symbol ZNX
Shares Issued 166,169,683
Close 2018-06-07 C$ 0.255
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Zincx plans 2,500 m drill program at Akie

2018-06-07 07:08 ET - News Release

Mr. Peeyush Varshney reports


Zincx Resources Corp. has released its plans for the 2018 field season for the 100-per-cent-owned Akie project. The company has outlined a comprehensive 2,500-metre diamond drill program that will focus on its 100-per-cent-owned Akie property.

The company also wishes to advise it is in the final stages of its preliminary economic assessment (PEA) on the Cardiac Creek deposit and expects to be able to announce results shortly.

2018 exploration plan highlights:

  • Drill test the southeastern strike extent of the Cardiac Creek deposit beyond the current limits of the resource model;
  • Drill test the north lead target by drilling downdip where previous drilling intersected extensive intervals of bedded pyrite mineralisation that are highly anomalous in zinc and lead and a thin massive sulphide lens; drill targeting to be guided by new facies model developed at Akie and Mt. Alcock;
  • Shallow drill targets at the Sitka showing to test the Zn-Pb-barite mineralization outcropping at surface and previously channel sampled in 2013 with high-grade assay results;
  • Expand upon the 2017 satellite-based structural study completed from Akie to Mt. Alcock by extending from the Kwad property to the north end of the Kechika regional claims, amounting to 100-per-cent coverage of all of the Akie and Kechika regional claim holdings;
  • Continue to evaluate forward modelling and proof-of-concept designs for ground geophysical surveys to "fingerprint" known sedex (sedimentary exhalative) mineralization, including the Cardiac Creek deposit, to assist in vectoring future ground surveys in Gunsteel formation.

2018 exploration plan

Planning for the 2018 exploration program has concluded and the field crew expects to begin mobilizing to the Akie camp by mid-June. Contractual arrangements have been finalized with several service providers.

The company has engaged Western Exploration Diamond Drilling Ltd. of Kamloops, B.C., to once again provide drilling services to the project. Western Exploration Drilling Ltd. has provided drilling services to the Akie project since 2011 and has been instrumental in allowing the company to effectively and efficiently define the Cardiac Creek deposit, and explore other targets on the Akie property.

The company has also engaged Canadian Helicopters Ltd. of Edmonton, Alta., to provide helicopter services for the duration of the exploration program. Canadian Helicopters Ltd. has bases located throughout the B.C. interior including: Smithers, Fort St. John and Terrace. Canadian Helicopters Ltd. is strategically located to support the program having recently providing similar services to the company in 2017 and with returning personnel is aptly suited to the local terrain and expected weather conditions.

Diamond drilling program

Sitka target

The 2018 exploration program will commence with several drill holes planned for the Sitka showing on the eastern panel of Earn group stratigraphy, located several kilometres east of the Cardiac Creek deposit. The Sitka showing was discovered in 2013 and remains untested by drilling. The Sitka is characterized by a zone of massive barite mineralization in a vein or healed fault structure with abundant galena (lead sulphide) and visible sphalerite (zinc sulphide). The showing is situated along the contact between the Earn group (Gunsteel shale) and Silurian siltstone.

Detailed mapping, channel sampling and soil sampling in the vicinity of the showing were completed in 2013. Channel and grab sampling on and along strike of the Sitka showing produced significant grade zinc-lead-silver-barite results indicative of a new sedex horizon on the eastern Akie panel. Significant channel assay results reported in 2013 from Sitka sampling include 5.1 per cent zinc over 0.7 metre from channel 1, 1.9 per cent Zn over 0.8 metre from channel 5, and 0.9 per cent Zn, 1.6 per cent Pb and 4,014 parts per billion silver over 2.4 metres from channel 3. Grab samples taken along strike of the main showing returned high-grade zinc-lead values including 43.55 per cent Zn and 48.95 per cent Pb. The true width, strike extent and depth dimension of the Sitka showing are unknown. The discovery of sedex-style mineralization in this locale has provided impetus for more focused exploration on the largely underexplored eastern Gunsteel panel on the Akie property.

Southeast target

Drilling will also target the southeastern strike extents of the Cardiac Creek mineral horizon beyond the current limits of the resource on the Akie property. The drilling will target Section 4000S which is an area previously untested and outbound of the Cardiac creek deposit limits by approximately 200 metres. Drill hole A-11-95 drilled in 2011 is the closest hole to the target and returned 24.6 metres (true width) of 3.07 per cent combined Zn-Pb, including a higher-grade interval of 9.8 metres (true width) of 4.98 per cent combined Zn-Pb. Successful drilling in this area would expand the deposit resource to the southeast.

North lead target

The company plans drill testing on the north lead zone which is located approximately three kilometres along strike to the northwest of the current limits of the Cardiac Creek resource model. Historical and recent drilling in this area has intersected a large system of laminar bedded pyrite with barite highly anomalous in both lead and zinc. Drill hole A-10-68 intersected 126.23 metres (apparent width) of low-grade zinc mineralization which, when compared with the newly derived facies model for Cardiac Creek, is suggestive of increasing grade of the mineralization lower in the section. This intersection in hole A-10-68 is comparable in character with the proximal facies mineralisation observed at the Cardiac Creek deposit. Drill hole A-13-104, drilled in 2013, also tested the north lead zone yielding similar results to A-10-68. The persistence of a low-grade hangingwall scenario appears to conform to modelling.

Additional exploration drill targets across the Akie property will be considered and include: the northwest extension, the newly developed structural targets coincident with anomalous soil geochemistry on the West Akie panel, and the massive south zinc anomaly, which is defined by a large (about two kilometres by 500 metres) zinc-in-soil anomaly which remains unexplained.

The diamond drill program is expected to start by third week of June and continue through to September.

Peeyush Varshney, president and chief executive officer, of the company, stated: "The past 15 months have been very busy and productive. We launched and concluded a successful 2017 drill program, updated and expanded the mineral resource at Cardiac Creek, announced positive metallurgical results from an extensive 12-week testing program, and we are anticipating the announcement of the first-ever PEA on the Cardiac Creek deposit shortly.

"The 2018 exploration program is primarily focused on finding new deposits and/or new zones of mineralization on the Akie property while we await recommendations from the PEA for future exploration on the Cardiac Creek deposit. Two thousand eighteen is shaping up to be another very busy year as we continue to dialogue with several interested mining and investment groups which clearly see the success at Cardiac Creek and like the future, long-life district potential of the Kechika regional properties. Talks are also under way with Teck Resources to determine best steps forward for exploration on the Pie option properties."

The Akie Zn-Pb-Ag project

The 100-per-cent-owned Akie property is situated within the Kechika trough, the southernmost area of the regionally extensive Paleozoic Selwyn basin and one of the most prolific sedimentary basins in the world for the occurrence of sedex zinc-lead-silver and stratiform barite deposits.

Drilling on the Akie property by Zincx Resources (formerly Canada Zinc Metals Corp.) since 2005 has identified a significant body of baritic-zinc-lead sedex mineralization known as the Cardiac Creek deposit. The deposit is hosted by siliceous, carbonaceous, fine-grained clastic rocks of the Middle to Late Devonian Gunsteel formation.

With additional drilling completed in 2017, the company has updated the estimate of mineral resources at Cardiac Creek, as shown in the associated table.

                  5-per-cent zinc cut-off grade          Contained metal             
Category        Tonnes      Zn      Pb       Ag       Zn         Pb        Ag
(million)                  (%)     (%)    (g/t)    (blb)      (blb)     (moz)

Indicated         22.7    8.32    1.61     14.1    4.162      0.804      10.3
Inferred           7.5    7.04    1.24     12.0    1.169      0.205       2.9

In addition to the Akie project, the company owns 100 per cent of eight of 11 large, contiguous property blocks that comprise the Kechika regional project including the advanced Mt. Alcock prospect. The Kechika regional project also includes the Pie, Yuen and Cirque East properties within which the company maintains a significant 49-per-cent interest with partners Teck Resources Ltd. and Korea Zinc Co. Ltd. These properties collectively extend northwest from the Akie property for approximately 140 kilometres covering the highly prospective Gunsteel formation shale; the main host rock for known sedex zinc-lead-silver deposits in the Kechika trough of northeastern British Columbia. These projects are located approximately 260 kilometres north-northwest of the town of Mackenzie, B.C.

Ken MacDonald, PGeo, vice-president of exploration for the company, is the designated qualified person as defined by National Instrument 43-101 and is responsible for the technical information contained in this release.

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