Toronto, Canada, June 9, 2016 – Nevada Zinc Corporation (“Nevada Zinc” or the “Company”) (TSX-V: NZN) is pleased to report assay results for the first two drill holes from its ongoing drill program on the Company’s highly prospective Lone Mountain zinc project located near Eureka, Nevada. The results reported are for only two holes completed on one horizon and are the first results from a program of more than 20 drill holes to be drilled at the historic Mounatin View Mine property.
President and CEO, Bruce Durham commented, “Drilling in the very shallow near surface portion of one of the zinc targets shows strong zinc mineralization within 28 metres or 100 feet of surface. The mineralization is hosted in brecciated and structurally prepared carbonate rocks similar to the areas we tested in our earlier work farther to the west. Drilling is proceeding and it is heartening to see strong zinc mineralization at this location near the western boundary of the Mountain View Mine property and at such a shallow depth. It will be interesting to see what we intersect elsewhere on this and other zinc zones we are testing across the Mountain View property.”
Highlights – First Two Holes at the Mountain View Mine Property
Assays are available for the first two holes at this time with results from 20 additional holes expected in the coming weeks.
The first two holes were drilled from the same drill pad with a separation of approximately 50 metres (165 ft.) on the zinc mineralized zone. The holes were located near the west boundary of the Mountain View Mine property.
Hole LM-16-37 (-90 degrees) intersected zinc mineralization at a vertical depth of 68.6 metres (225 ft.) A 4.57 metre (15 ft.) interval from 68.58 to 73.15 metres (225-240 ft.) averaged 4.45% zinc.
Hole LM-16-38 (-45 degrees) intersected zinc mineralization at a vertical depth of 28 metres (92 ft.). A 24.38 metre (80 ft.) interval from 41.15 to 65.53 metres (135-215 ft.) averaged 7.7% zinc.
The zinc target tested in these short drill holes is one of two or more zinc zones in the area near some historic small scale mining on the Mountain View mine property that occurred nearly 50 years ago. That mining was apparently focused on narrow high grade zinc rich fractures with the material hand sorted and direct shipped to a smelter for processing.
Additional drill holes are planned for this target and other nearby targets as part of a program to delineate near surface zinc mineralization that could potentially be mined using open pit mining methods.
Sample Preparation and Quality Control
Supervision and organization of reverse circulation drilling chip samples was undertaken by Nevada Zinc personnel. Samples were collected at 5-ft 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 10-20 lbs of sample. Samples were collected from the drill in cloth bags by employees of New Frontier Drilling under the supervision of Nevada Zinc 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, is a qualified person, as that term is defined by National Instrument 43-101, on behalf of the Company and has approved the contents contained in this press release.
The International Zinc Association website; (www.zinc.org) is a good source of information on zinc and its varied uses.
Teck, the world’s third largest zinc miner provided a review of the zinc market in its shareholder day presentation (March 30, 2016): http://www.teck.com/investors/presentations-webcasts/teck-s-investor-and-analyst-day—march-30 Slides111-117. The slides clearly depict a looming significant zinc deficit for many years to come due to continued growing demand for zinc offset by mine closures and a lack of new investment.
The current global weighted average mine grade for zinc operations, both open pit and underground, is now below 5% zinc (see Teck ppt).
Additional zinc information is also available on the Nevada Zinc website (www.nevadazinc.com).
About Nevada Zinc
Nevada Zinc is a discovery driven mineral exploration company with a proven management team focussed on identifying unique opportunities in mineral exploration that can provide significant value to its shareholders. The Company’s existing zinc and gold projects are located in Nevada and Yukon, respectively.
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 its 100% owned Lone Mountain zinc project (the “Project”), comprised of 218 claims covering approximately 4,000 acres. Nevada Zinc is currently drilling at the Project (see press release dated May 24, 2016).
The 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 now includes the historic zinc mine known as the Mountain View Mine.
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 may differ materially from those currently anticipated in such statements.