VANCOUVER, British Columbia, April 10, 2019 (GLOBE NEWSWIRE) -- InZinc Mining Ltd. (IZN.V) (the “Company”) announces it is planning summer exploration programs at the Indy zinc project (100% option) located 100km southeast of Prince George in central British Columbia. The additional, contiguous claims acquired by staking in Q3 2018 extended the property to over 25km in length and encompass an additional zinc-in-soil geochemical anomaly, called the Action anomaly. The Action anomaly was delineated by Noranda Exploration in 1989 and consists of multiple high contrast (up to 3400ppm) soil geochemical samples over a trend of 800m.
An aggregate length of 4.0 km of zinc-in-soil, in four separate anomalies, now comprise the Indy project. The 2019 exploration program will include extensive soil geochemical programs, commencing in June, to prioritize these targets for drilling. In 2018, a successful drill program tested an area of one anomaly and identified a new zone of near surface mineralization called the B-9 zone which remains open for expansion.
2018 Drill Program Identified New Zone of Near Surface Mineralization
The 2018 drill program, the Company’s first drill program at Indy, discovered shallow mineralization at the new B-9 zone at Anomaly B, including high-grade massive sulphide mineralization in holes IB18-009 and IB18-003 which are 250m apart and remain open for further exploration:
- 12.33% Zn, 2.98% Pb, and 24.46 g/t Ag (14.98% ZnEq) over 6.29m at 60m below surface
Hole IB18-003 (low core recovery)
- 9.26% Zn, 2.43% Pb and 17.98 g/t Ag (11.38% ZnEq) over 3.05m at 23m below surface
- 5.76% Zn, 0.48% Pb and 3.41 g/t Ag (6.18% ZnEq) over 6.73m at 56m below surface
Note: Drilled intersections are apparent widths only. ZnEq calculation: metallurgical studies have not been completed and assumes 100% metallurgical recovery using Zn prices at $1.10/lb., Pb at $.80/lb. and Ag at $15/oz – all $US.
Emerging Geological Model
The geological characteristics of the B-9 zone (see News Release NR2018-06) are analogous to a distinctive geological setting, termed vent-proximal, within a sedimentary hosted exhalative (Sedex) type depositional environment. Sedex type zinc deposits, the rarer exhalative “cousins” of volcanogenic massive sulphide (VMS) deposits, occur as clusters on a district scale and only within specific ages of sedimentary rock formations referred to as time horizons. The large and well-known deposits occur in the Yukon, northern and southern British Columbia, Australia and southern Africa. The Indy project is underlain by sedimentary formations correlated in age by the Geological Survey of Canada (Struik,1988) to the same time horizons hosting the Sedex deposits of northern British Columbia and the Yukon. With a large claim position (24km strike), new discoveries of shallow mineralization and extensive geochemical anomalies remaining to be tested, the Indy project provides multiple opportunities for new discoveries of this type in an unexplored region of central British Columbia. Indy is readily accessible by road from Prince George, the major hub for transportation and heavy industry in central British Columbia and is located 85km south of the Canadian National Railway.
Four Large Exploration Targets Now in Focus
To date, four large soil geochemical anomalies with an aggregate length of 4.0 km occur on the property. Preliminary drilling at the B-9 zone (a 270m long portion of Anomaly B) indicated that soil geochemistry is a cost-effective method of targeting sub-surface mineralization. Anomalies Action, C and D remain to be drill tested by the Company.
|Anomaly C||700m - open|
|Anomaly D||1.0km - open|
|Action||800m - open|
PX Project Term Sheet
On April 3, 2019, the Company signed a term sheet with Ash-ley Woods LLC (“Ash-ley”), a private limited liability company, for Ash-ley to earn a 35% interest in PX by completing an initial drill program. The PX project is a grassroots exploration stage project located in Utah and was acquired, by staking, in 2018.
InZinc is focused on growth in zinc through exploration and expansion of the advanced stage West Desert project (100%) in Utah and exploration of the early stage Indy project (100% option) in British Columbia. West Desert has a large underground resource open for expansion and has district scale exploration potential. A West Desert preliminary economic assessment completed in 2014 forecasted 1.6 billion pounds of zinc production over 15 years. Byproducts would include copper, magnetite and indium, the latter being identified by the United States in 2017 as a critical mineral.
Indy comprises near surface discoveries, large untested exploration targets and regional discovery potential. Both zinc projects are well located with easy access and existing infrastructure.
InZinc Mining Ltd.
|Chief Executive Officer |
|For further information contact: |
Vice President, Corporate Affairs
Brian McGrath, B.Sc., P.Geo. a Qualified Person as defined in NI43-101, has approved the technical content of this news release.
Quality Assurance/Quality Control
Drill core was collected from the drill site and delivered to the Indy Camp by InZinc staff. The core was logged, sample intervals were outlined and photographic records were collected. Core samples were split using a diamond saw at the camp with one-half of the core submitted for assay and the other half stored in wooden core boxes on site. The sawn core was bagged in individually marked plastic sample bags and shipments were compiled in labelled rice bags. Core shipments were delivered by InZinc contract geologists to Bandstra Transportation Systems Ltd. in Prince George, B.C. for furtherance to MS Analytical Services in Langley, B.C., Canada for analysis. Samples were prepared by MS Analytical and analyzed by ICP-AES and ICP-AES/MS. In addition to the labs QA/QC procedures, InZinc inserted a standard, blank or field duplicate every tenth sample. The results from the QA/QC samples were within industry norms.
Cautionary Note Regarding Forward-Looking Statements
This news release contains forward-looking statements and forward-looking information (collectively, “forward-looking statements”) within the meaning of applicable Canadian and US securities legislation. All statements, other than statements of historical fact, included herein including, without limitation, statements regarding the Company’s next shareholder meeting. Although the Company believes that such statements are reasonable, it can give no assurance that such expectations will prove to be correct. Forward-looking statements are typically identified by words such as: believe, expect, anticipate, intend, estimate, plan, design, postulate and similar expressions, or are those, which, by their nature, refer to future events. The Company cautions investors that any forward-looking statements by the Company are not guarantees of future results, performance, or actions and that actual results and actions may differ materially from those in forward-looking statements as a result of various factors, including, but not limited to, those risks and uncertainties disclosed in the Company’s Management Discussion and Analysis for the year ended December 31, 2017 filed with certain securities commissions in Canada and other information released by the Company and filed with the appropriate regulatory agencies. All of the Company's Canadian public disclosure filings may be accessed via www.sedar.com and readers are urged to review these materials, including the technical reports filed with respect to the Company's mineral properties.
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