Vancouver, British Columbia (FSCwire) - ZincX Resources Corp. (“ZincX
Resources” or “the Company”, TSX Venture Exchange: ZNX) is pleased to announce assay results from the first two diamond
drill holes of the 2018 exploration campaign which targeted the untested Sitka Showing.
The Sitka Zn-Pb massive barite showing, discovered in 2013, represents a new and untested
base metal target on the Akie property. The showing is hosted within the eastern thrust panel of prospective Gunsteel
Formation stratigraphy located on the eastern side of the Akie property, approximately 4 kilometres east of the Cardiac
Creek deposit. The showing is the first known occurrence of mineralisation on the eastern thrust panel
of the property.
The first two holes of the program totaled 508 metres and tested the down-dip extent of the Zn-Pb-barite
mineralisation that outcrops at surface. Previous channel sampling in 2013 on the showing returned significant Zn and Pb assay
results at or in the immediate vicinity of the showing.
Drill hole A-18-144 was a steeply angled hole targeting the down-dip extension of the massive mineralized barite
body seen at surface. Drill hole A-18-145 testing the same zone up-dip of the intercept in drill hole A-18-144. The showing is
situated along the highly prospective contact between the Earn Group (Gunsteel Formation shale) and Silurian Siltstone.
DDH A-18-144
Drill hole A-18-144 intersected intermittent sphalerite-bearing, smoky blue-grey quartz veins
within both the Road River Silurian Siltstone and underlying Kwadacha Limestone, from a downhole depth of 173.50 to 200.00
meters. The veining is concentrated, locally hosting abundant coarse-grained red-brown-tan
sphalerite. There appears to be two types of veining present, post-mineral white carbonate veins that form at
the margins of, or cross-cut, the sphalerite-bearing blue-grey quartz veins. There is scattered sphalerite
mineralisation present throughout the limestone, from 200 to 216 metres, within fractures and
stringers.
Two discrete intervals returned promising zinc results. The upper interval from 172.7 to 174.6
metres returned 3.5% Zn over a width of 1.9 metres, including 5.8% Zn over a width of 1.0 metre. A lower
interval from 196.7 to 201.8 metres returned 3.8% Zn over a width of 5.1 metres, including 11.3% Zn over 1.0
meter. Results are tabulated below.
DDH A-18-145
Hole A-18 145 also intersected sphalerite-bearing, smoky blue-grey quartz veins within the
Silurian Siltstone of the Road River Group. The mineralisation is characterized by quartz-carbonate veins that are variably
distributed from 148.1 to 176.1 metres. The mineralised veins are subsequently crosscut by a later generation of quartz-carbonate
veins. There are three distinct varieties of sphalerite within these veins: coarse red sphalerite, brown/tan
sphalerite (generally occurring interstitial to or at the margins of red sphalerite), and isolated grains of pale-yellow
sphalerite. The best interval returned 3.7% Zn over a width of 3.50 metres from a downhole depth of 168.1 to 171.5 metres,
including 11.1% Zn over a width of 0.9 metres. Results are tabulated below.
The drilling has traced sphalerite-bearing vein mineralisation approximately 100 metres below surface. The
mineralization intersected at depth below the Sitka target appears to be vein-related and does not appear to be associated with
the Sitka barite-sphalerite-galena vein/structure observed at surface. The lead and silver results are negligible so far in
limited drilling, and remain unexplained when compared to the channel sample results from surface sampling in 2013. More work is
required to understand the relationship of the massive barite structure at surface and the zinc mineralized quartz vein clusters
at depth.
Table of 2018 Drill Results
Drill Hole
|
From (m)
|
To (m)
|
Apparent Width (m)*
|
Zn (%)
|
A-18-144
|
172.72
|
174.59
|
1.87
|
3.54
|
incl
|
172.72
|
173.72
|
1.00
|
5.76
|
|
186.51
|
187.15
|
0.64
|
1.53
|
|
196.70
|
201.78
|
5.08
|
3.79
|
incl
|
196.70
|
200.00
|
3.30
|
5.73
|
incl
|
199.01
|
200.00
|
0.99
|
11.33
|
A-18-145
|
148.13
|
148.76
|
0.63
|
7.51
|
|
159.40
|
159.80
|
0.40
|
3.35
|
|
163.37
|
163.83
|
0.46
|
4.65
|
|
168.05
|
171.55
|
3.50
|
3.72
|
incl
|
168.05
|
168.91
|
0.86
|
11.09
|
|
175.09
|
175.69
|
0.60
|
2.36
|
*True width unknown at this time
Peeyush Varshney, President and CEO of the Company, commented; “We are pleased with the first-ever drill results
from the Sitka target; a promising zinc showing on the eastern panel of the Akie property. More
work is certainly warranted to determine orientation of veining, relationship to the surface showing, true thickness and
structural effects. We look forward to continuing work at Sitka to more thoroughly examine the zinc mineralization
potential.”
QA/QC
ZincX Resources has implemented a rigorous quality assurance/quality control program at the Akie property using
best industry practices. All drill core is logged for geology, structure, veining, alteration, mineralisation, and geotechnical
parameters. Sections of sulphide mineralisation are marked for sampling by a geologist and a series of standards, duplicates and
blanks are inserted into the sample stream for QA/QC purposes. Prior to the cutting of samples, all core boxes are photographed
for due diligence and record keeping purposes. The samples are split by a diamond saw, tagged and bagged and forwarded by bonded
carrier to Acme Labs (a Bureau Veritas Group Company) of Vancouver, BC, for analysis. Documentation recording the chain of
custody is kept for each shipment.
Drill core samples are prepared for analysis using the PRP70-250 sample preparation method. Assays for zinc, lead
and silver are obtained using AQ270 analytical package with sample digestion using aqua regia solution followed by ICP-ES and
ICP-MS analyses. Barium content is determined by LF301-Ba analytical package using LiBO2/LiB4O7 fusion and ACS grade nitric acid
followed by ICP-ES analysis. Overlimit values of lead and zinc are rerun using AQ371 analytical package using a hot aqua regia
solution followed by ICP-ES analyses. Specific gravity is measured on each drill core sample from the pulverized pulps using
SPG01 analytical package. Check assays on drill pulps are routinely conducted by ALS Minerals of North Vancouver, BC with their
OG46 analytical package using aqua regia digestion and ICP-ES analysis. All remaining drill core is stored at the Akie
exploration camp in steel fabricated core racks with all-weather metals roofs.
The Akie Zn-Pb-Ag Project
The 100% 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 follows:
5% Zinc Cut-Off Grade
|
Contained Metal:
|
Category
|
Tonnes
(million)
|
Zn (%)
|
Pb (%)
|
Ag (g/t)
|
Zn (B lbs)
|
Pb (B lbs)
|
Ag (M oz)
|
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
|
The Company announced robust positive results from the 2018 Preliminary Economic Assessment (PEA). The PEA
envisages a conventional underground mine and concentrator operation with an average production rate of 4,000 tonnes per day. The
mine will have an 18-year life with potential to extend the life-of-mine (LOM) through resource expansion at depth.
Pre-Tax
|
After-Tax
|
NPV7%
|
IRR
|
NPV7%
|
IRR
|
$649M
|
35%
|
$401M
|
27%
|
The base case parameters for the PEA used US$1.21/lb Zinc, US$1.00/lb Lead, and US$16.50/oz Silver
See ZNX news releases from June 20th, 2018 for important disclosures with respect to the Cardiac Creek
PEA.
The PEA is considered preliminary in nature and includes mineral resources, including inferred mineral resources
that are considered too speculative geologically to have the economic considerations applied to them that would enable them to be
categorized as mineral reserves. Mineral resources that are not mineral reserves have not yet demonstrated economic viability.
Due to the uncertainty that may be attached to mineral resources, it cannot be assumed that all or any part of a mineral resource
will be upgraded to mineral reserves. Therefore, there is no certainty that the results concluded in the PEA will be
realized.
Kechika Regional Project
In addition to the Akie Project, the Company owns 100% of eight of eleven 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% interest with partners Teck Resources
Limited (TSX: TECK.B) 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, British Columbia, Canada.
Ken MacDonald P.Geo., 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. Mike Makarenko P.Eng,
JDS Energy and Mining, is the designated Qualified Person as defined by National Instrument 43-101 and is responsible for the PEA
technical information contained in this release.
The TSX Venture Exchange has neither approved nor disapproved the contents of this press
release.
ON BEHALF OF THE BOARD OF DIRECTORS
ZINCX RESOURCES CORP.
“PEEYUSH VARSHNEY”
PEEYUSH VARSHNEY, LL.B
CEO & CHAIRMAN
To view the original release, please click here
Source: ZincX Resources Corp. (TSX Venture:ZNX)
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