Zinc One Provides Update On Bongará Zinc Project
May 24, 2017 (Source) — Zinc One Resources Inc. (TSXV: Z) (OTC Pink: ZZZOF) (Frankfurt: RH33) (“Zinc One”) is pleased to provide an update on its exploration program of the former producing Bongará Zinc Mine Project upon the formal closing of its acquisition of Forrester Metals Inc. (see news release dated May 16, 2017).
Planned Drill Program on Bongará Zinc Mine Project
Zinc One intends to commence a resource drill program of up to 300 shallow drill holes, subject to obtaining permits under application with the Ministry. The program plans to implement a tighter drill spacing in the zones of known mineralization as well as test zones on the periphery of the known mineralization. A trenching and pit sampling program will accompany the drill holes to provide further data for a resource estimate. Zinc One intends to have the program completed by year end and, if successful, issue a resource estimate and accompanying National Instrument 43-101 technical report.
Zinc One is fortunate to be able to incorporate previous exploration and engineering data into the aforementioned program. Zinc One will also initiate preliminary key studies to determine the best options for the environmental, mining and metallurgical aspects for the project.
This drill program is intended to confirm previous exploration results of high-grade, zinc-oxide mineralization on the Bongará Zinc Mine Project, which resulted in the following historical resource estimate:
|Historical Resource Category||Mineral Type||Tonnes||Zn (%)|
|Total M + I||Oxides||1,007,796||21.61|
(Note: Historical resource estimate was previously prepared on the Bongará Zinc Mine by the previous operator, Corianta S.A. in 2011. Please see cautionary statement on historical resource estimate below.)
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About Bongará Zinc Mine and Charlotte Bongará Zinc Project
This is the first time that both projects have been controlled by a single operator and this offers a unique opportunity to delineate a substantial high-grade, zinc-oxide mineralized zone along a 4 km long trend. The Bongará Zinc Mine zinc-oxide mineralization was discovered in 1974 and since then various companies have completed exploration programs across the area. The mineralization is concentrated along and proximal to a NW-trending anticlinal axis over approximately 2.5 kilometres. From the southeast edge of the project, the Mina Grande, Mina Chica and Bongarita mine areas were subject to sampling from pits and trenches as well as shallow drilling over a distance of approximately 1.2 kilometres. This zinc-oxide mineralization appears to continue to the northwest into an additional exploration area known as Campo Cielo, where additional high grade, zinc-oxide mineralization in historical pits and trenches was encountered.
The adjacent Charlotte Bongará Zinc Project lies approximately 2 kilometres from the Bongará Zinc Mine and was initially explored by Solitario Resources in 1994. Cominco Ltd. later completed five drill holes for 592 metres within the property, two of which encountered near-surface, high-grade, zinc-oxide mineralization. Between 2007 and 2011, Rio Cristal Zinc optioned the project and eventually drilled 95 drill holes for a total of 7,722 metres on the Cristal and Charlita prospects. Some of the Rio Cristal drill results included 29.5% Zn across 15.5 metres, 26.1% Zinc across 12.5 metres, 29.7% Zinc across 11.5 metres (the cited intervals are drill-intercept widths and true widths are unknown). These results warranted further exploration of the Campo Cielo area, the Charlotte Bongará zone and the 4 kilometer strike length between them.
About Zinc One Resources Inc.
Zinc One is a Vancouver based company focused on the acquisition, exploration and development of prospective and advanced zinc projects. Zinc One believes in the current and future fundamentals of the zinc supply and demand scenario and the continued growing demand for zinc in global industrial uses.
The technical content of this news release has been reviewed and approved by James Walchuck, CEO and Director of Zinc One and a qualified person as defined by National Instrument 43-101.
Cautionary Statement on Historical Resource Estimate
The historical resource estimate was prepared by the previous operator, Corianta S.A. in an internal report dated June 13, 2011 on the Bongará Zinc Mine. The historical resource estimate used “measure resources”, “indicated resources” and “inferred resources”, which are categories set out in National Instrument (“NI”) 43-101. These categories are considered relevant as it represents the main target for future exploration and development work on the Bongará Zinc Mine. The Qualified Person has not completed sufficient work to verify this historical estimate as a current resource estimate and is not treating the historical estimate as a current resource estimate. Additional surface samples, trench samples, and drill hole samples will be required to comply with NI 43-101 guidelines in order to provide a current resource estimate.
ON BEHALF OF THE BOARD OF DIRECTORS OF
ZINC ONE RESOURCES INC.
CEO and President
Information set forth in this news release contains forward-looking statements that are based on assumptions as of the date of this news release. These statements reflect management’s current estimates, beliefs, intentions and expectations. They are not guarantees of future performance. Zinc One cautions that all forward looking statements are inherently uncertain and that actual performance may be affected by a number of material factors, many of which are beyond their respective control. Such factors include, among other things: risks and uncertainties relating to Zinc One’s limited operating history, closing of the proposed transaction with Forrester and the need to comply with environmental and governmental regulations. Accordingly, actual and future events, conditions and results may differ materially from the estimates, beliefs, intentions and expectations expressed or implied in the forward looking information. Except as required under applicable securities legislation, Zinc One does not undertake to publicly update or revise forward-looking information.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the Exchange) accepts responsibility for the adequacy or accuracy of this release.
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