Vancouver, British Columbia, Canada – Thursday, June 7, 2018 – ZincX Resources Corp. (“ZincX Resources” or “the Company”, TSX Venture Exchange: ZNX) is pleased to announce its plans for the 2018 field season for the 100% owned Akie project. The Company has outlined a comprehensive 2,500 metre diamond drill program that will focus on its 100% 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
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, British Columbia 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, Alberta to provide helicopter services for the duration of the exploration program. Canadian Helicopters Ltd. has bases located throughout the British Columbia 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% Zn over 0.7 metres from Channel 1, 1.9% Zn over 0.8 metres from Channel 5, and 0.9% Zn, 1.6% Pb & 4,014 ppb Ag 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% Zn and 48.95% Pb. The true width, strike extent and depth dimension of the Sitka showing is unknown. The discovery of SEDEX style mineralization in this locale has provided impetus for more focused exploration on the largely under-explored 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 % combined Zn+Pb, including a higher-grade interval of 9.8 metres (true width) of 4.98% 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 3 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 to 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 to 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 North West 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 (~2 kilometre by 500 metre) zinc-in-soil anomaly which remains unexplained.
The diamond drill program is expected to start by 3rd week of June and continue through to September.
Mr. Peeyush Varshney, President and CEO, of the Company states; "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. 2018 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 underway with Teck Resources to determine best steps forward for exploration on the Pie Option properties”.
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 |
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.
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
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ZincX Resources Corp.
Suite 2050 - 1055 West Georgia Street
PO Box 11121, Royal Centre
Vancouver, BC V6E 3P3
Canada
[email protected]