Canada Zinc Metals Provides Update on 2014 Exploration Program
Vancouver, British Columbia, Canada – Thursday, July 24, 2014 – Canada Zinc Metals Corp. (“Canada Zinc” or “the Company”, TSX Venture Exchange: CZX) is pleased to announce that the Company’s 2014 Akie delineation drill program, designed to test the perimeter and up-dip sections of the Cardiac Creek deposit, on the Company’s 100% owned flagship Akie property, has been completed.
Eight drill holes totaling 2,935 meters of HQ drill core were completed and the Cardiac Creek target zone was intersected in each drill hole. A total of 715 sawn core samples, including industry-standard QA/QC samples, were taken and submitted to Acme Labs in Vancouver BC, an ISO 9001 and 17025 certified assay and geochemical analytical lab. Results are pending and the Company anticipates having all results in-hand by the end of Fall.
Peeyush Varshney, President and CEO, states; "I am delighted that our team successfully executed the 2014 Drill Program. We completed eight drill intercepts on the Cardiac Creek deposit which we anticipate will again, similar to 2013, represent expansion of the known mineralization. We believe targeted in-fill and step-out drilling this season has both increased the dimensions of the deposit and elevated the level of confidence in the resource. The new drill results from Cardiac Creek will be incorporated into a planned update for the geological and resource model.”
Mr. Varshney added: “We completed the 2014 drill program on schedule, and under budget, such that we were able to add additional drill holes to our planned total. And we managed to get boots on the ground on the new Yuen North property, which is adjacent to our Mt. Alcock property. We completed reconnaissance soil sampling to extend historical soil survey coverage over the western panel of Gunsteel Formation. This should give us property wide soil coverage over an area where we have existing VTEM survey data; and anticipate soon having airborne gravity coverage.”
Airborne Gravity Survey
The Company anticipates completing an airborne gravity survey on the Akie and Mt. Alcock properties in 2014. This program is expected to commence in August and should be completed in approximately 10 days from initiation. The program is designed to delineate gravity anomalies within the highly prospective and conductive Gunsteel Formation and will add important geophysical survey coverage to the airborne VTEM survey that was completed in 2012. Coincident VTEM and gravity anomalies will be prioritized as drill targets for future exploration.
Optioned Properties: Teck 2014 Exploration Program
The Company owns 100% of eleven large, contiguous property blocks that make up the Akie and Kechika Regional projects. The Kechika Regional Project, including the Pie, Yuen, Cirque East and Mt. Alcock properties, extends 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. The southernmost project boundary is located approximately 260 kilometres northwest of the town of Mackenzie, British Columbia, Canada.
The Pie, Yuen and Cirque East properties are the subject of an option agreement concluded on September 9, 2013 with Teck Resources Limited (“Teck” TSX: TCK.B) and their JV partner, Korea Zinc Co., Ltd. ("Korea Zinc" KRX: KorZinc 010130). The option agreement would see Teck and Korea Zinc spend up to $8.5 million to earn up to 70% interest in the Pie, Yuen and Cirque East properties.
The Company has been advised by Teck that they have commenced a 2014 exploration program on the Company’s optioned properties - Pie, Yuen and Cirque East. As reported May 12, 2014, Teck planned an initial program of targeted geological mapping, selective rock and soil sampling on high priority targets, confirmatory core re-logging and sampling from historical Pie and Yuen drill core, and potentially geophysical surveys. The planned exploration activities are expected to exceed the required $500,000 in qualifying expenditures that are to be incurred by the 30th of September, 2014 as per the option agreement.
The Akie Zn-Pb-Ag Project
The 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 Canada Zinc Metals 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.
The Company has outlined a NI 43-101 compliant mineral resource at Cardiac Creek, including an indicated resource of 12.7 million tonnes grading 8.4% zinc, 1.7% lead and 13.7 g/t silver (at a 5% zinc cut-off grade) and an inferred resource of 16.3 million tonnes grading 7.4% zinc, 1.3% lead and 11.6 g/t silver (at a 5% zinc cut-off grade).
Ken MacDonald P.Geo., Vice President of Exploration, 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
CANADA ZINC METALS CORP.
PEEYUSH VARSHNEY, LL.B
CEO & CHAIRMAN