VANCOUVER, BC / ACCESSWIRE / April 24, 2019 / ZincX Resources Corp. ("ZincX Resources" or "the Company", TSX Venture Exchange: ZNX) is pleased to announce that exploration plans are currently being finalized for the 2019 field season on the 100% owned Akie project. The Company has outlined a comprehensive diamond drill program focusing on the Cardiac Creek deposit building on the positive and robust results from the 2018 Preliminary Economic Assessment (PEA).
2019 Exploration Plan:
Planning for the 2019 exploration program is nearing completion and the Company expects to begin mobilizing field crews and drill equipment to the Akie camp by mid-June. Contractual arrangements are being finalized with several service providers. The diamond drill program is expected to start mid to late-June and continue through to September.
Diamond Drilling Program (Cardiac Creek Deposit):
The 2019 exploration program will focus on the central high-grade core of the deposit targeting the initial five years of future mine production identified in the PEA; with an intent to provide additional close-spaced drill intercepts to increase confidence in the current resource model as well as advance the existing studies to a prefeasibility level including metallurgical testing, geotechnical, and mining engineering assessments.
Plans are also underway to permit and execute a surface geotechnical and hydrogeological program to confirm site selection for key mine infrastructure areas identified in the PEA.
Mr. Peeyush Varshney, President and CEO of the Company, states; "We achieved a very significant milestone for the Akie project in 2018 with the completion and announcement of an economically positive and robust maiden PEA on the Cardiac Creek deposit. This year will be busy as we continue to dialogue with several interested mining and investment groups that recognize the strong economics of the Akie project as well as the future, long-life district potential of the Kechika Regional properties".
"The resource market remains challenging but ZincX Resources presents a huge opportunity for groups that are looking for high quality zinc assets. We believe Akie is one of the premier global zinc projects in a top tier jurisdiction with a demonstrated high-grade, large tonnage, mineable scale deposit with expansion potential and enormous district exploration prospectivity."
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.
The Company updated the estimate of mineral resources at Cardiac Creek in 2018, as follows:
5% Zinc Cut-Off Grade | Contained Metal: | ||||||
Category | Tonnes | 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. Key parameters for the PEA are as follows:
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.
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
SOURCE: ZincX Resources Corp.
View source version on accesswire.com:
https://www.accesswire.com/542798/ZincX-Resources-Announces-2019-Exploration-Plans-for-Akie
