- 5,000 metres planned at Lemarchant Zn-Pb-Cu-Ag-Au
Deposit
- Ground EM geophysics in progress over three priority targets
area
CZN-TSX
CZICF-OTCQB
VANCOUVER, July 4, 2017 /CNW/ - Canadian Zinc
Corporation (TSX: CZN; OTCQB: CZICF) ("the Company" or
"Canadian Zinc") is pleased to announce it has resumed its
diamond drilling exploration program at the Company's wholly owned
South Tally Pond zinc-lead-copper-silver-gold project in central
Newfoundland.
The South Tally Pond project is host to the Lemarchant massive
sulphide deposit, a significant precious metal-rich
copper-lead-zinc volcanogenic massive sulphide ("VMS") resource
with expansion potential as well as numerous other drill-ready
targets.
The 2017 summer drill program will consist of up to 5,000 metres
in 24 diamond drillholes and is designed to continue to test for
mineralized extensions to the Lemarchant massive sulphide deposit.
The drill program will initially focus on further testing and
defining the up-dip mineralization discovered during the 2017
winter drill program (see news release April
18, 2017) followed, by further drill testing at the
Lemarchant Northwest Zone.
Highlights of the recent 2017 winter drilling program to be
followed up in this summer program include significant up-dip
extensions to the Lemarchant massive sulfide deposit on section
102+50N and 101+25N including:
LM17-115 (102+50N): 10.23% zinc, 2.19% lead, 0.78% copper,
148.4 g/t silver, 2.41 g/t gold over 7.1 m
LM17-116
(102+50N): 14.06% zinc, 6.27% lead, 1.88% copper, 382.9 g/t silver,
2.01 g/t gold over 6.0 m
LM17-110 (101+25N): 11.20% zinc, 0.46% lead, 0.94% copper,
46.3 g/t silver, 1.06 g/t gold over 6.9 m
LM17-111
(101+25N): 2.84% zinc, 1.01% lead, 0.75% copper, 73.4
g/t silver, 0.45 g/t gold over 3.8 m
The summer drill program will also include initial drill testing
of previously defined electromagnetic ("EM") geophysical anomalies
at the North and South Lemarchant target areas, located
approximately 500 metres along strike of the Lemarchant
deposit.
A ground EM geophysical program is also underway at the South
Tally Pond project with the aim of defining new drill targets. The
geophysical program is focused on three priority target areas
located immediately south and east of the Lemarchant deposit. Each
area is associated with airborne EM conductors that remain untested
by drilling.
At the Spencers Pond prospect, located approximately 2 km
southwest of the Lemarchant deposit, initial drill testing of newly
defined EM targets is also being planned. In this area, a
single, historic drillhole intersected massive sulphide (pyrite)
over 0.5 metres associated with geochemically similar mudstones to
that which overly the Lemarchant deposit.
South Tally Pond Project
The South Tally Pond project covers approximately 13,700
hectares and is located in a proven mining district in the same
productive volcanic belt as the past-producing Duck Pond Cu-Zn
Mine, owned by Teck Resources. The Lemarchant deposit is situated
20 km southwest of Duck Pond. An initial NI43-101 mineral resource
estimate completed on the Lemarchant deposit in 2012 reported an
Indicated Resource of 1.24 million tonnes with an average grade of
5.45% Zn, 0.58% Cu, 1.19% Pb, 1.01 g/t Au and 59.17 g/t Ag; and an
Inferred Resource of 1.34 million tonnes with average grade of
3.70% Zn, 0.41% Cu, 0.86% Pb, 1.00 g/t Au and 50.41 g/t Ag.
About Canadian Zinc
Canadian Zinc is a TSX-listed exploration and development
company trading under the symbol "CZN". The Company's key project
is the 100%-owned Prairie Creek Project, a fully permitted,
advanced-stage zinc-lead-silver property, located in the
Northwest Territories.
Canadian Zinc also owns an extensive land package in central
Newfoundland that it is exploring
for copper-lead-zinc-silver-gold deposits. These include the
South Tally Pond project (Lemarchant deposit);
Tulks South project (Boomerang-Domino and Tulks East
deposits) and Long Lake
project (Long Lake deposit).
The Company's exploration strategy in central Newfoundland is to continue to build on its
existing polymetallic resource base with the aim of developing
either a stand-alone mine, similar to the past-producing base metal
mines at Buchans and Duck Pond, or
a number of smaller deposits that could be developed simultaneously
and processed in a central milling facility. The 2016 metallurgical
research program concluded that Lemarchant is a priority deposit
for a potential central milling facility and should be explored
aggressively for additional mineralization.
Cautionary Statement – Forward-Looking
Information
This press release contains certain
forward-looking information, including, among other things, the
expected completion of acquisitions and the advancement of mineral
properties. This forward looking information includes, or may be
based upon, estimates, forecasts, and statements as to management's
expectations with respect to, among other things, the completion of
transactions, the issue of permits, the size and quality of mineral
resources, future trends for the company, progress in development
of mineral properties, future production and sales volumes, capital
costs, mine production costs, demand and market outlook for metals,
future metal prices and treatment and refining charges, the outcome
of legal proceedings, the timing of exploration, development and
mining activities, acquisition of shares in other companies and the
financial results of the company. There can be no assurances that
such statements will prove to be accurate and actual results and
future events could differ materially from those anticipated in
such statements. Mineral resources that are not mineral reserves do
not have demonstrated economic viability. Inferred mineral
resources are considered too speculative geologically to have
economic considerations applied to them that would enable them to
be categorized as mineral reserves. There is no certainty that
mineral resources will be converted into mineral reserves.
Michael J. Vande Guchte,
P.Geo., VP Exploration NL for Canadian Zinc Corporation is a
Qualified Person as defined by NI 43-101 and has reviewed and
approved the contents of this press release.
Cautionary Note to United States Investors
The
United States Securities and Exchange Commission ("SEC") permits
U.S. mining companies, in their filings with the SEC, to disclose
only those mineral deposits that a company can economically and
legally extract or produce. We use certain terms in this press
release, such as "measured," "indicated," and "inferred"
"resources," which the SEC guidelines prohibit U.S. registered
companies from including in their filings with the SEC.
SOURCE Canadian Zinc Corporation