NZC-TSX
NORZF-OTCQB
VANCOUVER, Jan. 3, 2019 /CNW/ - NorZinc Ltd.
(TSX NZC; OTCQB NORZF) ("NorZinc" or "the Company") is
pleased to provide an update on 2019 plans for the Company's
100%-owned base metal projects in Newfoundland. Plans for 2019 include:
- Reduce land holdings and maintain the core land position that
includes:
-
- 3 base metal deposits having National Instrument (NI) 43-101
compliant resource estimates; and
- the Tulks East historic base metal resource.
- Advance specific economic and structural studies on the
Lemarchant deposit.
- Consider optioning out key land holdings with high gold
exploration potential.
Base Metal Deposits
NorZinc'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
utilizing a number of NorZinc's deposits that could be developed
simultaneously and processed in a central milling facility.
The Company holds three, high-grade zinc-lead-copper-gold-silver
volcanogenic massive sulphide ("VMS") deposits with NI 43-101
compliant resources, and which have excellent potential for
expansion. NorZinc intends to focus its exploration on priority
targets at these three established deposits with the aim of
increasing the resource base. Current NI 43-101 compliant resources
are:
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Deposit
|
Category
|
Tonnes
|
Cutoff
|
Zn
(%)
|
Pb
(%)
|
Cu
(%)
|
Au
(g/t)
|
Ag
(g/t)
|
Barite
(%)
|
Lemarchant
1.
|
Indicated
|
2,420,000
|
4%
ZnEq
|
6.15
|
1.60
|
0.68
|
1.22
|
64.04
|
23.53
|
|
Inferred
|
560,000
|
4%
ZnEq
|
4.68
|
1.08
|
0.45
|
1.06
|
44.67
|
13.11
|
|
|
|
|
|
|
|
|
|
|
Boomerang-
|
Indicated
|
1,365,000
|
1% Zn
|
7.1
|
3.0
|
0.5
|
1.7
|
110
|
-
|
Domino
2.
|
Inferred
|
690,000
|
1% Zn
|
6.5
|
2.8
|
0.4
|
1.0
|
95
|
-
|
|
|
|
|
|
|
|
|
|
|
Long Lake
3.
|
Indicated
|
480,000
|
7% ZnEq
|
7.8
|
1.6
|
0.97
|
0.57
|
49.0
|
-
|
|
Inferred
|
78,000
|
7% ZnEq
|
5.7
|
1.2
|
0.70
|
0.48
|
34.0
|
-
|
1.
|
NI 43-101 Technical
Report filed on SEDAR by NorZinc Ltd., October 2018, Mercator
Geological Services Limited.
|
2.
|
NI 43-101 Technical
Report filed on SEDAR by Messina Minerals Inc., August 2007,
Snowden Mining Industry Consultants Inc.
|
3.
|
NI 43-101 Technical
Report filed on SEDAR by Messina Minerals Inc., April 2012, SRK
Consulting (Canada) Inc.
|
In addition, the Company is reviewing its Tulks East claim block
where a recently completed gravity geophysical survey in the
immediate vicinity of the Tulks East deposit area has generated
additional exploration targets. The Tulks East deposit has a
historical resource of 4.3 million tonnes of pyritic sulphide
mineralization (Lens A) 2.9% Zn, 0.2% Pb, 0.4% Cu and 14.7 g/t Ag
and 0.3 million tonnes of pyritic sulphide mineralization (Lens B)
grading 10.3% Zn, 1.3% Pb, 0.8% Cu, 81.2 g/t Ag and 0.68 g/t
Au. Drilling by the Company in 2014 demonstrated that base
metal grades in Lens A increased with depth and down-plunge.
The Tulks East historical resource was estimated by Noranda in
1998 but a Qualified Person, as defined by NI 43-101, has not done
sufficient work to classify this historical estimate as current
mineral resources. NorZinc is not treating the historical estimate
as current mineral resources, as defined by NI 43-101, and the
historical estimate should not be relied upon.
Gold Exploration
NorZinc holds some key ground that covers a regional,
gold-bearing structural corridor that hosts Marathon Gold Corp's
Valentine Lake gold deposits (35
kilometres SE) and Antler Gold's recently discovered gold
occurrences at its Wilding Lake project located adjacent to
NorZinc. Work by Marathon and others has demonstrated that this
structural trend is capable of hosting significant gold
mineralizing systems in what appears to be an emerging gold camp.
The Company is evaluating and considering optioning out its land
holdings with high gold exploration potential.
Resource Focus
Since acquiring the Newfoundland assets the Company has completed
47,000 metres of drilling on its properties and increased indicated
resources by almost 40%. The majority of the claims are reaching
their 20th year of ownership, at which time assessment
and license costs increase by 80%. As part of the exploration
process and claim evaluation, the Company plans to reduce claims
that are not proximal to the established resources or part of the
2019 plan.
Qualified Person
For the purposes of this news release, Mr. Michael J. Vande Guchte, P. Geo., Vice President
Exploration NL of NorZinc is the designated non-Independent
Qualified Person and has reviewed and approved the technical and
scientific contents of this press release.
About NorZinc
NorZinc is a TSX-listed development company trading under the
symbol "NZC". The Company's key project is the 100%-owned Prairie
Creek Project, an advanced-stage zinc-lead-silver property, located
in the Northwest Territories.
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.
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 NorZinc Ltd.