Canadian Zinc Corporation: Drilling Extends Massive Sulphide Mineralization at Lemarchant Deposit, South Tally Pond Project, ...
October 31 2013 - 7:01AM
Marketwired Canada
Canadian Zinc Corporation (TSX:CZN)(OTCQB:CZICF) ("the Company" or "Canadian
Zinc") is pleased to provide an update on the 2013 Phase 2 diamond drill program
underway on its wholly owned South Tally Pond copper-lead-zinc-silver-gold
project in central Newfoundland. The South Tally Pond project is located
adjacent to, and in the same volcanic belt as, the Duck Pond copper-zinc mine
and mill complex operated by Teck Resources.
Assay results from first six drillholes (2,350 metres) of a planned 6,000 metre
drill program have been received. The initial six drillholes were aimed at
extending the newly discovered Northwest Zone massive sulphide mineralization
located 250 metres northwest of the Lemarchant deposit (see CZN press release
dated February 27, 2013).
Highlights from the 2013 Phase 2 diamond drill program include:
-- Drillhole LM13-82 intersected massive sulphide mineralization assaying
9.33% zinc, 0.38% lead, 0.90% copper, 38.57 g/t silver and 0.47g/t gold
over 3.0 metres.
-- Drillhole LM13-83, located 35 metres up-dip of drillhole LM13-82,
intersected multiple semi-massive to massive sulphide including 6.55%
zinc, 1.96% lead, 0.30% copper, 37.12 g/t silver and 0.35 g/t gold over
9.0 metres..
The current drilling program has successfully extended the Northwest Zone
mineralization 50 metres to the south of the two discovery drillholes, LM13-73
and LM13-74 (Section 106+00N).
Drillhole LM13-82 intersected a well mineralized interval between 309.0 and
351.6 metres downhole (42.6 m) which includes a base metal sulphide zone from
309 to 312 metres and a barite zone from 332.6 to 351.6 metres.
Drillhole LM13-83, located 35 metres up-dip of the LM13-82 intersection, cored a
well mineralized interval between 275.1 and 354.1 metres downhole that contains
local semi-massive to massive base metal sulphide zones.
The other four drillholes (LM13-84 to LM13-87) for which assays have been
received to date all intersected favourable felsic volcanic stratigraphy similar
to that associated with base metal sulphide zones. Each drillhole contains
locally anomalous disseminated to stringer base metal mineralization.
Significant assay results to date:
----------------------------------------------------------------------------
From To Length Zn Pb Cu Ag Au
Hole ID Section (m) (m) (m) (%) (%) (%) (g/t) (g/t)
----------------------------------------------------------------------------
LM13-82 105+50N 309.0 312.0 3.0 9.33 0.38 0.90 38.57 0.47
----------------------------------------------------------------------------
LM13-83 105+50N 275.1 284.1 9.0 6.55 1.96 0.30 37.12 0.35
----------------------------------------------------------------------------
LM13-83 105+50N 301.1 310.1 9.0 5.92 1.42 0.37 34.47 0.70
----------------------------------------------------------------------------
LM13-83 105+50N 352.1 354.1 2.0 6.85 1.60 1.43 49.40 0.95
----------------------------------------------------------------------------
LM13-84 105+50N 331.7 333.0 1.3 7.01 5.17 1.35 42.77 3.50
----------------------------------------------------------------------------
LM13-84 105+50N 348.0 363.0 15.0 1.33 0.19 0.14 5.95 0.12
----------------------------------------------------------------------------
LM13-85 106+50N No significant assays
----------------------------------------------------------------------------
LM13-86 105+00N 324.5 327.5 3.0 3.45 0.11 0.25 10.57 0.23
----------------------------------------------------------------------------
LM13-87 105+00N 282.6 283.6 1.0 2.08 0.38 0.08 49.6 2.4
----------------------------------------------------------------------------
(i) All lengths are core lengths and interpreted to be near true widths
Drilling is continuing at the South Tally Pond project and is focused on
expanding the Lemarchant mineral resource (see Press Release dated September 16,
2013). Additional drilling of the Northwest Zone is planned including a step-out
to the north.
South Tally Pond Project
The South Tally Pond project is a significant, 100%-owned land position covering
214 km2 of a highly prospective volcanogenic massive sulphide ("VMS") geological
belt in central Newfoundland. The Lemarchant Deposit, the most advanced target
on the South Tally Pond property, is situated 20 km southwest of Teck Resources
Limited's Duck Pond copper-zinc mine in the same geological belt.
Previous drilling by Paragon Minerals Corporation (now a 100% owned subsidiary
of Canadian Zinc) at the Lemarchant Deposit has outlined a significant precious
metal-rich copper-lead-zinc VMS deposit with excellent potential to develop into
a viable economic resource. An initial National Instrument ("NI") 43-101 mineral
resource estimate was completed in January 2012 on the Lemarchant Deposit and
includes the following mineral resources, as of that date:
-- Indicated Mineral Resource: 1.24 million tonnes grading 5.38% zinc,
0.58% copper, 1.19% lead, 1.01 g/t gold and 59.17 g/t silver (15.40%
ZnEQ) using a 7.5% zinc equivalent grade cut-off.
-- Inferred Mineral Resource: 1.34 million tonnes grading 3.70% zinc, 0.41%
copper, 0.86% lead, 1.00 g/t gold and 50.41 g/t silver (11.97% ZnEQ)
using a 7.5% zinc equivalent grade cut-off.
(See Technical Report and Mineral Resource Estimate on the Lemarchant Deposit,
South Tally Pond VMS Project, central Newfoundland, dated March 2, 2012, filed
on SEDAR under Paragon Minerals Corporation).
About Canadian Zinc
Canadian Zinc is a TSX-listed exploration and development company trading under
the symbol "CZN". The Company's key projects are the 100%-owned Prairie Creek
property, a fully permitted, advanced-staged zinc-lead-silver property with
mineable reserves, located in the Northwest Territories and the 100% owned South
Tally Pond project, which includes the Lemarchant deposit, along with other
property interests in central Newfoundland.
Canadian Zinc also recently entered into an agreement to acquire Messina
Minerals, a mineral exploration company focused on base metals and gold
properties in central Newfoundland, subject to approval of Messina shareholders
at a Special General Meeting scheduled to be held on December 16, 2013. Messina
holds the South Tulks Hill project with its Boomerang and Domino deposits
situated near the South Tally Pond project. Boomerang and Domino are located
approximately 50 km from the Lemarchant deposit (see CZN press release dated
September 12, 2013).
Quality Assurance and Quality Control
Drillhole intervals are core length and estimated to be near true thickness.
Samples were analyzed for Au (1 assay ton), Ag, Cu, Pb and Zn at Eastern
Analytical Labs in Springdale, NL from sawn NQ-sized half core sections. Data
quality is monitored through the insertion of control samples consisting of one
prepared base and precious metal standard and one blank sample for every 20
samples of diamond drill core. All control samples conformed to the accepted
contained grades of base and precious metals. Select samples pulps were shipped
to ALS Chemex in North Vancouver, BC for 33-element ICP analysis for further
check assays of significant base and precious metal bearing samples. Historical
results were obtained from published reports and news releases available in the
public domain.
Michael J. Vande Guchte., P.Geo., VP Canadian Zinc Corporation and VP
Exploration for Paragon Minerals Corporation is responsible for the South Tally
Pond exploration program, and is a Qualified Person as defined by NI 43-101 and
has reviewed and has approved the contents of this news release.
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.
FOR FURTHER INFORMATION PLEASE CONTACT:
Canadian Zinc Corporation
John F. Kearney
Chairman
(416) 362-6686
(416) 368-5344 (FAX)
Canadian Zinc Corporation
Alan B. Taylor
Chief Operating Officer
(604) 688-2001 or Tollfree: 1-866-688-2001
(604) 688-2043 (FAX)
Canadian Zinc Corporation
Steve Dawson
VP Corporate Development
(416) 203-1418
(416) 368-5344 (FAX)
invest@canadianzinc.com
www.canadianzinc.com
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