Canadian Zinc: Drilling Intersects Additional Mineralization in Northwest Zone South Tally Pond Project, Newfoundland
April 08 2014 - 6:00AM
Marketwired Canada
Canadian Zinc Corporation (TSX:CZN)(OTCQB:CZICF) ("the Company" or "Canadian
Zinc") is pleased to provide the results of its recently completed 2014 winter
diamond drill program 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 Cu-Zn Mine and Mill complex operated by Teck Resources.
Six drillholes, totaling 2,350 metres were completed at the Northwest
mineralized zone located 250 metres northwest of the drill-defined Lemarchant
Deposit. The 2014 winter drilling program successfully extended the Northwest
zone mineralization which remains open for further expansion. Highlights of the
winter drilling program include:
-- Drillhole LM14-95 (Section 106+50N), located 30 metres up-dip of
drillhole LM13-94, intersected two semi-massive sulphide intervals
between 315 and 400 metres downhole. Significant assays included 4.8%
zinc, 0.3% lead, 0.5% copper, 24.3 g/t silver and 0.9 g/t gold over 2.5
metres.
-- Drillhole LM14-96 (Section 106+50N), located 30 metres up-dip of
drillhole LM14-95, intersected semi-massive to massive sulphides with
massive barite (14 metres) between 303 and 321 metres downhole
Significant assays include 7.0% zinc, 4.3% lead, 0.4% copper, 62.1 g/t
silver and 0.7 g/t gold over 1.5 metres.
-- Drillhole LM14-97 (Section 105+50N) located 35 metres down-dip of LM13-
82, intersected a mineralized massive barite interval between 357 and
361 metres downhole. Significant assays include 90.5 g/t silver and 1.4
g/t gold over 3.5 metres.
-- Drillhole LM14-99 (Section 106+50N), located 40 metres up-dip of LM14-96
intersected a thick sequence of iron-rich mudstones and felsic volcanic
rocks with anomalous base and precious metals between 224 and 249 metres
downhole.
-- Drillhole LM14-100 (Section 107+00N), located 50 metres north of LM13-
94, intersected disseminated to semi-massive stringer pyrite
mineralization between 314 and 364 metres downhole with anomalous base
and precious metals over two, 13 metre intervals.
2014 Significant Assay Results include:
----------------------------------------------------------------------------
From To Length Zn Pb Cu Ag Au
Hole ID (m) (m) (m) (%) (%) (%) (g/t) (g/t)
----------------------------------------------------------------------------
----------------------------------------------------------------------------
LM14-95 315.6 318.1 2.5 2.7 1.0 0.3 21.2 0.25
----------------------------------------------------------------------------
397.5 400.0 2.5 4.8 0.3 0.5 24.3 0.93
----------------------------------------------------------------------------
LM14-96 302.8 305.3 2.5 2.8 1.1 0.3 26.3 0.40
----------------------------------------------------------------------------
305.3 319.3 14.0 0.9 0.3 0.2 55.8 0.70
----------------------------------------------------------------------------
319.3 320.8 1.5 7.0 4.3 0.4 62.1 0.70
----------------------------------------------------------------------------
LM14-97 357.1 360.6 3.5 0.8 0.1 0.2 90.5 1.41
----------------------------------------------------------------------------
LM14-98 No significant assays
----------------------------------------------------------------------------
LM14-99 223.2 224.1 0.9 2.4 1.2 0.09 29.1 0.25
----------------------------------------------------------------------------
LM14-100 253.9 255.9 2.0 1.2 0.3 0.2 12.8 0.6
----------------------------------------------------------------------------
319.2 332.2 13.0 0.3 0.1 0.02 16.1 0.65
----------------------------------------------------------------------------
344.2 356.2 13.0 0.3 0.1 0.01 7.4 0.15
----------------------------------------------------------------------------
(i) Lengths given are core lengths and may not represent true widths
The sulphide mineralization and barite intervals in the Northwest zone are
commonly underlain by a moderate to intensely altered felsic volcanic footwall
stratigraphy, typical of volcanogenic massive sulphide deposits. These are
excellent indications of a well-developed hydrothermal system that provide
vectors to potential deposits.
The Company is planning a detailed review, structural analysis and remodeling of
the Lemarchant deposit to take into account the results of the Northwest zone
drilling.
South Tally Pond Project
The South Tally Pond project is 100%-owned and covers 170 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:
-- 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 project is the 100%-owned Prairie Creek
Project, a fully permitted, advanced-staged zinc-lead-silver property, located
in the Northwest Territories.
With a Mineral Reserve of 5.2 million tonnes averaging 9.4% zinc, 9.5% lead and
151 g/t silver and an additional Inferred Resource of 6.2 million tonnes
averaging 14.5% zinc, 11.5% lead, 0.57% copper and 229 g/t silver, (AMC Mining
Consultants (Canada) Ltd. J M Shannon and D Nussipakynova, Qualified Persons,
June 2012), Prairie Creek has the majority of infrastructure in place including
a 1,000 tonne per day mill, five kilometres of underground workings and related
equipment, a heavy duty and light duty surface fleet, three exploration diamond
drills and a 1,000 m airstrip. The Company has engaged Tetra Tech to provide
technical services for basic engineering and procurement services for the
development of major equipment packages, facility rehabilitation and repair work
and capital items for the Prairie Creek Mine. AMC Consultants have also been
engaged to undertake a geotechnical study of the underground mine plan with a
view of reducing the initial development,shorten the development schedule and
optimize the mine operating costs.
Canadian Zinc also owns an extensive land package, in excess of 500 square
kilometres in central Newfoundland, which includes three polymetallic
(copper-lead-zinc-silver-gold) deposits with NI 43-101 compliant resources,
numerous exploration targets and a detailed exploration database spanning
several decades of previous work. The South Tally Pond project hosts the
Lemarchant deposit and Northwest zone; the Tulks South project hosts the
Boomerang-Domino deposits and Hurricane zone; and the Long Lake project which
host the Main Zone deposit. Exploration programs are now being planned for key
central Newfoundland properties during 2014.
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.
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
(604) 688-2043 (FAX)
Tollfree:1-866-688-2001
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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