Zincore Reconnaissance Work Indicates New Targets Increasing Potential of Accha Zinc Oxide District Project
VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 02/13/13 -- Zincore Metals Inc. (TSX: ZNC)(LMA: ZNC) ("Zincore" or the "Company") reports that results from a recent reconnaissance program indicate five new primary and seven new secondary zinc-lead targets that may increase the potential for the Company's Accha Zinc Oxide District ("AZOD") project in southern Peru.
Zincore CEO and President Jorge Benavides commented, "These new zinc-lead targets underscore the unrecognized potential of our AZOD project, which is the subject of a Pre-Feasibility Study ('PFS') we are currently preparing and expect to release early in Q2 2013. The PFS, which builds on the robust economics of a Preliminary Economic Assessment ('PEA') announced in late 2011, focusses on refining and improving our expected metallurgical process. We have made excellent progress in this area, as demonstrated in our recently published metallurgical test results which indicate we may be able improve on the results from the PEA by reducing the main process consumable, coal, and improving process throughput. As important as those improvements are, exploration results which indicate further potential to enhance the AZOD project Resources are also important."
Mr. Benavides further concluded, "We feel confident that there is a good opportunity to increase the Resources for our AZOD project. Previous drilling at both the Accha and Yanque deposits, which both already host NI-43-101 Resources, indicates both deposits are open to the north and northeast respectively. In addition to the twelve new targets we are announcing today, we have also already identified nine other prospective zinc-lead targets. Once the PFS is completed, we will work to expand the potential of the Resources at the AZOD project with an eye to increasing the projected mine life and scope of project."
To view a map of the Accha Zinc Oxide District project, including the new zinc-lead targets, please click here.
To view the Company's Preliminary Economic Assessment announced October 13, 2011, please click here. For more information on recent metallurgical test results and previous drill results at Accha and Yanque, please see our news releases dated December 12, 2012, December 9, 2010 and November 23, July 5, June 21, May 19 and March 23, 2011 respectively.
The reconnaissance program included the integration of extensive airborne geophysical surveys, satellite image and structural interpretations as well as ground geochemical and geological work, all correlated with database information for the Accha and Yanque deposits, which already host NI-43-101 Measured, Indicated and Inferred Resources. Putting together all of the information highlighted new, zinc-lead targets on the Company's 100%-owned, AZOD property, located in the mining-prolific Yauri-Andahuaylas district in southern Peru. This exploration work was carried out as part of a reconnaissance program that commenced pursuant to a strategic partnership private placement made into the Company by First Quantum Minerals ("First Quantum") on May 10, 2012. Zincore and First Quantum have also formed a joint-venture(i) to explore Zincore's Dolores copper-molybdenum porphyry which is located in the same area.
(i) For more information about the May 10, 2012 First Quantum private placement and Dolores joint-venture details, please see our news releases dated May 8th, 10th and July 13th 2012.
The new exploration targets have been subdivided according to their importance. Five primary targets; Huayta, Hualla, Cali, Urpi and Osco, exhibit anomalies of zinc and lead in sediments and are hosted in good geological settings for this type of mineralization. Argillic and gossan alteration, very similar to the indications for the Company's Accha and Yanque deposits, has also been observed in ASTER images. In addition, seven secondary targets which are hosted in good geological settings for mineralization and exhibiting gossan alteration as indicated by ASTER image analysis, have also been identified. Sediment samples have not yet been collected for the seven secondary targets.
The geophysical surveys carried out by New Sense Geophysics Ltd. ("NSG"), covered all concessions on Zincore's entire AZOD property package of more than 50,000 hectares and consisted of aerial geophysical studies comprising approximately 4,800 line kilometers at 200 metre spacing. In addition the full scope of reconnaissance activities included an airborne magnetometric and spectrometric survey of the 60,000 hectares of the AZOD block of claims plus Dolores area, ASTER multispectral satellite image interpretation, DEM structural interpretation, district geological reconnaissance, partial district stream sediment geochemical survey and partial district soil geochemistry survey. Fathom Geophysics, ("Fathom") helped analyze and interpret the airborne geophysical and ground data, as well as the ASTER images and structural model.
New Sense Geophysics Ltd. provides high quality airborne magnetic/gradiometer and spectrometer surveys using fixed-wing and helicopter platforms. The company is owned and operated by W. E. S (Ted) Urquhart Ph.D. NSG's mission is to provide airborne survey services utilizing innovative technologies and focusing on collecting the highest quality airborne geophysical data in the safest possible manner. NSG operates from two offices. Its Markham, ON, Canada office manufactures equipment, tests it and dispatches it throughout the world. The second office is in Santiago, Chile where NSG offers airborne geophysical services in Spanish to its South American clients. NSG has performed airborne geophysical surveys in Africa, North America, Europe, the Middle East and South America and has flown in excess of 500,000 line kilometres in the last 2 years for clients such as major companies like: USGS, BHP Billiton, Kennecott, Teck Cominco, Barrick Gold, Kinross and Gold Fields.
Fathom Geophysics LLC of Newark, Ohio, analyzes and interprets geophysical and other data for explorers and miners in the mineral and energy resources industries. Fathom's main areas of expertise include enhancement filtering and rapid, objective feature extraction applied to potential field (gravity and magnetic) data and topographic data. Fathom has developed their own software which can be modified readily to extract specific features and for specific targeting requirements. Fathom's analysis and interpretation of the Zincore data was conducted by the company's principals Amanda Buckingham and Daniel Core. Fathom's clients have included First Quantum Minerals, Auzex Exploration, Talisman Mining, Kiska Metals and Hochschild Mining.
Vernon Arseneau, P.Geo., is an independent geologist registered in Quebec, Canada. He has prepared or supervised the preparation of the information contained in this news release and is the Qualified Person as defined under National Instrument 43-101 for this news release.
About Zincore
Zincore is a Vancouver-based mineral exploration company focused mainly on zinc and related base metal opportunities in Peru. The Company's common shares trade on both the Toronto and Lima Stock Exchanges under the symbol ZNC. For more information, please see our website at www.zincoremetals.com.
Forward-looking Statements: Statements in this release that are forward-looking, in particular with regards to the potential of the Company's new and existing projects are subject to various risks and uncertainties concerning the specific factors disclosed under the heading "Risk Factors" and elsewhere in the Annual Information Form of Zincore dated March 19, 2012 which is filed with Canadian securities regulatory authorities and available on SEDAR (www.sedar.com). Such information contained herein represents management's best judgment as of the date hereof based on information currently available.
Contacts:
Zincore Metals Inc.
Adam Ho
Manager, Investor Relations
(604) 669-6611 ext. 3
aho@zincoremetals.com
www.zincoremetals.com