VANCOUVER, British Columbia, Feb. 25, 2019 (GLOBE NEWSWIRE) -- Eastern Zinc Corp. ("Eastern Zinc" or the “Company”) (CSE:EZNC | OTC:ETZCF) is pleased to announce that it has acquired the option to earn a 100% interest in 35 mineral claims (the “BMC Properties”) covering 22,000 hectares with a number of known mineral occurrences located in the mineral-rich Bathurst Mining Camp of New Brunswick, Canada. The BMC Properties include the Upper Road Zone, a new volcanogenic massive sulphide (“VMS”) discovery drilled in 2018. The Upper Road Zone: The Upper Road Zone is a new VMS discovery grading 12.61% zinc, 12.94% lead, 0.21% copper and 133 g/tonne silver over a core length of 1.35 m (estimated true width is 1.2 m). This new discovery occurs at a depth of 147 m in DDH PZ18-01 as reported by SLAM Exploration Ltd. in news releases dated September 25, 2018 and December 12, 2018. A Bore Hole Pulse Electromagnetic (“BHPEM”) anomaly was identified by Crone Geophysics & Exploration Ltd. (“Crone”). According to Crone, “The BHPEM data features a prominent in-hole anomaly near a hole depth of approximately 160m, which is consistent with a noted mineralized interval. The source exhibits a moderate to low conductivity, which is expected for a mineralized interval consisting of sphalerite, pyrite, and galena.” Crone states that the anomaly extends beneath the hole and to the south. This accessible, drill-ready, high priority target is located 25 km west of the Caribou mine operated by Trevali Mining Corp. (“Trevali”).
The BMC Properties: The BMC Properties comprise 1004 mineral claim units covering 22,000 hectares of highly prospective volcano-sedimentary stratigraphy. The BMC Properties include many other VMS mineral occurrences discovered and drilled by previous workers such as the former producing Wedge copper mine and related occurrences in the West Wedge, Tribag, Essex and A’Hearn zones located along strike from the Wedge. The Satellite and Mowatt zones are adjacent to the former producing Heath Steele mines property. The BMC Properties also include the LBM mineral trend where 13 drilling discoveries were made by previous workers in volcano-sedimentary rocks extending 5 km west and northwest from Trevali’s Half Mile deposit. THE LBM occurrences range from 0.2% to 0.5% zinc-lead-copper over core lengths of 0.5 to 5 metres. These known occurrences and associated geophysical responses represent drill-ready targets in a favourable VMS environment.
Further to our news release dated November 26, 2018, the Company acquired the Bathurst mining project (“BMP”) situated within the Bathurst mining district, one of Canada's most historic and illustrious zinc production camps. The BMP consists of 207 mineral claims covering more than 8,000 acres and is strategically situated in a world-class jurisdiction known for clusters of zinc-rich VMS (volcanogenic massive sulphide) deposits. The BMP assembles significant exploration tenure adjacent to both the Caribou zinc mine operated by Trevali, as well as Trevali's newly optioned Murray Brook zinc deposit. The tenure underlying the BMP was previously held by companies including Glencore, Xstrata and Votorantim. In addition to its contiguous nature to Trevali, the project also shares significant property boundaries, with ground since acquired by Osisko Metals Inc. Eastern Zinc is focused on generating VMS-related zinc targets within this district-scale project area. The acquisition of the BMC Properties will bring the total land package owned by Eastern Zinc to 30,000 HA and 1211 claims within the Bathurst mining district.
Commented Joel Dumaresq, CFO of Eastern Zinc, “The BMC Properties add to our already substantive assembly of existing claims in the prolific Bathurst Mining Camp, and furthermore provide the Company with a wealth of technical data which can be utilized in preparing for the next phase of drilling, which is anticipated for the summer of 2019. We are excited about how this acquisition positions Eastern Zinc to capitalize upon improving base metals markets in 2019 and beyond.”
The Company has the option to earn a 100% interest in the BMC Properties by completing a series of cash payments totaling $790,000 and issuing 5,500,000 common shares over a 4 year period. The Optionor will retain a 2% NSR royalty on future mineral production from the BMC Properties. Three of the claims are subject to an underlying 2% NSR royalty that has a buy-back provision down to 0.5% NSR. Finder’s fees will be paid on this transaction.
Qualifying Statements: Mike Taylor, P.Geo. President and CEO of SLAM Exploration Ltd., as the Qualified Person, approves the scientific and technical disclosure in this news release.
On behalf of the Board of Directors
EASTERN ZINC CORP.
Joel Dumaresq
Director and Chief Financial Officer
Suite 810 – 789 West Pender Street, Vancouver, BC V6C 1H2
(604) 336-3195
About Eastern Zinc Corp.
Eastern Zinc is a Canadian junior mining and exploration company operating out of Vancouver, British Columbia. Eastern Zinc is engaged in the business of acquiring, exploring and developing natural resource properties with a focus on zinc properties/projects.
Eastern Zinc is listed on the Canadian Securities Exchange (“CSE”) and its common shares trade under the ticker symbol "EZNC." Additional information relating to Eastern Zinc is available on SEDAR at www.sedar.com as well as on the CSE at www.theCSE.com.
Neither the Canadian Securities Exchange nor its Market Regulator (as that term is defined in the policies of the Canadian Securities Exchange) accepts responsibility for the adequacy or accuracy of this release.
Cautionary Statement
This press release may include “forward-looking information” (as that term is defined by Canadian securities legislation). Forward-looking information is based on certain expectations and assumptions made by Eastern Zinc, including future plans for the exploration and development of mineral properties. Although Eastern Zinc believes that such expectations and assumptions are reasonable, investors should not rely unduly on such forward-looking information as the company cannot give any assurance that they will prove to be correct. Forward-looking statements in this press release are made as of the date of this press release. Eastern Zinc disclaims any intent or obligation to publicly update any forward-looking information (whether as a result of new information, future events or results, or otherwise) other than as required by applicable securities laws.