Canada Zinc Metals Receives Notice of Participation in Option Agreement on Pie, Cirque East and Yuen
19.11.2013 | FSCwire
Canada Zinc Metals Receives Notice of Participation in Option Agreement on Pie, Cirque East and Yuen Properties
Vancouver, British Columbia CANADA, November 19, 2013 /FSC/ - Canada Zinc Metals Corp. (CZX - TSX Venture), is pleased to announce that the Company has received a Notice of Participation by Korea Zinc Co., Ltd. ("Korea Zinc" KRX: KorZinc 010130) in the option agreement between the Company and Teck Resources Ltd. ("Teck" TSX: TCK.B), dated September 6, 2013, in respect of the optioned Pie, Cirque East and Yuen properties.
Teck Earn-in Agreement
As previously announced on September 9, 2013, Canada Zinc Metals and Teck entered into an option agreement (the "Agreement") that would see Teck spend up to $8.5 million to acquire up to 70% interest in the Pie, Cirque East and the Yuen properties. The transaction was approved by the TSX Venture Exchange as announced by the Company on September 17, 2013.
Korea Zinc Participation
Teck had the right under the Agreement to assign its rights to a 50/50 joint venture between Teck and Korea Zinc ("T-KZ JV"). Korea Zinc has elected to include the Agreement under the T-KZ JV and Teck and Korea Zinc will hold any interest which may be acquired under the Agreement pursuant to the T-KZ JV, which interest will be voted as a single block by the T-KZ JV operator.
Peeyush Varshney, President & CEO of the Company, commented, "We have done a significant amount of work highlighting the prospectivity of the Kechika Trough. We are very pleased to partner with Teck and Korea Zinc on the exploration and possible future development of the Pie, Cirque East and Yuen properties. Pursuant to the arrangement, we also welcome Korea Zinc as a soon to be shareholder of Canada Zinc Metals."
"The Pie, Cirque East and Yuen properties surround T-KZ JV's Cirque deposit to the north and east, and provide extensive coverage of the highly prospective Gunsteel Formation shale, which is the known host rock for SEDEX Zn-Pb-Ag deposits at Cirque and at Canada Zinc Metals' Cardiac Creek deposit, located 22 kilometres south on the Akie property."
The Akie Zn-Pb-Ag Project
The Akie property is situated within the Kechika Trough, the southernmost area of the regionally extensive Paleozoic Selwyn Basin and one of the most prolific sedimentary basins in the world for the occurrence of SEDEX zinc-lead-silver and stratiform barite deposits.
Drilling on the Akie property by Canada Zinc Metals since 2005 has identified a significant body of baritic-zinc-lead SEDEX mineralization known as the Cardiac Creek deposit. The deposit is hosted by siliceous, carbonaceous, fine grained clastic rocks of the Middle to Late Devonian Gunsteel Formation.
The Company has outlined a NI 43-101 compliant mineral resource at Cardiac Creek, including an indicated resource of 12.7 million tonnes grading 8.4% zinc, 1.7% lead and 13.7 g/t silver (at a 5% zinc cut-off grade) and an inferred resource of 16.3 million tonnes grading 7.4% zinc, 1.3% lead and 11.6 g/t silver (at a 5% zinc cut-off grade).
Ken MacDonald P.Geo., Vice President of Exploration, is the designated Qualified Person as defined by National Instrument 43-101 and is responsible for the technical information contained in this release.
The TSX Venture Exchange has neither approved nor disapproved the contents of this press release.
ON BEHALF OF THE BOARD OF DIRECTORS
Canada Zinc Metals Corp.
"PEEYUSH VARSHNEY"
PEEYUSH VARSHNEY, LL.B
CEO & CHAIRMAN
To view this press release as a PDF, please click on the following link:
http://www.usetdas.com/pr/canadazinc11192013.pdf
Source: Canada Zinc Metals Corp. (CZX - TSX-V)
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