NorZinc Announces Anomalous Gold Found in Stockwork Zone at Prairie Creek Project, NWT
VANCOUVER, Dec. 16, 2020 - NorZinc Ltd. (TSX: NZC) (OTCQB: NORZF) (the "Company" or "NorZinc") has recently undertaken an investigative analysis of drill core samples from its 2020 Surface Drill Program, Hole PC-20-225. The intent of this analysis was to identify possible additional metal opportunities that have not been re-assessed since the standard Prairie Creek assay suite was defined in 1993, and which did not include assaying for gold. Following the Company's news release on December 11, 2020, additional results have been received as part of this follow-on investigation, whereby 4 out of 35 assays have returned anomalous gold values that have not previously been observed at Prairie Creek. These 4 samples are from Stockwork-style mineralization (STK), which has only been included in the Company's defined Mineral Resources since 2015.
There are no gold anomalies present in the recent samples from the Main Quartz Vein (MQV) zone.
Prairie Creek has historically not been known to host gold values, and as such the Company's QA/QC procedures are not sufficient to assess the validity or importance of these results. Confirmation will come through additional analyses by the current assay laboratory, as well as further confirmation at additional assay labs, along with testing of relevant Standard Reference Materials (SRMs). This process is expected to take approximately 6-8 weeks.
If the anomalies are still indicated, the Company plans to execute a re-sampling program of STK material from previous drill programs, conducted over a further 2-3 month period, in order to better quantify the amount and spatiality of any anomaly. Based on the results of this analysis, future drill targets may be modified as the Company continues to investigate this opportunity.
Qualified Person
Unless otherwise indicated, all scientific and technical information relating to the Company's mineral projects contained in this news release has been reviewed and approved by Kerry Cupit, P. Geo., who by reason of education, membership in professional associations (as defined in NI 43-101) and past relevant work experience, fulfills the requirements of a qualified person as defined in NI 43-101. Mr. Cupit is an Exploration and Project Manager employed by the Company, with a B.Sc. in Earth Sciences (Geology).
About NorZinc
NorZinc is a TSX-listed mine development Company trading under the symbol "NZC". NorZinc is developing its key project, the 100%-owned high grade zinc-lead-silver Prairie Creek Mine, located in the Northwest Territories. NorZinc also owns projects in Newfoundland that host several zinc-lead-copper-gold-silver deposits.
Cautionary Statement – Forward-Looking Information
This press release contains forward-looking information, including, among other things, statements regarding the Company's drill program, potential gold values at Prairie Creek, additional analyses necessary to confirm such values and the timing of such additional analyses. There is also no assurance that further exploration on the property will result in increased resource estimates or reserves. Resources that are not reserves do not have demonstrated economic viability. Inferred resources are considered too speculative geologically to have economic considerations applied to them that would enable them to be categorized as reserves. There is no certainty that resources will ever be converted into reserves.
In making the forward-looking statements in this release, the Company has applied certain factors and assumptions that the Company believes are reasonable, including that additional exploration on the property will result in increases in resource estimates and reserves. These statements also based on management's expectations regarding the size and quality of resources, future trends for the Company, progress in development of 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, capital market conditions, and the financial results of the Company. However, the forward-looking statements in this release are subject to numerous risks, uncertainties and other factors that may cause future results to differ materially from those expressed or implied in such forward-looking statements. Material risk factors that could cause actual results to differ materially from the forward-looking statements include risks that the assumptions and factors on which the forward-looking information is based differ from expectations, risks related to the COVID-19 global health crisis, the Company's history of losses, lack of revenue generation, and dependence on substantial financing to develop the Prairie Creek Mine, as well as all of the risk factors described in the Company's most recent Annual Information Form and Management's Discussion & Analysis filed with Canadian provincial securities regulatory authorities. The Company disclaims any intention or obligation to update or revise any forward-looking information, except as required by applicable law.
SOURCE NorZinc Ltd.
Contact
Don MacDonald, President & CEO or Ambika Srinivas both on (604) 688-2001 or Tollfree:1-866-688-2001; E-mail: IR@norzinc.com; Website: www.norzinc.com
