TORONTO, May 17, 2016 (GLOBE NEWSWIRE) -- Nevada Zinc Corporation (“Nevada Zinc” or the “Company”) (TSX-V:NZN) is pleased to announce it is commencing work in Yukon that will include work on its VIP Property located just west of Kaminak Gold Corporation’s Coffee Project. On May 12, 2016 Goldcorp announced that it had agreed to purchase all of the issued and outstanding shares of Kaminak Gold in a deal valued at approximately C$520 million. Exploration work will also be completed by the owners of the YCS claim group, located immediately adjacent to the west boundary of Kaminak and just east of the VIP Property. Nevada Zinc holds a 1% NSR on the YCS claim group.
Nevada Zinc’s VIP Property is comprised of more than 750 claims (15,000 ha) covering some 15 km of favourable, largely unexplored geology to the west of gold discoveries at both Kaminak Gold’s Coffee Project and Independence Gold Corp.’s Denali Project. The VIP Property was originally staked by a group familiar with the Coffee Project and the VIP claims were staked and acquired by Nevada Zinc prior to the Coffee Project gold discovery in 2010. An initial limited exploration program was completed on the VIP Property in the latter part of 2011. That limited initial program established that the VIP Property was underlain by favourable geology that included the presence of felsic intrusions, strong structural fabrics, breccias and quartz veins. Anomalous geochemical soil anomalies were discovered and follow-up work was recommended. With the downturn in the junior mining markets that followed in the years 2012-2014 no budget was allocated to the VIP Property, however, the entire property position was maintained. In the summer of 2015 a limited exploration program was undertaken in the southeastern portion of the VIP Property to further develop the exploration database in that area. That limited program of geology, prospecting and geochemical soil sampling outlined two new gold target areas that remain open ended and untested. The three or four most interesting gold exploration targets are only partially defined with widespaced data points and little or no follow-up has been undertaken to-date.
The Company plans to carry out further work on the VIP Property in 2016 to better define the lateral extent of the targets in preparation for eventual trenching and drill testing of the targets. The Company also plans to carry out exploration this summer on its Goodman and Josephine properties, also located in Yukon.
President and CEO, Bruce Durham commented on the Yukon work, “The VIP Property was our original listing property and we think it has great gold potential. With the Kaminak feasibility study results and now the Goldcorp takeover it appears there will be substantial infrastructure developed in the area rather quickly and we will be able to explore in the area more effectively and efficiently. We will maintain our land position and continue to define specific targets for follow-up. We have a number of excellent gold projects in Yukon including VIP next to Kaminak and Goodman adjacent along trend to Victoria Gold’s Eagle Gold project. We will also be working at Josephine this summer, our property adjacent to Victoria Gold’s Clear Creek project."
Bruce Durham, P.Geo, is a qualified person as that term is defined by National Instrument 43-101 on behalf of the Company and has approved the scientific and technical content contained in this press release.
Engagement of Investor Relations Firms
The Company also announces that it has engaged two firms to carry out investor relations activities in both North America and Europe. Effective immediately the Company has retained the services of Briscoe Capital Partners Corp. to assume responsibility of North American investor relations activity. The service agreement is for an initial term of six months, expiring on November 10, 2016, subject to a one month termination notice. Under the terms of the agreement, which is subject to approval by the TSX Venture Exchange, Briscoe will receive $6,000 per month in fees. As well, the Company has also retained the services of BlackX Management GMBH, a German based investor relations firm, to carry out investor relations activity on behalf of the Company in Europe. The service agreement has an initial term of three months, expiring on July 31, 2016. Under the terms of the agreement, which is subject to Exchange approval, BlackX will receive 11,000 euros per month in fees.
About Nevada Zinc
Nevada Zinc is a discovery driven, early-stage mineral exploration company with a proven management team focussed on identifying unique opportunities in mineral exploration that can provide significant value to its shareholders. The Company’s existing projects are located in Nevada and Yukon. The VIP claims are 100% owned by Nevada Zinc and are not subject to any ongoing payments.
The Lone Mountain Project
While the Company maintains its Yukon gold properties and continues to advance them, the focus of the Company continues to be the exploration and advancement of the highly prospective, 100% owned, Lone Mountain Zinc Project (the “Project”), comprised of 218 claims covering approximately 4,000 acres.
The Project is located in east-central Nevada and is easily accessible via paved and gravel roads northwesterly from Eureka where all essential services are available. The Project now includes the Mountain View Mine, a past producing zinc mine.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
This news release may contain forward-looking statements including but not limited to comments regarding the timing and content of upcoming work programs, geological interpretations, receipt of property titles, potential mineral recovery processes, etc. Forward-looking statements address future events and conditions and therefore, involve inherent risks and uncertainties. Actual results may differ materially from those currently anticipated in such statements.
For further information contact: Nevada Zinc Corporation Suite 1660, 141 Adelaide St. West Toronto, Ontario M5H 3L5 Tel: 416-504-8821 Bruce Durham, President and CEO firstname.lastname@example.org www.nevadazinc.com
Source:Nevada Zinc Corporation