Zincore Drills 13 Metres of 12.7% Zinc at Yanque and 14 Metres of 19% Zinc at Accha
Wednesday September 5, 7:15 am ET
http://ca.us.biz.yahoo.com/iw/070905/0298139.html
VANCOUVER, BRITISH COLUMBIA--(MARKET WIRE)--Sep 5, 2007 -- Zincore Metals Inc. (Toronto:ZNC.TO - News) has completed its first two diamond drill holes in the Yanque deposit and nine additional diamond drill holes in the Accha deposit. These results at the Company's 100%-owned Accha-Yanque project in southern Peru continue the intensive exploration and definition drilling campaigns that have been ongoing through 2007.
Exploration at Yanque is targeting infill drilling within the inferred mineral resource area and step-out drilling to expand resources. The two holes for which assays have been received are 150 metres apart within the inferred mineral resource area and mineralization started at surface in both holes. Highlights of this drilling include:
- Hole YA-2 which intersected 13 metres at 12.7% zinc and 1.1% lead and 10.5 metres at 1.2% zinc and 8.1% lead, and
- Hole YA-1 which intersected 16 metres at 4.8% zinc and 1.3% lead.
Three additional holes have been drilled at Yanque and samples are being transported for assaying. Two twin holes have been drilled and the entire core from these holes is being shipped to South Africa for use in the ongoing metallurgical test work program. Upon completion of the metallurgical holes, exploration and infill drilling at Yanque will continue as part of a planned 10,000-metre exploration program.
Drilling at Accha continued to target the main southern limb of mineralization at depth and along strike to the west. Additionally, five holes were drilled targeting a northern limb to the main southern dipping fold structure. Highlights of the Accha drilling include:
- Hole AC-55 which intersected 37 metres at 5.0% zinc (which included an interval of 8 metres at 9.4% zinc and 2.8% lead) and 8 metres at 17.1% zinc and 2.5% lead, and
- Hole AC-60 which intersected 14 metres at 19.1% zinc.
All results are core interval length. Full results, including estimated true widths for drill holes within the Accha deposit, are presented in the attached tables. Drill hole location maps for each deposit and news releases relating to previous exploration results are available on Zincore's website at www.zincoremetals.com.
At Accha, where 62 exploration holes have been drilled since the program started, geotechnical and investigative drilling is ongoing associated with waste dump, tailing and pit designs as part of the engineering program. A mineral resource estimate at Accha incorporating all recent and historical drill results is being completed. As planned, upon completion of the geotechnical drilling, the focus of exploration work will shift to the Yanque deposit to advance the deposit and enable engineering and technical work to be started.
President and CEO Timo Jauristo commented, "It is encouraging to see successful initial results from the drilling on the Yanque deposit coupled with continued positive exploration at the Accha deposit. Our surface work at Yanque shows mineralization outside of the inferred mineral resource area so we will be pushing hard through the second half of the year on our exploration program to better understand Yanque's size potential."
Yanque Deposit Exploration Results
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Intersection
along drill hole
------------------ Core
Hole From To Interval Zinc Lead
No. (metres) (metres) (metres)(1) (%) (%)
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YA-1 0.10 16.1 16.0 4.75 1.34
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YA-2 0.0 13.0 13.0 12.73(2) 1.13
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17.0 32.0 15.0 3.93 0.86
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47.85 58.35 10.5 1.18 8.05(2)
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(1) Estimated true width not known.
(2) Contains some samples greater than 30% zinc or 30% lead.
Average grades for these intervals have been calculated
using 30% for these samples until re-assaying of such
samples is completed.
Accha Deposit Exploration Results
Drill Holes Targeting Southern Limb
------------------------------------------------------------------------
Intersection
along drill hole Estimated
------------------ Core True
Hole From To Interval Width Zinc Lead
No. (metres) (metres) (metres) (metres) (%) (%)
------------------------------------------------------------------------
AC-54 No significant values
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------------------------------------------------------------------------
AC-55 364.5 401.3 36.8(2) 20.4(2) 5.01(2) 0.98(2)
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Including 376.5 384.5 8.0 4.4 9.39 2.79
------------------------------------------------------------------------
------------------------------------------------------------------------
408.7 416.8 8.1 4.4 17.14 2.48
------------------------------------------------------------------------
------------------------------------------------------------------------
425.7 434.7 9.0 5.0 3.34 0.12
------------------------------------------------------------------------
------------------------------------------------------------------------
AC-56 No significant values
------------------------------------------------------------------------
------------------------------------------------------------------------
AC-61 474.0 481.0 7.0 5.2 1.97 0.36
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(3) Interval includes 1.45 metres of lost core at zero grade.
Drill Holes Targeting Northern Limb
------------------------------------------------------------------------
Intersection
along drill hole Estimated
------------------ Core True
Hole From To Interval Width Zinc Lead
No. (metres) (metres) (metres) (metres) (%) (%)
------------------------------------------------------------------------
AC-57 84.1 89.1 5.0 3.9 5.15 1.27
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------------------------------------------------------------------------
AC-58 1.0 8.0 7.0 7.0 5.55 0.02
------------------------------------------------------------------------
------------------------------------------------------------------------
AC-59 No significant values
------------------------------------------------------------------------
------------------------------------------------------------------------
AC-60 22.1 36.1 14.0 14.0 19.11 0.42
------------------------------------------------------------------------
------------------------------------------------------------------------
AC-62 2.0 11.0 9.0 9.0 3.38 0.18
------------------------------------------------------------------------
------------------------------------------------------------------------
45.0 57.6 12.6 12.6 5.27 0.11
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Quality Control
Zincore has implemented a quality control program to ensure best practice in litho geochemical sampling and analysis of rock chips, trench, tunnel and drill core samples.
All drill core samples (approximately one metre, half-core composites) are shipped in security sealed bags via a private trucking company directly to the ALS Peru Laboratories facility in Lima. All samples for the resource drill program are digested using a three acid digestion and analyzed by two packages. Zinc and lead are determined by Atomic Absorption and if the results exceed 30% they are re-assayed by volumetric methods. All samples are also assayed by ICP for 25 elements (also using the three acid digestion for complete dissolution).
The Company submits its own standards and blanks as a measure of the accuracy of the analysis. All pulps and coarse rejects are being recovered and stored. Prior to a new resource calculation, 10% of all samples used in the resource calculation will be re-assayed at a second laboratory using the same analytical techniques described above. Both a re-assay of the pulp and of a new pulp prepared from the coarse reject will be used.
Vernon Arseneau, P.Geo., Exploration Manager, Peru for Zincore is supervising the exploration program and is the qualified person as defined under National Instrument 43-101 for this news release.
About Zincore
Zincore's strategy is to become a leading, low-cost zinc producer with the immediate objective of advancing its 100% owned Accha-Yanque property toward a development decision through a disciplined process of exploration, drilling and resource definition, and technical studies. Zincore holds a portfolio of other zinc exploration properties in southern Peru and intends to pursue additional zinc opportunities elsewhere in Latin America.
About the Accha-Yanque Project
The Accha-Yanque property consists of 56 concessions over a 30-kilometre distance in southern Peru. At the north end of the property is the Accha deposit and at the south end is the Yanque deposit. A number of zinc prospects with limited prior exploration occur between these two deposits. A total of 56 holes were completed by Cominco Ltd., Savage Resources Ltd. ("Savage"), and Pasminco Limited ("Pasminco") at the Accha deposit for 13,500 metres. Rio Tinto drilled 13 holes totaling 1,320 metres at Yanque.
Savage, and later, Pasminco, which acquired Savage, evaluated Accha between 1998 and 2001. Two historical resource estimates under the AUSIMM JORC standards were calculated for the Accha deposit using differing assumptions. In 1999, Kvaerner Metals ("Kvaerner"), under engagement to Savage calculated an indicated mineral resource of approximately 7.0 million tones grading 8.9% zinc and an inferred mineral resource of 1.8 million tones grading 8.9% zinc. In 2000, Pasminco calculated an indicated mineral resource of approximately 3.8 million tones grading 8.9% zinc and 1.0% lead and an inferred mineral resource of 2.0 million tones grading 11.4% zinc and 1.9% lead under more conservative assumptions. In 2006, based on the historical drilling, a 43-101 compliant inferred mineral resource was calculated at Yanque of approximately 6.6 million tonnes grading 5.3% zinc and 3.5% lead.
Cautionary Note Regarding Mineral Resource Estimates
The qualified person for the Accha-Yanque technical report is L.D.S. Winter, P.Geo., an independent consulting geologist as defined under NI 43-101. Historical mineral resource estimates have not been reconciled to the mineral resource categories of NI 43-101 and sufficient work has not been done to classify these estimates as current mineral resources. For details on the Accha historical mineral resource estimates and the Yanque current mineral resource estimate, see Zincore's prospectus relating to its IPO dated October 26, 2006, which was filed with Canadian securities regulatory authorities and is available on SEDAR (www.sedar.com).
Forward-looking Statements
Statements in this release that are forward looking 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 26, 2007 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. Zincore does not assume the obligation to update any forward-looking statements.
Contact:
Contacts:
Zincore Metals Inc.
Meghan Brown
Manager Investor Relations
(604) 669-6611
(604) 688-5175 (FAX)
Email: investorrelations@zincoremetals.com
Website: http://www.zincoremetals.com
Source: Zincore Metals Inc.
