December 14, 2017
Nevada Zinc Corporation (“Nevada Zinc” or the “Company”) (TSX-V: NZN) is pleased to announce that majority owned Generic Gold Corporation (“Generic Gold”) has provided the Company with an update on exploration activities completed at the Goodman and Seattle projects, approximately 40 kilometres northwest of Mayo and immediately southwest of Victoria Gold’s Eagle Gold project, Yukon Territory. The Company owns 25 million shares (approximately 75% of the issued and outstanding shares) of Generic Gold.
The work completed during the 2017 field season consisted of reverse circulation drilling, induced polarization (“IP”) geophysics, soil sampling, prospecting, and geological mapping. Additionally, the land positions at the Goodman project and the nearby Seattle project were significantly increased, and a NI-43-101compliant technical report was completed. A summary of the highlights of the work completed can be seen on the accompanying map.
President and CEO of Nevada Zinc, Bruce Durham commented: “When we initially acquired the main block of Goodman claims in 2010 there was virtually no history of exploration in the entire area west of the Victoria Gold property despite the fact that the Goodman property covered the headwaters of a number of gold bearing placer creeks. Solid exploration programs by us, and now Generic Gold, have resulted in the definition of a significant extension to the structural domains on the Victoria Gold property for kilometres farther to the west through the Goodman property. Numerous gold exploration targets have been defined on the property, the first of which were drill tested this year. This drilling was the first ever completed on this camp scale project located immediately adjacent to the southwest of Victoria Gold’s Eagle gold deposit. Of particular importance is the fact that significant disseminated sulphides were discovered in association with quartz vein material in several locations”.
The Goodman project covers an area of roughly 19 x 5 kilometres, located 40 kilometres northwest of Mayo, and is accessible by a government maintained all-season road. The project is contiguous with Victoria Gold’s Eagle Gold Project (Proven & Probable Reserves 2.67Moz Au (Victoria Gold Corp. Feasibility Study, October 26, 2016)), along the interpreted extension of the Potato Hills Trend. The Goodman property includes claims inside the Victoria Gold property very close to and covering the extension of the historic Peso silver mine adit. The Goodman property is also proximal to Alexco Resource’s Keno Hill Silver District project and Golden Predator’s Gold Dome project.
The 2017 work program consisted of:
NI-43-101 Technical Report
Induced Polarization Geophysical Survey
Reverse Circulation Drilling (RC)
Soil sampling, prospecting, and geological mapping
Results are pending and will be released by the Company once they have been received from Generic Gold.
JDS Energy & Mining Inc., 2016, NI 43-101 Feasibility Study Technical Report for the Eagle Gold Project, Yukon Territory, Canada, effective September 12, 2016, p. 1-11
About Generic Gold
Generic Gold was incorporated pursuant to the Business Corporation Act (Ontario) on May 30, 2017. Generic is a Toronto based mining company exploring targets in the Tintina Gold Belt in the Yukon Territory. The company purchased its Yukon property portfolio from Nevada Zinc, who currently own approximately 75% of Generic Gold’s common shares. Since incorporation, Generic Gold has raised approximately $2.4 million to fund 2017 and 2018 exploration programs and has completed diamond drilling on its Livingstone project, trenching on its VIP project, and reverse circulation drilling on its Goodman project.
For information on Generic Gold’s property portfolio and exploration activities, visit the company’s website at genericgold.ca or contact Kelly Malcolm, President and CEO, at firstname.lastname@example.org or 647-299-1153.
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.
While the Company continues to maintain a significant equity interest in the highly prospective Yukon gold properties through its majority ownership position in Generic Gold Corporation (“Generic Gold”), the current focus of the Company is the exploration and advancement of the Lone Mountain Zinc Project comprised of 224 claims covering approximately 4,000 acres near Eureka, Nevada.
The Lone Mountain Zinc 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 includes options, leases or purchase agreements to acquire 100% interests in all properties along the key structural trend for more than 4 kilometres.
The Company has completed 83 reverse circulation drill holes on its Lone Mountain Zinc Project and recently completed an initial 13 hole core drilling program on the property. Results from the RC drilling programs showed numerous broad intervals of medium to high grade non-sulphide zinc mineralization in two locations where the zinc mineralization is located between surface and a depth of approximately 250 metres.
The Company also recently obtained the right under an option agreement to earn up to an 80% interest in the MacBride Zinc Project in northern Manitoba (see the Company’s press release dated October 23, 2017).
Bruce Durham P.Geo, President and CEO of Nevada Zinc, is a Qualified Person, as that term is defined by Canadian regulatory guidelines under National Instrument 43-101, and has read and approved the technical information contained in this press release. For further information please contact:
Nevada Zinc Corporation
Suite 1660 141 Adelaide St. West
Toronto, Ontario M5H 3L5
Bruce Durham, President and CEO
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 relating to, among other things, the ability to complete the Business Combination, results of exploration, project development, reclamation and capital costs of the Company's mineral properties, and the Company's financial condition and prospects, could differ materially from those currently anticipated in such statements. These and other factors should be considered carefully and readers should not place undue reliance on the Company's forward-looking statements. The Company does not undertake to update any forward-looking statement that may be made from time to time by the Company or on its behalf, except in accordance with applicable securities laws.