Vancouver, British Columbia--(Newsfile Corp. - April 21, 2022) - InZinc Mining Ltd. (TSXV: IZN) (the "Company") is pleased to announce it has signed a 2,500 metre (m) diamond drilling contract for the Indy base and precious metals exploration project (100% option) in central British Columbia. Drill plans include provisions for 20 to 25 drill holes focusing on targets occurring along the 7 kilometre (km) Main Trend and supported by an extensive network of existing roads. The 2022 program, including 1,100 line km of airborne geophysics, is fully funded.
Near surface, high-grade Sedex-type zinc mineralization (15.3% Zn+Pb and 24.5 g/t Ag over 6.3 m) was discovered by soil geochemistry and follow-up diamond drilling at the B-9 Zone in 2018. Since discovery, InZinc has outlined an additional 10 km of untested base metal and silver (+/- gold) drill targets along the 29 km length of the project (200 km2 mineral claims).
Indy has emerged as a top tier exploration project with the hallmark base and precious metal signatures suggestive of a new regional scale mineral district.
"We are excited to get back to drilling our new targets at Indy, where we have identified possibly the largest trend of untested base and precious metal targets with easy road access in British Columbia," commented Wayne Hubert, CEO of InZinc.
Timing of Activities
Field activities will commence in late May to early June, coinciding with the planned installation of a 50 to 100 person, third-party operated and funded, forestry camp located approximately 15 km from the B-9 discovery area. Airborne geophysical surveys will commence shortly after and are expected to be completed by mid-June. Drilling will commence in early July, following review and incorporation of the new geophysical data and completion of access.
An extension of the 2021 Delta Horizon drill trail, to access the new Fox (Ag, Au) target and the new 1.9 km long Echo target, is being permitted and planned for completion in conjunction with the commencement of drilling. In 2021, primary road access to southern area targets (Anomaly B, G) and the untested Delta Horizon target was completed.
2022 Drill Targets (see Figure 1)
From the 10 km of currently identified exploration targets at Indy, selected targets planned to be drilled in 2022 include:
Echo South Target - Zinc
The Echo South target is the southern 1,000 m of the 1.9 km long Echo target, a continuous high contrast, multi - element (Zn, Pb, Ba, +/- As and Cu signatures) soil geochemical anomaly discovered in 2021. Field evidence indicates a contact between sedimentary breccia units and black shales is coincident with the anomaly. The Echo South soil geochemical anomaly is defined by zinc ranging from greater than 500 parts per million (ppm) to 3783 ppm (0.37% Zn); Ba from greater than 3000 ppm to over 10000 ppm (1% detection limit) and Pb from greater than 70 ppm to 156 ppm across the 1,000 m portion of the Echo target. Strongly gossanous (oxidized) soil samples are also present in multiple sample sites on multiple soil lines across the 1.9 km trend. The northern 900 m extension of the Echo target (Echo North) will be planned as a future drill target.
Keel Target - Zinc (+/- Silver)
The Keel target, newly identified from detailed compilation, is a 400 m long zone located 200 m west of the Echo target. Keel is a strong multi-element soil anomaly (500 to 6470 ppm or 0.65% Zn, 70 to 765 ppm Pb and 3000 to greater than 10000 ppm Ba). Silver in soil is also present (1.3 to 6.9 ppm or 6.9 g/t Ag). Strongly gossanous (oxidized) soil samples are present in multiple sample sites in addition to black shales.
Fox East Target - Silver, Gold
At the Fox East target, centred approximately 500 m north of the Echo South target, strongly enriched multi-station silver (2.0 ppm to 23.1 ppm or 23.1 g/t Ag) and gold (up to 140 ppm or 0.14 g/t Au) in soil occurs over a 500 m by 150 m untested linear trend. The Fox East target is the eastern portion of the broader 900 m long Fox target. Field evidence indicates the anomaly is hosted within a shale unit.
The Fox, Hat and Anomaly G are new precious metals targets discovered in 2021. Fox West, Hat and Anomaly G will be prepared for drilling in subsequent programs.
Anomaly B South - B-9 Discovery Zone
Drilling is also planned to further explore a 900 m long portion of the geochemical anomaly associated with the B-9 Zone, located 5 km south of the Echo target. This area is now fully accessible by roads and bridges installed in 2021. Discovered in 2018, B-9 is a known mineralized portion of the extensive Anomaly B area which comprises multiple stacked anomalies (or potential horizons) over a 1.8 km long trend
In 2018, initial drilling (10 holes) returned shallow mineralization in nine holes over a 250 m length of the 900 m long B-9 (Zn, Pb) anomaly. Mineralization remains open for expansion. Highlights included:
B-9 Zone 2018 Drilling - Selected Highlights
12.33% Zn, 2.98% Pb, 24.46 g/t Ag over 6.29 m at 60 m below surface in hole IB18-009
5.76% Zn, 0.48% Pb, 3.41 g/t Ag over 6.73 m at 56 m below surface in hole IB18-008
4.49% Zn, 1.13% Pb, 7.32 g/t Ag over 4.28 m at 27 m below surface and
2.24% Zn, 0.83% Pb, 5.23 g/t Ag over 5.38 m at 33 m below surface and
3.50% Zn, 0.66% Pb, 4.59 g/t Ag over 4.57 m at 37 m below surface in Hole IB18-002
9.26% Zn, 2.43% Pb, 17.98 g/t Ag over 3.05 m at 23 m below surface in hole IB18-003*
3.88% Zn, 1.34% Pb, 8.90 g/t Ag over 3.99 m at 29 m below surface in hole IB18-006
Note: Drilled intersections are apparent width only. The intersections in IB18-002 are separated by lost core/no recovery.
*Low core recoveries.
Strong Working Capital Position
Following completion of the 2022 exploration program, the Company anticipates ending 2022 with a strong working capital position. This includes a 30% rebate for eligible 2022 exploration expenses under the BC Mineral Exploration Tax Credit (BCMETC) and the value of the Company's significant equity interest in American West Metals.
Figure 1 - Indy Project - Main Trend - 2022 Drill Areas
InZinc is well financed and focused on growth through exploration and advancement of its direct and equity interest in multiple North American base metals projects. The road accessible Indy project (100% earn-in), located in central British Columbia, comprises discoveries of near surface mineralization and large untested base and precious metal exploration targets along a 29 km long trend with potential for the discovery of a new regional mineral belt. InZinc is also a significant shareholder of American West Metals which is advancing the West Desert zinc-copper project and the Storm Copper and Copper Warrior projects in North America. In addition, InZinc will receive 50% of the revenue (NSR) from the sale of indium mined from West Desert.
For further information contact : Joyce Musial Vice President, Corporate Affairs Phone: 604.317.2728 Email: joyce@inzincmining.com
Qualified Person
Brian McGrath, B.Sc., P.Geo. a Qualified Person as defined in National Instrument 43-101 - Standards of Disclosure for Mineral Projects, has approved the technical content of this news release.
This news release contains forward-looking statements and forward-looking information (collectively, "forward-looking statements") within the meaning of applicable securities legislation. All statements, other than statements of historical fact, included herein are forward-looking statements. Forward-looking information includes, but are not limited to, statements that address activities, events or developments that the Company expects or anticipates will or may occur in the future, including such things as the successful completion of American West's Initial Public Offering on the Australian Securities Exchange. Although the Company believes that such statements are reasonable, it can give no assurance that such expectations will prove to be correct. Forward-looking statements are typically identified by words such as: "believe", "expect", "anticipate", "intend", "estimate", "plan", "design", "postulate" and similar expressions, or are those, which, by their nature, refer to future events. The Company cautions investors that any forward-looking statements by the Company are not guarantees of future results, performance, or actions and that actual results and actions may differ materially from those in forward-looking statements as a result of various factors, including, but not limited to, those risks and uncertainties disclosed in the Company's Management Discussion and Analysis for the year ended December 31, 2020 and for the nine months ended September 30, 2021 filed with certain securities commissions in Canada and other information released by the Company and filed with the appropriate regulatory agencies. All of the Company's Canadian public disclosure filings may be accessed via www.sedar.com.
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