Nevada Zinc Reports on Majority Owned Generic Gold Corp's Exploration Update on Its Goodman Gold Project
Newsfile Corp.
Updated
Toronto, Ontario--(Newsfile Corp. - December 14, 2017) - Nevada Zinc Corporation (TSXV: NZN) ("Nevada Zinc" or the "Company") 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 in the accompanying map (link to figure 1).
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
Carl Schulze, P.Geo, of Aurora Geosciences completed an independent technical Property of Merit report on the Goodman Project on October 13, 2017.
The report determined that the Goodman Project represents a "property of merit" due to widespread geochemical anomalies, potential geological setting, and proximity to the Eagle and Olive zones within the adjoining Dublin Gulch property held by Victoria Gold Corp. Mr. Schulze determined that the results of geochemical sampling to date indicate a gold +/- silver bearing system, with an associated pathfinder element signature, typical of Intrusion-Related Gold mineralization.
The recommendations of the report included: ground-based geophysics, including magnetic, VLF, and IP; continued extension of the existing soil sampling grids; geological mapping, prospecting, and trenching; a study on gold grains from proximal placer mining sites; and RC drilling.
This report will be filed on SEDAR by Generic Gold.
Induced Polarization Geophysical Survey
A high-resolution IP survey was completed in the Murphy's Creek area of the Goodman project. Eighteen chargeable anomalies were identified, some of which are directly coincident with geochemical anomalies identified in previous exploration campaigns.
Reverse Circulation Drilling (RC)
An RC drilling program was completed following receipt of both the Goodman 43-101 technical report and the IP survey results. Eleven drill holes were completed for 850 metres of drilling, targeting high priority geophysical and geochemical anomalies. Drilling intersected significant intervals of alteration (silica, sericite, carbonate) along with quartz veining and disseminated sulfides (dominantly pyrite, with lesser arsenopyrite and stibnite).
Soil sampling, prospecting, and geological mapping
Soil sampling and prospecting was undertaken in underexplored areas of the large property, while follow-up grid sampling and geological mapping was conducted in areas identified as anomalous in previous exploration campaigns. A total of 71 rock samples and 333 soil samples were taken during the duration of the field program.
Staking
The land position at Goodman and the neighbouring Seattle property were significantly expanded by 51 and 96 quartz claims, respectively.
The combined land package at the two properties is now roughly 12,000 hectares, or 574 Quartz claims.
Results are pending and will be released by the Company once they have been received from Generic Gold.
References
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 kmalcolm@genericgold.ca 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).
Additional information about the Company is available on the Company's website: www.nevadazinc.com.
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 Tel: 416-504-8821
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.
