TORONTO, Dec. 19, 2016 (GLOBE NEWSWIRE) -- Nevada Zinc Corporation (“Nevada Zinc” or the “Company”) (TSX-V: NZN ) is pleased to report it has outlined a significant gold exploration target on the Company’s Goodman Project located immediately southwest of Victoria Gold Corporation’s Eagle Gold Project.
As well, the Company is continuing to drill on its Lone Mountain Zinc Project in Nevada where the most recently completed Phase 4 drill program intersected significant intervals of very near surface high grade zinc mineralization including holes that collared in sub-cropping mineralization assaying up to 5.76% zinc over 41.15 metres (press release August 11, 2016).
President and CEO, Bruce Durham commented; “We continue to drill at our highly prospective Lone Mountain Zinc Project in Nevada and we are pleased to report continuing positive exploration progress on our extensive land holdings in Yukon. We own a 100% interest in the Goodman Project which covers more than 20 kilometres along the extension of Victoria Gold’s Potato Hills Trend and where our work over the past 6 years has now clearly outlined a number of geochemical and geophysical targets very similar to those found at Victoria Gold’s Eagle Gold Project. There is room for an entire gold camp on our Goodman Project and it is only one of several large land package, high quality gold projects we continue to advance in Yukon. With Goldcorp Inc. and Agnico Eagle Mines Limited each committing to significant projects in Yukon, the territory appears to be garnering significant interest as a prime destination for exploration dollars.”
Highlights – Goodman Project’s Murphy Target
A recent airborne magnetic survey completed by Precision GeoSurveys Inc. for the Company clearly outlines a 5 kilometre by 1.5 kilometre elongate felsic intrusion (termed the Murphy Intrusion) that trends roughly 70 degrees parallel to stratigraphy. The host felsic intrusion at Victoria Gold’s Eagle Gold Deposit is similarly indicated to be 5 kilometres by 1.5 kilometres and trends roughly 60 degrees parallel to stratigraphy (See accompanying figure 1).
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Figure 1. Goodman Property Exploration Highlights 2016
An extensive, prominent magnetic low in the airborne magnetic data along the southeast margin of the Murphy Intrusion appears to reflect the presence of an extensive zone of magnetic relief destruction. Such zones are often determined to result from strong alteration that alter and destroy magnetic minerals such as magnetite and pyrrhotite and may also reflect the presence of significant gold mineralizing fluids.
A series of small creeks which join to form a current placer mining creek (Murphy Creek) that drains the area mentioned above has, according to a local placer miner, produced galena (and possibly stibnite) as well as visible gold in quartz boulders in the gold-bearing placer gravels.
A well-defined magnetic low feature extends along the southeast margin of the interpreted intrusion and beyond in a north-easterly direction. The trend of the magnetic low feature is similar to and may be related to the extension of Victoria Gold’s Potato Hills Trend. This feature extends for 7 kilometres in the area where the magnetic data was collected and the interpreted fault may extend farther.
The area of strongest geochemical anomalies in the area of magnetic destruction southeast of the contact of the newly defined intrusive stretches for more than 1,000 metres and many stations are anomalous in gold, arsenic, silver, antimony and variably lead and zinc. The magnetic low along the southeast margin of the intrusion correlates very well with the location of numerous geochemical samples that contain variably anomalous gold, arsenic, antimony and silver. This suite of anomalous elements is very similar to the suite of elements reported at Victoria Gold’s Eagle Gold Deposit and other mineralized locations in the area (See accompanying figure 2).
To view Figure 2, please visit: http://orders.newsfilecorp.com/files/3498/24186_figure2.jpg
Figure 2. Murphy's Creek Exploration Highlights 2016
While outcrop in the area of anomalous geochemistry and magnetic signal destruction is very scarce, one outcrop of highly altered schist was located that contained coarse visible stibnite (antimony mineral) and assayed up to 390 ppb gold. The sample contained 2,000 ppm antimony. In the same area several arsenic rich intrusive and quartz rich boulders were located although no outcrop of the material was found.
The Company plans to carry out additional exploration work on the Murphy target in 2017.
Goodman Project
The main body of claims that comprise the Goodman Property were acquired by the Company in 2010. Additional claims were acquired by the Company that effectively wrapped around the southwest corner of Victoria Gold’s Eagle Gold Project land package and even includes four claims within the Eagle Gold Project in close proximity to the historic Peso adit that was driven to investigate the high grade silver lead antimony Peso vein system. A hole completed by Victoria Gold near the Company’s four claim property boundary in 2011 returned assays of 166.55g/t silver, 2.27% lead, 1.7% antimony and 0.34% zinc over a length of 7.74 metres. In the same program a hole between the Eagle Gold Deposit and the newly identified Murphy Intrusion on the Potato Hills Trend assayed 382.1 g/t silver over 27.44 metres in the historic Rex area.
The Eagle Gold Deposit which hosts resources of 4.8 million ounces of gold in indicated resources and 1.5 million ounces of gold in inferred resources is an intrusion related gold system with the majority of the gold mineralization hosted within a 94 million year old granodiorite measuring roughly 5 kilometres by 1.5 kilometres.
The Eagle Gold Deposit is situated within the Potato Hills Trend, an open ended belt exhibiting anomalous gold, arsenic, bismuth and antimony as well as silver, lead and zinc that extends in a northeast southwest direction and which the Company interprets as passing through its Goodman Project.
The Goodman Project was acquired as a large, completely untested gold exploration target covering the upstream location of a number of significant gold and pathfinder element anomalies located along the major regional trend and located immediately southwest of Victoria Gold’s Eagle Gold Project.
The Goodman Project also covers the upper reaches of at least 5 current or historic placer creeks for which there is no known source of the gold. The creeks are named Secret, Swede, Murphy, Goodman and Rodin.
The Goodman Project is located at lower elevation than the Eagle Gold Project and much of the project has good road access, being located just north of the access road to the Eagle Gold Project. As a result much of the Goodman Project is covered with a veneer of overburden making definition of targets and mineralization more technically challenging and requiring more advanced techniques for exploration.
Elsewhere on the Goodman Project, farther to the southwest the Company has outlined a number of “Keno Hill” style geochemical targets and gold targets that will be followed up.
The Goodman Project is located 40 kilometres north-northwest of Mayo Yukon and is road accessible via the Silver Trail highway.
The Goodman Project is located in the Tintina Gold Belt, a 2,000 kilometre gold district spanning Alaska and Yukon and which is known to host well over 100 million ounces of gold in many deposits including deposits such as Fort Knox, Donlin Creek, Pogo, Dublin Gulch, and Brewery Creek. The majority of these deposits are intrusion related gold deposits which formed between 70 and 105 million years ago.
The Goodman Project is comprised of 379 mineral claims covering some 79 square kilometres and it covers 20 kilometres of favourable stratigraphy southwesterly along the projection of the Potato Hills Trend adjacent to the Victoria Gold Eagle Gold Project.
No drilling or trenching has ever been undertaken on the Company’s extensive Goodman land holdings other than excavations related to placer mining.
Corporate
The Company continues to be focused on its highly prospective Lone Mountain zinc exploration assets located in Nevada while concurrently allocating resources to its gold exploration targets in Yukon. In addition to its Goodman Project detailed above, the Company holds a large block of claims referred to as the VIP Project that covers the along trend extension of the gold and silver mineralization trends being actively explored by Goldcorp Inc. The Company also holds a significant land position at Josephine Creek where it holds both hardrock and placer rights along Josephine Creek adjacent to land held by Victoria Gold. As well, the Company holds the dominant land position in the Livingstone Creek placer gold district northeast of Whitehorse where its land position covers the upstream portion of several historic placer creeks that have produced some of the largest gold nuggets discovered in Yukon since the days of the original Yukon Gold Rush, with individual gold nuggets weighing up to more than 20 ounces. The Company has discovered significant gold in bedrock in its most recent work on the Livingstone property.
Bruce Durham, P.Geo, is a qualified person, as that term is defined by National Instrument 43-101, and on behalf of the Company has approved the contents of this press release.
About Nevada Zinc
Nevada Zinc is a discovery driven 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 zinc and gold projects are located in Nevada and Yukon, respectively.
The Lone Mountain Project
While the Company maintains its highly prospective Yukon gold properties and continues to advance them, the current focus of the Company is the exploration and advancement of the Lone Mountain 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 land that comprises the project includes options, leases or purchase agreements to acquire 100% interests in all properties along the key structural trend for more than four kilometres.
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 bdurham@nevadazinc.com
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.
