Kootenay Zinc Corp.: Sully Project Geophysical, Permitting and Drilling Update
VANCOUVER, BRITISH COLUMBIA--(Marketwired - Apr 20, 2017) - Kootenay Zinc Corp. (the "Company") (CSE:ZNK)(CSE:ZNK.CN)(OTCQB:KTNNF)(FRANKFURT:KYH) is pleased to announce the following update to its Sully exploration project at Fort Steele, BC. Spring break-up conditions have dramatically improved and the project team has commenced several concurrent activities, including preparations for drilling hole SY17-12 at the E1S target.
Geophysics
Excel Geophysics has completed an additional 180 gravity stations at the E1 anomaly since mobilizing on April 12, 2017, bringing station spacing there to roughly 20m x 20m. The new gravity work will assist in improved targeting of that anomaly but will also help in benchmarking the appropriate station spacing to develop equivalent mass models for the other anomalies at Sully. Once work at E1 is completed the geophysical crew will continue their field work over E2, E3 and E4 to provide definition of these recently identified and larger magnitude gravity anomalies.
Permitting and Related Studies
The project team reports it is now in receipt of an approved Notice of Work (NOW) permit for all planned drilling at Sully, including tests of the E2, E3 and E4 anomalies identified in late 2016. As the field season progresses and additional targeting information is acquired the team will evaluate access opportunities and priorities for subsequent drill sites such that drilling can continue seamlessly through the field season.
Drill Hole SY17-12 at E1S Target
FB Drilling has now mobilized to the site and is setting up at a new collar approximately 50m south of the SY17-10/11 site to test the E1S target described previously. Drilling will be undertaken using the same methodology and approach as previous holes, including: tools to minimize deviation of the hole and to provide oriented core for measurement of structural features. DDH SY17-12 will be oriented at a dip of -45 degrees toward east and the target is expected to be intersected between 200m and 300m.
As described in previous news, drill targeting at E1S is intended to provide proof-of-concept, specifically that the gravity masses indicated are caused by massive sulphides. If successful, drilling will be expanded to test all of the EAST anomalies once their mass models are completed. The Sully project team is excited to test and determine the composition of these gravity masses.
About the Company
Kootenay Zinc Corp. is a mineral exploration and development company based in Vancouver, British Columbia that is presently targeting the Sully Property. The Company is focused on discovering large-scale sedimentary-exhalative ("SEDEX") deposits.
The Sully Property comprises 1,375 hectares located approximately 30 kilometres east of Kimberley, B.C., and overlies rocks of similar age and origin as those which host the world-class Sullivan deposit, owned by Teck Resources Ltd. Sullivan was discovered in 1892, and is known to be one of the largest SEDEX deposits in the world. Over its 100-year lifetime, Sullivan produced approximately 150 million tonnes of ore, including approximately three hundred million ounces of silver, eight million tonnes of zinc and eight million tonnes of lead. The equivalent level of strata as at Sullivan and that formed on the margin of that same basin are present at the Sully Property. The Company cautions that past results or discoveries on proximate land are not necessarily indicative of the results that may be achieved on the Sully Property.
The scientific and technical information contained in this news release has been reviewed and approved by the Company's Project Manager, Paul Ransom, P.Geo., a "Qualified Person" as defined in National Instrument 43-101 - Standards of Disclosure for Mineral Projects.
Forward Looking Information
This news release includes certain statements that constitute "forward-looking information" within the meaning of applicable securities law, including without limitation, statements that address the Sully Property, comments regarding the timing and content of upcoming work programs, geological interpretations, costs and timing of future exploration and development, requirements for additional capital, other statements relating to the financial and business prospects of the Company. Forward-looking statements address future events and conditions and are necessarily based upon a number of estimates and assumptions. These statements relate to analyses and other information that are based on forecasts of future results, estimates of amounts not yet determinable and assumptions of management. Any statements that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions or future events or performance (often, but not always, using words or phrases such as "expects" or "does not expect", "is expected", "anticipates" or "does not anticipate", "plans", "estimates" or "intends", or stating that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved), and variations of such words, and similar expressions are not statements of historical fact and may be forward-looking statements. Forward-looking statement are necessarily based upon a number of factors that, if untrue, could cause the actual results, performances or achievements of the Company to be materially different from future results, performances or achievements express or implied by such statements. Such statements and information are based on numerous assumptions regarding present and future business strategies and the environment in which the Company will operate in the future, including the price of zinc and other metals, anticipated costs and the ability to achieve goals. While such estimates and assumptions are considered reasonable by the management of the Company, they are inherently subject to significant business, economic, competitive and regulatory uncertainties and risks.
Forward-looking statements are subject to a variety of risks and uncertainties, which could cause actual events, level of activity, performance or results to differ materially from those reflected in the forward-looking statements, including, without limitation: (i) risks related to zinc, base metal and other commodity price fluctuations; (ii) risks and uncertainties relating to the interpretation of exploration results; (iii) risks related to the inherent uncertainty of exploration and cost estimates and the potential for unexpected costs and expenses; (iv) that resource exploration and development is a speculative business; (v) that the Company may lose or abandon its property interests or may fail to receive necessary licences and permits; (vi) that environmental laws and regulations may become more onerous; (vii) that the Company may not be able to raise additional funds when necessary; (viii) the possibility that future exploration, development or mining results will not be consistent with the Company's expectations; (ix) exploration and development risks, including risks related to accidents, equipment breakdowns, labour disputes or other unanticipated difficulties with or interruptions in exploration and development; (x) competition; (xi) the potential for delays in exploration or development activities or the completion of geologic reports or studies; (xii) the uncertainty of profitability based upon the Company's history of losses; (xiii) risks related to environmental regulation and liability; (xiv) risks associated with failure to maintain community acceptance, agreements and permissions (generally referred to as "social licence"); (xv) risks relating to obtaining and maintaining all necessary government permits, approvals and authorizations relating to the continued exploration and development of the Company's projects; (xvi) risks related to the outcome of legal actions; (xvii) political and regulatory risks associated with mining and exploration; (xix) risks related to current global financial conditions; and (xx) other risks and uncertainties related to the Company's prospects, properties and business strategy.
These risks, as well as others, could cause actual results and events to vary significantly. There can be no assurance that planned exploration will be completed as proposed or at all, or that economic resources will be discovered or developed at the Sully Property. Accordingly, actual results may differ materially from those currently anticipated in such statements. Factors that could cause actual results to differ materially from those in forward looking statements include, but are not limited to, continued availability of capital and financing and general economic, market or business conditions, the loss of key directors, employees, advisors or consultants, equipment failures, failure of counterparties to perform their contractual obligations and fees charged by service providers. Investors are cautioned that forward-looking statements are not guarantees of future performance or events and, accordingly are cautioned not to put undue reliance on forward-looking statements due to the inherent uncertainty of such statements. The forward-looking statements included in this news release are made as of the date hereof and the Company disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as expressly required by applicable securities legislation. Neither the Canadian Securities Exchange nor its regulation services provider accepts responsibility for the adequacy or accuracy of this news release.