Eastern Zinc Reports Drilling Results for Portage Property

VANCOUVER, Oct. 23, 2019 - Eastern Zinc Corp. ("Eastern Zinc" or the “Company”) (CSE:EZNC | OTC:ETZCF) is pleased to report the assay results from two diamond drill holes completed in early September on its Portage Property located in the western part of the Bathurst Mining Camp (“BMC”) in New Brunswick (Figure 1). Holes PZ19-03 and PZ19-04 were designed to test the depth and strike potential 40 metres below and 400 metres to the north, respectively, of the Upper Road Zone volcanogenic massive sulphide (“VMS”) occurrence discovered by a previous operator in 2018.

Highlights include:

PZ19-03

• 1.3% Zn+Pb over 2.2 m including 5.6% Zn+Pb over 0.3 m
• 1.1% Zn+Pb over 5.7 m

PZ19-04

• 1.5% Zn+Pb over 5.5 m including 2.6% Zn+Pb over 1.2 m
• 1.9% Zn+Pb over 0.5 m

A summary of significant assay results from the Portage drilling program are shown in Table 1:

Table 1: Significant Assay Results from 2019 Portage Drilling Program

Note: Intervals shown are measured core lengths and true widths are estimated to be 75% of the reported intervals. The Company and its geological consultants are not aware of any drilling, sampling, recovery or other factors that could materially affect the accuracy or reliability of the assay data disclosed herein. Core recoveries were approximately 100% and no sampling issues were reported by the core logging geologist.

The location and total depth of each drill hole is shown in Table 2 and Figure 2:

Figure 1: Map of Eastern Zinc’s Portage mineral claims in the Bathurst Mining Camp is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/03a93384-9e4b-4e0a-9f69-7fedc4a9e3ee

Table 2: Location of the 2019 Portage drill holes in the Upper Road Zone prospect

Figure 2: Map of the 2019 Portage drill holes targeting the Upper Road Zone is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/7089111e-773e-4c91-9d6a-d30d1867a402

The drill holes were surveyed using a Reflex downhole survey tool to measure dip and magnetic bearing at 30m intervals. Magnetic bearing was corrected to azimuth readings. The Portage drilling results indicate the presence of variable zinc-lead mineralization in volcano-sedimentary rocks over a strike length of 370m. Mineralization is spatially associated with a conductive graphitic horizon. Future drilling at Portage will continue to focus on areas where soil geochemical anomalies are associated with conductive horizons identified from existing airborne surveys.

Paul Ténière, President and CEO of Eastern Zinc Corp. commented, “These positive drilling results from our initial Portage drilling program have confirmed the presence of zinc and lead mineralization at relatively shallow depths and continue to be an indication of VMS-style sulphide mineralization in the Upper Road Zone. These results will help determine future sites for drilling on the Portage claims and expand our understanding of potential VMS mineralization across our other mineral claims in the Bathurst Mining Camp.”

The Company plans to complete trenching and prospecting on several of its other BMC mineral claims this fall to help determine future sites for ground geophysics and diamond drilling.

Background on the BMC Properties:

The Portage Property is part of a portfolio of mineral properties owned by Eastern Zinc Corp. and located in the Bathurst Mining Camp (BMC) of New Brunswick (see August 20, 2019 EZNC news release). The BMC is one of the most prolific base metal mining districts in Canada that hosts over thirty volcanogenic massive sulphide (VMS) deposits, as well as dozens of lesser showings (source: NBDNRE Open File 2000-9).

The Portage Property is underlain by north-easterly trending Ordovician volcano-sedimentary rocks of the California Lake Group and overlain unconformably to the west and north by Siluro-Devonian volcanic and sedimentary rocks. The “Portage Zone” comprises a tabular, stratabound zone ranging from 15 to 60 m thick in the upper part of felsic lapilli tuffs of the Mount Brittain Formation. Disseminated and stringer pyrite with variable lead-zinc and copper mineralization can occur within these chloritized felsic lapilli and ash tuffs. Sulphide stringers are generally less than 10 cm, but can occur as massive seams up to 3 metres thick. The “Upper Road Zone” occurs just beneath the unconformity at a depth of approximately 150 m based on historical drilling. The Upper Road Zone is comprised of VMS lead-zinc mineralization hosted by a chloritized mafic fragmental unit at the structural top of a 50 m thick sequence of Boucher Brook sediments. At deeper depths mafic tuffs and fragmentals are typically found followed by felsic lapilli tuffs that host the Portage Zone. This stratigraphic sequence suggests the Tetagouche units may be overturned and structurally deformed. This is supported by graded beds and by the distribution of copper mineralization in most of the Portage Zone intercepts drilled by previous workers.

Numerous airborne geophysical surveys employing electromagnetic and magnetic methods have played a key role in the discovery of volcanogenic massive sulphide (VMS) deposits in the Bathurst Mining Camp, including assisting in the discovery of the Brunswick No. 12 deposit (source: NBDNRE Open File 2000-9). The Brunswick No. 12 mine was one of the world’s largest underground zinc mines and produced 137 million tonnes grading 8.74% zinc, 3.44% Pb, 0.37% Cu, and 102 g/t Ag between 1964 and 2013 (source: New Brunswick Department of Energy and Resource Development, Brunswick No. 12 mine production statistics).

The Eastern Zinc BMC properties include other potential VMS mineral occurrences discovered and drilled by previous operators including the former Wedge mine, West Wedge, Tribag, Essex and A’Hearn targets. The Satellite and Mowatt targets are located adjacent to the former Heath Steele mine. The BMC properties also include the LBM mineral trend where several discoveries were made by previous operators in the region in volcano-sedimentary rocks extending 5 km west and northwest from Trevali Mining Corp.’s Halfmile deposit.

$40,000 NBJMAP Grant:

The Portage drilling program was supported in part by a grant of $40,000 under the New Brunswick Junior Mining Assistance Program (“NBJMAP”). The Company wishes to thank the Government of New Brunswick and the Ministry of Natural Resources and Energy Development (Energy and Mines Division) for this recognition of the Portage project and its importance to the mining industry in New Brunswick.

Technical Information and QA/QC Notes:

Geological consultants from SLAM Exploration Ltd. were responsible for the design and implementation of the drilling program including following a strict QA/QC program consistent with mining industry best practices. Core was delivered to a secure location for logging and sampling. All drill core was logged and selected core was marked for sampling and sawing. The Company also inserted a blank and a certified standard into the sample series. A total of 24 core samples were shipped to AGAT Laboratories (“AGAT”) of Mississauga, Ontario for analysis. AGAT analyzed all 24 samples using (201-378) Sodium Peroxide Fusion - ICP-OES/ICP-MS Finish. AGAT is independent of Eastern Zinc Corp. and is accredited to ISO/IEC 17025:2005 and ISO 9001:2015 standards.

All samples received by AGAT were dried to 60°C then crushed to 75% passing 10 mesh (2mm) and split to 250 g using a Jones riffler splitter or rotary split. Samples were pulverized to 85% passing 200 mesh (75μm). All equipment was cleaned using quartz and air from a compressed air source. Blanks, sample replicates, duplicates, and internal reference materials (both aqueous and geochemical standards) were routinely used as part of AGAT Laboratories’ quality assurance program. Samples (0.2g) were fused with sodium peroxide and sodium hydroxide in a muffle furnace for 30 minutes. The resultant cake was dissolved in dilute nitric acid and completed to 100ml with de-ionized water. Perkin Elmer 7300DV/8300DV ICP-OES and Perkin Elmer ELAN 9000/NexION ICP-MS instruments were used in the analysis. Inter-Element Correction (IEC) techniques were used to correct for any spectral interferences.

Cautionary Notes and Qualified Person Statements:

The drilling results contained in this news release have been prepared in accordance with National Instrument 43-101 (“NI 43-101”) Standards of Disclosure for Mineral Projects. The Qualified Person responsible for the planning and supervision of the diamond drilling program, and the preparation, verification and review of the technical information disclosed in this news release is Mike Taylor, P.Geo. of SLAM Exploration Ltd. He is considered a Qualified Person for the purposes of NI 43-101 with respect to the technical information being reported on. The technical information has been included herein with the consent and prior review of the above-noted Qualified Person.

This news release contains scientific and technical information with respect to adjacent or similar mineral properties in the Bathurst Mining Camp (BMC), which the Company has no interest in or rights to explore. Readers are cautioned that information regarding VMS mineral deposits and mineralization on adjacent or similar properties is not necessarily indicative of the presence of a VMS deposit and mineralization on the Company’s properties in the BMC.

The scientific and technical information in this news release was reviewed and approved by Paul Ténière, P.Geo., President & CEO of Eastern Zinc Corp. Mr. Ténière is a Qualified Person as defined by NI 43-101.

On behalf of the Board of Directors

Eastern Zinc Corp.

Joel Dumaresq
Chair of the Board and Chief Financial Officer
Suite 810 – 789 West Pender Street, Vancouver, BC V6C 1H2
(604) 336-3195

About Eastern Zinc Corp.

Eastern Zinc is a Canadian junior mining and exploration company operating out of Vancouver, British Columbia. Eastern Zinc is engaged in the business of acquiring, exploring and developing natural resource properties with a focus on zinc properties/projects.

Eastern Zinc is listed on the Canadian Securities Exchange (“CSE”) and its common shares trade under the ticker symbol "EZNC." For more information on Eastern Zinc, please visit our website at www.easternzinc.com. Additional information relating to Eastern Zinc is available on SEDAR at www.sedar.com as well as on the CSE at www.theCSE.com.

Neither the Canadian Securities Exchange nor its Market Regulator (as that term is defined in the policies of the Canadian Securities Exchange) accepts responsibility for the adequacy or accuracy of this release.

Forward-Looking Information

This press release may include “forward-looking information” (as that term is defined by Canadian securities legislation). Forward-looking information is based on certain expectations and assumptions made by Eastern Zinc, including future plans for the exploration and development of mineral properties. Although Eastern Zinc believes that such expectations and assumptions are reasonable, investors should not rely unduly on such forward-looking information as the company cannot give any assurance that they will prove to be correct. Forward-looking statements in this press release are made as of the date of this press release. Eastern Zinc disclaims any intent or obligation to publicly update any forward-looking information (whether as a result of new information, future events or results, or otherwise) other than as required by applicable securities laws.