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.
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.