Zincore Metals Inc.
TSX : ZNC

Zincore Metals Inc.

November 01, 2007 08:55 ET

CORRECTION: Zincore Drills 27 Metres of 6.7% Zinc and 0.9% Lead From Surface at Yanque

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Nov. 1, 2007) - The following corrects and replaces the release issued for Zincore Metals Inc. at 7:00 am ET on November 1, 2007. The phrase "From Surface at Yanque" was inadvertently dropped from the title. The complete, correct title is "Zincore Drills 27 Metres of 6.7% Zinc and 0.9% Lead From Surface at Yanque", and the complete release follows.

Zincore Metals Inc. (TSX:ZNC) ("Zincore" or "the Company") has completed an additional nine diamond drill holes and two trenches at its Yanque deposit in southern Peru, part of Zincore's 100%-owned Accha-Yanque zinc oxide project. Work on the deposit includes a 10,000-metre exploration and definition drilling program to infill inferred mineral resources and test expansion of the deposit.

Of these nine holes, YA-3, YA-4 and YA-5 were drilled within the limits of the inferred mineral resource area and the remainder were drilled outside of the inferred mineral resource area. Highlights of the drilling include;

- Hole YA-3 which intersected from surface, 27 metres at 6.7% zinc and 0.9% lead, including an interval of 9 metres at 9.4% zinc and 0.5% lead,

- Hole YA-5 which intersected from 2 metres depth, 21 metres at 5.8% zinc and 1.8% lead including an interval of 6 metres at 13.9% zinc and 1.3% lead and

- Hole YA-10 which intersected a mineralized 134-metre zone from surface that included intervals of 8 metres at 5.9% zinc and 1.1% lead, 15 metres at 4.0% zinc and 0.8% lead, 9 metres at 3.5% zinc and 1.9% lead and 20 metres at 1.2% zinc and 3.0% lead.

Two trenches were completed as part of the sampling and mapping program to investigate areas of high-grade surface mineralization that have not yet been tested by drilling. Trench 1 intersected 35 metres grading 16.1% zinc and 3.5% lead including intervals of 10 metres at 19.7% zinc and 5.1% lead and 11 metres at 22.1% zinc and 4.4% lead. Trench 2 intersected 18 metres at 12.2% zinc and 0.6% lead including intervals of 6 metres at 13.3% zinc and 0.8% lead and 3 metres at 29.4% zinc and 0.9% lead. Both trenches cut wide zones of altered sediments and hydrothermal breccias that host much of the mineralization at Yanque. The results of both trenches confirm the presence of high-grade mineralization in outcrop. Further work is required to define the geometry of these zones prior to drilling. Additional trenches have been excavated in the northwest part of the project to investigate areas where artisanal lead mining was reported.

President and CEO Timo Jauristo commented, "The drilling at Yanque, combined with our surface and mapping work, continues to demonstrate that we are dealing with a large zinc-lead mineralized system. As shown by the trench results, there are significant widths of high-grade mineralization at surface. Determining continuity of the high-grade mineralization as we drill the deposit and surrounding areas is a key objective of our exploration program."

Holes YA-6, YA-7 and YA-11 were drilled east of the inferred mineral resource areas where diorite overlays the favourable host rocks. Historical Rio Tinto drilling had indicated that mineralization extended under the diorite. This recent drilling showed that a fault offsets the favourable host rocks to the east as these holes did not intersect significant widths of the favourable stratigraphy. Work is now concentrated on stepping out from the inferred mineral resources along the primary northwest-southeast trending mineralized corridor that hosts good potential for extending the deposit as demonstrated by holes YA-9 and YA-10 and recent mapping.

Twenty-one holes have now been completed and assays are pending for ten holes. Drilling at Yanque has been interrupted while the Company awaits receipt of an expanded exploration permit that will allow for an increase of the number of permitted drill holes. The Company filed its application with the Ministry of Mines and Energy in September 2007. During the interruption the drill rig will remain on site and a second drill may be mobilized once the expanded permit is issued. Additional surface work including geological mapping and trenching is ongoing aimed at better defining the mineralization.

The full mineralized core from two metallurgical holes drilled at Yanque has been shipped to South Africa and preliminary metallurgical test work has commenced. Test work will initially focus on pre-concentration of the ore utilizing dense media separation and flotation.

Results are drill hole widths and certain holes intersected multiple zones of mineralization. Full results are presented in the attached table. A Yanque drill hole location map and new releases relating to prior Yanque and Accha exploration results are available on Zincore's website at www.zincoremetals.com.



Yanque Drill Hole Results
--------------------------------------------------------------------------
Intersection
along drill hole
---------------- Drill hole
Hole From To intersection Zinc Lead
No. (metres) (metres) (metres)(1) (%) (%) Comments
--------------------------------------------------------------------------

--------------------------------------------------------------------------
YA-3 0.5 27.5 27.0 6.65 0.88 Infill hole at
----------------------------------------------------------- 8430500N and
including 0.5 9.5 9.0 9.41 0.45 815200E
-----------------------------------------------------------
Including 20.5 26.5 6.0 7.71 1.23
--------------------------------------------------------------------------

--------------------------------------------------------------------------
YA-4 0.1 8.1 8.0 1.83 0.46 Infill hole at
----------------------------------------------------------- 8430548N and
815200E
-----------------------------------------------------------
16.1 19.1 3.0 8.00 0.70
--------------------------------------------------------------------------

--------------------------------------------------------------------------
44.3 50.3 6.0 1.21 0.58
--------------------------------------------------------------------------

--------------------------------------------------------------------------
61.3 73.3 12.0 0.45 3.78
--------------------------------------------------------------------------

--------------------------------------------------------------------------
YA-5 2.0 22.5 20.5 5.78 1.78 Infill hole at
----------------------------------------------------------- 8430490N and
including 5.5 11.5 6.0 13.87 1.31 815296E
-----------------------------------------------------------

--------------------------------------------------------------------------
27.5 43.0 15.5 1.44 1.57
--------------------------------------------------------------------------

--------------------------------------------------------------------------
YA-6 No significant values Exploration
hole at
8430253N and
815587E
--------------------------------------------------------------------------

--------------------------------------------------------------------------
YA-7 No significant values Exploration
hole at
8430499N and
815595E
--------------------------------------------------------------------------

--------------------------------------------------------------------------
YA-8 No significant values Exploration
hole at
8430696N and
815424E
--------------------------------------------------------------------------

--------------------------------------------------------------------------
YA-9 0.0 3.0 3.0 2.84 8.37 Exploration
----------------------------------------------------------- hole at
8430678N and
----------------------------------------------------------- 815200E
8.0 13.5 5.5 1.28 5.38
--------------------------------------------------------------------------

--------------------------------------------------------------------------
YA-10 0.0 134.0 134.0 1.60 0.86 Exploration
----------------------------------------------------------- hole at
including 0.0 8.2 8.2 5.91 1.08 8430298N and
----------------------------------------------------------- 815212E
including 34.0 37.0 3.0 3.62 1.20
--------------------------------------------------------------------------
including 53.0 68.0 15.0 4.01 0.82
--------------------------------------------------------------------------
including 70.0 79.0 9.0 3.48 1.85
--------------------------------------------------------------------------
Including 81.0 88.0 7.0 1.61 0.41
--------------------------------------------------------------------------
Including 114.0 134.0 20.0 1.22 3.00
--------------------------------------------------------------------------

--------------------------------------------------------------------------
YA-11 59.2 69.2 10.0 1.66 1.12 Exploration
hole at
8430423N and
815472E
--------------------------------------------------------------------------

--------------------------------------------------------------------------
(1) Estimated true width not known



Yanque Trench Results
--------------------------------------------------------------------------
Intersection
along trench
---------------- Trench
Trench From To intersection Zinc Lead
No. (metres) (metres) (metres) (%) (%) Comments
--------------------------------------------------------------------------

--------------------------------------------------------------------------
TY-1 0.0 34.6 34.6 16.05 3.51 Total trench
----------------------------------------------------------- length - 36
including 5.0 14.9 9.9 19.69 5.09 metres
-----------------------------------------------------------
Including 19.9 30.6 10.7 22.14 4.36
--------------------------------------------------------------------------

--------------------------------------------------------------------------
TY-2 0.0 18.0 18.0 12.17 0.58 Total trench
----------------------------------------------------------- length - 18
including 0.0 6.0 6.0 13.31 0.82 metres
-----------------------------------------------------------
Including 15.0 18.0 3.0 29.40 0.85
--------------------------------------------------------------------------

--------------------------------------------------------------------------


Quality Control

Zincore has implemented a quality control program to ensure best practice in litho geochemical sampling and analysis of rock chips, trench, tunnel and drill core samples.

All drill core samples (approximately one metre, half-core composites) are shipped in security sealed bags via a private trucking company directly to the ALS Peru Laboratories facility in Lima. All samples for the resource drill program are digested using a three acid digestion and analyzed by two packages. Zinc and lead are determined by Atomic Absorption and if the results exceed 30% they are re-assayed by volumetric methods. All samples are also assayed by ICP for 25 elements (also using the three acid digestion for complete dissolution).

The Company submits its own standards and blanks as a measure of the accuracy of the analysis. All pulps and coarse rejects are being recovered and stored. Prior to a new resource calculation, 10% of all samples used in the resource calculation will be re-assayed at a second laboratory using the same analytical techniques described above. Both a re-assay of the pulp and of a new pulp prepared from the coarse reject will be used.

Trench Sampling

The samples were taken under the supervision of a geologist and were handled following the same QA/QC controls that the company applies to drill core samples. Both trenches were done perpendicular to the strike of the sedimentary beds and are continuous along the outcrop exposure except for a few short sample intervals where outcrop could not be reached after digging down to one metre depth.

The sampling procedure included removing the first five centimeters of outcrop, using a chisel and rock hammer, prior to taking a fresh rock chip sample. Generally the sample lengths are along one metre intervals which gave samples in the order of 6 to 7 kilograms in weight. A few sample intervals were shortened to 0.50 metre to adjust for areas where there is no outcrop and samples where no mineralization is present were taken of 2.0 metre intervals. All the samples were homogenized and quartered in the field after the initial collection procedure, with one quarter sample being bagged and sent to the laboratory.

Blanks and standards were put into the sample stream prior to sending the samples to the laboratory and the samples were transported to Lima using the same private transport company which handles the company's drill core samples.

Qualified Person

Vernon Arseneau, P.Geo., Exploration Manager, Peru for Zincore is supervising the exploration program and is the qualified person as defined under National Instrument 43-101 for this news release.

About Zincore

Zincore's strategy is to become a leading, low-cost zinc producer with the immediate objective of advancing its 100% owned Accha-Yanque property toward a development decision through a disciplined process of exploration, drilling and resource definition, and technical studies. Zincore holds a portfolio of other zinc exploration properties in southern Peru and intends to pursue additional zinc opportunities elsewhere in Latin America.

About the Accha-Yanque Project

The Accha-Yanque property consists of 56 concessions over a 30-kilometre distance in southern Peru. At the north end of the property is the Accha deposit and at the south end is the Yanque deposit. A number of zinc prospects with limited prior exploration occur between these two deposits. A total of 56 holes were completed by Cominco Ltd., Savage Resources Ltd. ("Savage"), and Pasminco Limited ("Pasminco") at the Accha deposit for 13,500 metres. Rio Tinto drilled 13 holes totaling 1,320 metres at Yanque.

Savage, and later, Pasminco, which acquired Savage, evaluated Accha between 1998 and 2001. Two historical resource estimates under the AUSIMM JORC standards were calculated for the Accha deposit using differing assumptions. In 2006, based on the historical drilling, a 43-101 compliant inferred mineral resource was calculated at Yanque of approximately 6.6 million tonnes grading 5.3% zinc and 3.5% lead.

Cautionary Note Regarding Mineral Resource Estimates

The qualified person for the Accha-Yanque technical report is L.D.S. Winter, P.Geo., an independent consulting geologist as defined under NI 43-101. Historical mineral resource estimates have not been reconciled to the mineral resource categories of NI 43-101 and sufficient work has not been done to classify these estimates as current mineral resources. For details on the Accha historical mineral resource estimates and the Yanque current mineral resource estimate, see Zincore's prospectus relating to its IPO dated October 26, 2006, which was filed with Canadian securities regulatory authorities and is available on SEDAR (www.sedar.com).

Forward-looking Statements

Statements in this release that are forward looking are subject to various risks and uncertainties concerning the specific factors disclosed under the heading "Risk Factors" and elsewhere in the Annual Information Form of Zincore dated March 26, 2007 which is filed with Canadian securities regulatory authorities and available on SEDAR (www.sedar.com). Such information contained herein represents management's best judgment as of the date hereof based on information currently available. Zincore does not assume the obligation to update any forward-looking statements.

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