Zazu Metals Corporation

Zazu Metals Corporation

December 02, 2008 08:30 ET

Zazu Reports Excellent Drill Results at Lik Deposit

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Dec. 2, 2008) -

Zazu Metals Corporation (TSX:ZAZ) ("Zazu") is pleased to announce further drill hole results from the summer development program at the Lik zinc - lead - silver deposit, 22km from the Red Dog zinc mine of Teck Cominco ("Teck") in northwestern Alaska. Highlights of the fourteen drill holes include drill hole 176 with 9.89% zinc, 5.75% lead over 17.68m at a depth of 11.43m, and drill hole 182 with 9.12% zinc, 2.8% lead over 43.89m at a depth of 52.73m. Due to the shallow dipping, stratiform nature of the Lik South deposit, true thickness is estimated to equate to 85% to 90% of the sample lengths.

The consistency of the deposit continues to support Zazu management's belief in the enormous potential of the Lik property. The holes were drilled over 600m of strike length and of the 14 drill holes, 10 contained mineralized intercepts of greater than 15m. Five contained intercepts greater than 25m, the longest of which was 50.90m in drill hole 178.

Results for 43 drill holes of the 58 completed during the summer program are released, representing a combination of infill and step out drilling. All 43 have shown mineralized intersections; 19 have shown intercepts of 25m or more of significant sulphide mineralization, and many of the intercepts exceeded 15% zinc + lead. Please refer to press releases dated August 19th, September 24th and October 29th, 2008 for full data. Field work is now completed for 2008, and assay results are pending for the remainder of the holes.

As of September 30th, 2008, Zazu's treasury was US$5.73mm.

Table 1 provides highlights of assay results for the 14 new drill holes.

A map of the drill hole locations is available at

Table 1. Assay results for holes 30 through 43 of the 58 holes drilled
in 2008.

From To Length
(m) (m) (m) Pb% Zn% Pb+Zn% Ag g/t
DDH-164 29.72 66.45 36.73 1.87 6.74 8.61 49.96
DDH-172 17.37 35.36 17.98 3.26 5.15 8.41 10.56
DDH-173 16.15 52.43 36.27 1.61 3.73 5.34 41.63
DDH-174 135.03 143.26 8.23 5.38 5.65 11.03 61.52
DDH-175 105.46 121.31 15.85 4.06 9.92 13.98 4.1
including 109.12 120.4 11.28 5.51 12.75 18.26 4.7
AND 132.89 158.8 25.91 1.99 6.41 8.4 64.5
including 149.66 157.58 7.92 4.93 12.91 17.84 93.08
DDH-176 11.43 29.11 17.68 5.75 9.89 15.64 117.51
DDH-178 26.21 77.11 50.9 1.68 7.09 8.76 49.2
including 39.01 66.9 27.89 2.3 9.86 12.16 68.55
DDH-179 74.07 87.78 13.72 3.18 9.44 12.62 9.82
DDH-180 27.13 45.11 17.98 1.09 4.42 5.52 24.22
DDH-182 52.73 96.62 43.89 2.8 9.12 11.92 97.5
DDH-184 105.16 111.86 6.71 2.47 6.71 9.18 8.05
DDH-185 12.13 15.24 3.11 2.1 5.16 7.25 9.92
DDH-186 16.15 32 15.85 1.95 6.71 8.66 8.85
DDH-187 10.06 27.43 17.37 1.98 7.97 9.95 63.3
Note: 1) Assays were analyzed by ALS Chemex Laboratories of Fairbanks,
2) It is estimated that true thicknesses are approximately 85% to
90% of the sample lengths. The Lik South deposit is a shallow
dipping stratiform deposit and all drill holes are vertical.

Zazu is currently awaiting assay results on 15 holes. Once the data is received and results are announced, it will be incorporated into an NI 43-101 resource to be prepared by Scott Wilson Roscoe Postle Associates, Inc. (Scott Wilson RPA). Scott Wilson RPA will then combine all work to date and commence preparation of a comprehensive scoping study, and ultimately, a feasibility study. Zazu is in the enviable position of having a limited number of shares outstanding, no debt, and sufficient funds in the treasury to continue development of the Lik deposit in 2009.

The historical mineral resource at the Lik deposit is 26.7 mm tonnes grading 9.16% zinc, 3.15% lead and 49 g/t silver, representing one of the largest undeveloped zinc - lead deposits in the world. These historical estimates that predate NI 43-101 are thought to be reliable at current drilling density and are considered to be relevant as they provide an estimate of the approximate size of the Lik deposit. They should not be relied upon until current work is used to update the resource.

Teck is a 50% joint venture partner in the Lik deposit, however Zazu has the exclusive right to obtain 80% of the property by meeting certain spending commitments by 2018.

This news release was reviewed by Mr. Neil N. Gow, P.Geo., an Associate Consulting Geologist with Scott Wilson RPA, who is a qualified person as defined by National Instrument 43-101.

About Zazu Metals Corporation

Zazu is a Canadian-based exploration company focused on acquiring and developing base metal properties in North America. Zazu's principal asset is its 50% joint venture interest with Teck Cominco in the Lik zinc - lead - silver deposit in northwestern Alaska. Additional information about Zazu is available on its website at

Additional information about the property is on the Teck website ( Zazu is not responsible for the content, accuracy or timeliness of material contained on the Teck Cominco website.


Michael A. Steeves, President and COO

Some of the statements contained in this news release are forward-looking statements, such as estimates and statements that describe the Company's future plans, objectives or goals, including words to the effect that the Company or management expects a stated condition or result to occur. Since forward-looking statements address future events and conditions, by their very nature, they involve inherent risks and uncertainties. Actual results in each case could differ materially from those currently anticipated in such statements.

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