Zincore Metals Inc.
TSX : ZNC
BVLAC : ZNC

Zincore Metals Inc.

September 30, 2010 08:01 ET

Zincore Discovers Large, Copper-Gold Porphyry at Dolores, Accha District, Peru

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Sept. 30, 2010) - Zincore Metals Inc. (TSX:ZNC)(BVLAC:ZNC) ("Zincore" or the "Company") reports that it has discovered a large copper-gold porphyry with surface values of up to 2.3% copper and 1 g/tonne gold in chip samples at its Dolores property in southern Peru. The Dolores porphyry is located within the prolific Yauri-Andahuaylas Copper District, the largest porphyry deposit cluster in the southern hemisphere. This District contains 17 recognized porphyry deposits to date, including Xstrata's Tintaya and Las Bambas projects.

Zincore President and CEO, Jorge Benavides, commented, "Judging by the size, classic characteristics of this type of deposit and the associated mineralization evidenced at Dolores, this discovery adds a substantial dimension to our portfolio. It has the potential to deliver significant growth and value to our Company over and above that which our advanced Accha Zinc Oxide District already offers. This is great news to Zincore shareholders." 

For some time now, Zincore geologists suspected a porphyry system could be driving the hydrothermal solutions that formed the Yanque, Yanque East and Puyani zinc-lead oxide deposits. The Dolores porphyry is located within the Company's 100% Accha Zinc Oxide District and lies within the core area between the Yanque, Yanque East and Puyani mineralization. Recent surface mapping, sampling and geophysical work confirms that these deposits form the external halo of a large porphyry system that is approximately six kilometres in diameter. Recent road construction exposed high grade copper-gold mineralization associated with classic potassic and phyllic alteration within a larger argillic halo exposing characteristic multiple phase porhyritic intrusions, hydrothermal breccias, dense stock-work veining and peripheral skarn mineralization.

In addition, mapping by Zincore geologists has identified a zone of copper bearing skarn west of the main intrusive and areas of copper oxide mineralization in stockwork within the main altered intrusive. Table 1 below summarises some of the results from chip and channel sampling to date. 

Selected Chip Samples from Skarn Area
SAMPLE Cu % Au_ppb Mo_ppm Pb % Zn % Ag_ppm
CO-9792 2.39 198 10 0.000 0.02 5
CO-9798 1.07 6 48 0.000 0.00 4
41456 1.00 730 130 0.004 0.02 5
51550 1.00 52 5 0.002 0.01 0
51551 1.00 61 93 0.002 0.02 1
51553 0.35 24 42 0.001 0.01 1
51555 0.06 7 3 0.001 0.00 0
41457 1.00 814 172 0.002 0.05 18
41458 0.08 -5 5 0.001 0.00 1
51547 0.16 100 76 0.002 0.01 2
51548 1.40 58 7 0.004 0.03 2

 

Selected 2m Channel Samples from Copper Oxide Stockwork Area
SAMPLE Cu % Au_ppb* Mo_ppm Pb % Zn % Ag_ppm
11772 0.117 <2000 6 <0.0003 0.002 <0.3
11773 0.189 <2000 13 <0.0003 0.0022 <0.3
11774 0.228 <2000 12 <0.0003 0.0018 <0.3
11775 0.186 <2000 10 <0.0003 0.0027 0.3
11776 0.163 <2000 19 0.0007 0.0037 0.3
11777 0.416 <2000 29 <0.0003 0.0028 <0.3
11779 0.396 <2000 29 0.0004 0.006 <0.3
11780 0.197 <2000 16 0.0003 0.0014 0.4
11781 0.471 <2000 31 0.0099 0.01 0.6
11782 0.286 <2000 42 0.0021 0.0039 0.5
11783 0.417 <2000 3 <0.0003 0.002 <0.3
11784 0.118 <2000 7 0.0139 0.0071 <0.3
11786 0.257 <2000 13 0.0007 0.0097 <0.3
*Assays at lower detection level in progress

 

Selected Chip Samples from Gold Anomaly in Sediments
SAMPLE Cu % Au_ppb Mo_ppm Pb % Zn % Ag_ppm
9651 0.01 1055 5 0.120 0.02 12
9653 0.02 279 62 0.670 0.01 7
9652 0.01 74 44 0.230 0.01 5
CO-9791 0.59 83 31 0.200 0.23 2

VDG del Peru SAC of Lima has been contracted to carry out a deep reconnaissance IP survey over 22 square kilometres with 500 metre line-spacing (48 line kilometres). Magnetic and Gamma Spectrometry are also being completed within the same target area at 250 metre line spacing (92 line kilometres). Approximately 30% of the survey has been completed to date and preliminary results indicate the presence of large chargeability and magnetic anomalies that are consistent with porphyry style mineralization.

Community agreements are in place and the Company expects to drill between 2000 and 3000 metres in 2010, with drilling expected to begin in November.

Vernon Arseneau, P.Geo., Vice President, Exploration for Zincore has prepared or supervised the preparation of the information contained in this news release and is the Qualified Person as defined under National Instrument 43-101 for this news release.

About Zincore

Zincore is a Vancouver-based mineral exploration company focused mainly on zinc and related base metal opportunities in the Americas, namely Peru, Mexico and Canada. The Company's common shares trade on both the Toronto and Lima Stock Exchanges under the symbol ZNC. For more information, please see our website at www.zincoremetals.com.

Forward-looking Statements: Statements in this release that are forward-looking, in particular with regards to the potential of the Dolores project, 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 12, 2010 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.

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