Zincore Metals Inc.

Zincore Metals Inc.

January 08, 2013 08:14 ET

Zincore Drilling Expands Prospective Area at Dolores and Intersects Copper Mineralization Over 584 Metres

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Jan. 8, 2013) - Zincore Metals Inc. (TSX:ZNC)(LMA:ZNC) ("Zincore" or the "Company") is pleased to report assay results from Holes DOL-12 and DOL-13, the second and third holes drilled under a joint-venture with First Quantum Minerals formed to explore the Company's 100%-owned, Dolores copper-molybdenum porphyry property located in the prolific Yauri-Andahuaylas copper district in southern Peru.

Highlights from these results include:

0.17% Cu Eq* over 584.7 metres in Hole DOL-12, including 0.26% Cu Eq* over 143 metres, 0.35% Cu Eq* over 36.4 metres, 0.40% Cu Eq* over 10 metres and 0.31% Cu Eq* over 45.8 metres.

To view a summary of results from Holes DOL-12 and DOL-13, please see Table One below. You may also view a map of exploration activity at Dolores and cross-section maps of Holes-DOL-12 and DOL-13 by clicking here.

Zincore President and CEO, Jorge Benavides, commented, "We are enthusiastic about the results from Hole DOL-12. The consistent and evenly distributed copper and molybdenum mineralization grading 0.17% Cu Eq* over such a length is classic porphyry mineralization. It is important to note that the mineralized porphyry may actually have a higher grade given that this intersection was cut by several thin, barren, post mineral feldspar porphyry dykes. Even more important, the long, consistent intercept is similar to what we intersected in Hole DOL-02**, which is located approximately one kilometre to the east."

Mr. Benavides added, "The results from Hole DOL-13 are also significant. We cut anomalous copper values associated to mineralized diorite porphyry dikes at just over 600 metres depth. This is significant as DOL-13 is located at approximately 600 metres higher in elevation and 2.7 kilometres to the north of DOL-12, where we found similar mineralized porphyry with higher copper grades. The results from DOL-13 indicate that the vast space between Holes DOL-12 and DOL-13 may harbour additional targets under cover. Extensive geophysical surveys completed at the end of 2010 indicate many anomalies and excellent targets in the central and northern areas of Dolores, especially between Holes 12 and 13. However, drill results for Holes DOL-1, DOL-3, DOL-4 and DOL-5** yielded very little positive news. This latest information from DOL-13 indicates that we may need to drill deeper and re-orient the angles of our drills to better explore this very large and obviously prospective area."

*Copper Equivalent Total calculated using TD Securities long term prices of US$2.75/lb. copper and US$15.00/lb. molybdenum. Metallurgical recoveries and net smelter returns are assumed to be 100%.

**For more information about previous drill results for Holes DOL-1, DOL-2, DOL-3, DOL-4 and DOL-5 and our 2010 geophysical surveys, please see our news releases dated May 3, October 4 and January 13, 2011 respectively.

Hole DOL-12 intercepted copper and molybdenum mineralization over 584.7 meters. The mineralization is hosted within porphyry quartz diorite, which is cut by another mineralized porphyry quartz monzonite. DOL-12 is the southern-most drill hole location to date and is located about 300 meters south of the DOL-11, the next nearest hole location to the North which is also mineralized. Mineralization is open to the west and south.

Hole DOL-13, intended as a deep exploratory probe, met its goal of intersecting at depth what had been interpreted as mineralized quartz diorite porphyry dikes with quartz chalcopyrite veinlets at the contact between the barren tonalite porphyry and quartzites, although cutting only anomalous copper values. DOL-13 is located 2.7 kilometres north of DOL-12, where copper and molybdenum mineralization was found in same quartz diorite porphyry but in higher grades.

The Company has also now completed drilling holes DOL-14, DOL-15 and DOL-16, as well as surface work in Trench 3, and is awaiting assay results. Drilling has also begun at Hole DOL-17.

Table One - Dolores Drill Results
From (metres) To (metres) Drill Hole Intersection(1) Cu (%) Mo (%) Copper
Equivalent (%)*
Au (g/t) Ag (g/t)
DOL-12 98.9 683.6 584.7 0.15 0.004 0.17 0.03 0.7
Including 98.9 241.9 143.0 0.21 0.009 0.26 0.03 0.7
and 98.9 135.3 36.4 0.26 0.017 0.35 0.03 0.9
and 152.6 162.6 10.0 0.36 0.007 0.40 0.03 1.3
and 196.1 241.85 45.8 0.28 0.005 0.31 0.05 0.9
and 277.0 376.1 99.1 0.23 0.003 0.24 0.04 1.2
and 401.9 416.6 14.8 0.28 0.006 0.31 0.06 1.1
and 449.8 474.8 25.1 0.26 0.007 0.30 0.05 2.0
DOL-13 603.0 610.1 7.1 0.06 NSV 0.06 0.01 0.2
(1) Core widths
* Copper Equivalent Total calculated using TD Securities long term prices of US$2.75/lb. copper and US$15.00/lb. molybdenum and do not include any potential gold or silver credits. Metallurgical recoveries and net smelter returns are assumed to be 100%.

The Dolores Copper Porphyry Project

Zincore's 100%-owned Dolores Project is located on the Company's Accha Zinc Oxide District in the Yauri-Andahuaylas Copper belt in southern Peru. It is near significant copper mines and developments such as Xstrata's Las Bambas and Tintaya, HudBay's Constancia and First Quantum's Haquira. To date, Zincore has published results from 13 drill holes, two trenches and a number of surface samples at Dolores. The Company has also received and is reviewing results from an extensive ground magnetic and induced polarization survey of the Dolores area, as well as a regional aeromagnetic and radiometric study. It is expected that this new data will contribute to a better understanding of the deposit and help focus future exploration work.

To view the Dolores joint-venture details, please click here.

Vernon Arseneau, P.Geo., is an independent geologist registered in Quebec, Canada. He 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.

Quality Control

Zincore has implemented a quality control program to ensure best practice in lithogeochemical sampling and analysis of rock chips, trench, tunnel and drill core samples. All channel samples were delivered in sealed security bags to ACME Labs Laboratory in Lima. All samples were analyzed by ICP (34 elements) using aqua regia digestion. Copper values were also determined by aqua regia digestion at ore grade level and gold was assayed by fire assay.

About Zincore

Zincore is a Vancouver-based mineral exploration company focused mainly on zinc and related base metal opportunities in Peru. 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 19, 2012 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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