Zincore Metals Inc.
TSX : ZNC
BVLAC : ZNC

Zincore Metals Inc.

November 23, 2011 08:27 ET

Zincore to Enhance Accha Zinc Oxide District Project Mine Plan With More Data From Yanque Definition Drilling Program

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Nov. 23, 2011) - Zincore Metals Inc. (TSX:ZNC)(BVLAC:ZNC) ("Zincore" or the "Company") announces the results from the final 38 holes of its 2011 definition drilling program at the Yanque deposit located at the Accha Zinc Oxide District project in southern Peru. Highlights from these holes include: 18.53% Zn Eq* over 9.0 metres in hole YA-126, 13.54% Zn Eq* over 11.0 metres in hole YA-94, 13.04% Zn Eq* over 10.5 metres in hole YA-97, 12.55% Zn Eq* over 19 metres in hole YA-96, 12.94% Zn Eq* over 6.0 metres in hole YA-105, 12.63% Zn Eq* over 7.0 metres in hole YA-104 and 11.18% Zn Eq* over 7.0 metres in hole YA-128.

*Figures are expressed as zinc equivalents using a ratio of 1:1 lead to zinc and do not include any potential silver credits. Metallurgical recoveries and net refinery returns are assumed to be 100%.

For a complete list of results, please see Table 1 below.

Zincore President and CEO, Jorge Benavides, commented "We are very pleased with the results from this latest stage of definition drilling at the Yanque deposit. The information we have gained will help us further improve the mine plan contained in our recently released Preliminary Economic Assessment ("PEA"). With the solid baseline economics already detailed in the PEA, we can now concentrate on further improving the attractiveness of the Accha Zinc Oxide District project, including working to increase the known resources at both the Yanque and Accha deposits and other District targets."

The Company has now completed the 2011 portion of the definition drilling campaign for the Yanque deposit. This program was comprised of 78 holes and totaled 9,827 metres. Total drilling at Yanque since inception now stands at 128 holes comprising 16,354 metres. In 2010, the Company completed a similar definition drilling program at the Accha deposit, located 30 kilometres to the north.

It is expected that this latest drilling information will help the Company better define the high grade portions of the Yanque deposit and to generate a new geologic model to further optimize the PEA mine plan where a single facility could process zinc and lead ores from Yanque and Accha, as well as the other 100% owned District prospects yet to be tested. The ability to selectively mine the higher grades of mineralization in the early years of a mine plan could significantly enhance the economics of the Accha Zinc Oxide District project.

It is not expected that these latest drill results will have a material impact on the resource estimate included in the Company's PEA released November 16, 2011. The Company expects that if necessary, it will update the PEA resource estimate when it releases a Pre-Feasibility report.

Table 1 - Yanque Project Definition Drilling
Drill Hole
Hole
Number
From
(metres)
To
(metres)
Drill Hole
Intersection
(metres) (1)
Zinc
(%)
Lead
(%)
Zn Eq
(%)*
AG
(g/t)
YA-91(2) 100.0 107.1 7.1 2.55 1.90 4.45 **
YA-92 **
YA-93 70.1 76.1 6.0 1.91 0.96 2.87 **
YA-94 108.0 139.3 31.3 4.36 3.07 7.43 **
including 114.0 125.0 11.0 8.03 5.51 13.54 **
YA-95 67.9 74.9 7.0 1.77 1.56 3.33 **
and(3) 78.6 82.1 3.5 3.58 1.22 4.80 **
and 86.1 88.6 2.5 8.20 5.23 13.43 **
YA-96(4) 10.6 30.2 19.6 0.94 0.25 1.19 **
and 38.2 57.2 19.0 9.40 3.15 12.55 **
and 103.7 111.7 8.0 1.20 4.34 5.54 **
YA-97 70.6 96.5 25.9 4.75 2.46 7.21 **
including 71.6 82.1 10.5 8.64 4.40 13.04 **
YA-98 27.6 33.6 6.0 1.75 1.83 3.58 41.01
YA-99 54.6 61.6 7.0 1.49 2.04 3.53 **
and 69.6 86.2 16.6 2.67 1.62 4.29 **
YA-100 20.5 47.0 26.5 2.22 0.49 2.71 **
Including 42.5 47.0 4.5 4.75 1.38 6.13 **
YA-101 29.3 36.3 7.0 3.48 5.19 8.67 **
YA-102 **
YA-103 **
YA-104 15.3 32.3 17.0 4.75 1.95 6.70 **
Including 35.0 47.7 12.7 3.10 1.48 12.63 **
YA-105(5) 30.0 49.7 19.7 2.51 1.16 3.67 **
including(5) 35.0 47.7 12.7 3.10 1.48 4.58 **
YA-106 49.2 55.2 6.0 3.11 9.83 12.94 **
YA-107 26.5 28.5 2.0 2.15 6.08 8.23 **
YA-108 15.1 19.1 4.0 4.02 1.42 5.44 **
And 33.1 52.3 19.2 1.38 2.77 4.15 **
YA-109 114.6 120.6 6.0 3.31 2.65 5.96 **
YA-110 **
YA-111 **
YA-112 **
YA-113 14.6 19.0 4.4 6.19 6.42 12.61 **
YA-114 1.0 8.0 7.0 1.72 1.65 3.37 **
YA-115 0.0 7.0 7.0 2.42 1.61 4.03 **
YA-116 1.2 18.2 17.0 0.21 4.44 4.65 **
Including 5.2 14.2 9.0 0.15 6.49 6.64 **
YA-117 0.0 59.1 59.1 0.37 3.37 3.74 **
Including 12.0 24.0 12.0 0.27 8.32 8.59 **
YA-118 0.0 9.0 9.0 4.05 2.67 6.72 **
And 19.0 25.0 6.0 0.54 3.86 4.40 **
YA-119 0.0 7.0 7.0 2.33 2.21 4.54 **
And 16.0 21.0 5.0 3.54 2.27 5.81 **
YA-120 50.2 56.2 6.0 4.95 1.01 5.96 **
YA-121 **
YA-122 60.4 75.4 15.0 2.88 1.24 4.12 **
YA-123 **
YA-124 **
YA-125 **
YA-126 26.8 35.8 9.0 14.47 4.06 18.53 **
YA-127 **
YA-128 23.0 41.0 18.0 2.06 4.15 6.21 **
Including 23.0 30.0 7.0 2.49 8.69 11.18 **

*Figures are expressed as zinc equivalents using a ratio of 1:1 lead to zinc and do not include any potential silver credits. Metallurgical recoveries and net refinery returns are assumed to be 100%.
**No significant values

  1. Core length
  2. Lost drill core between 102.7 and 103.1 metres
  3. Lost drill core between 77.8 and 78.6 metres
  4. Lost drill core between 15.6 and 16.2 metres
  5. Lost drill core between 38.3 and 40.2 metres

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.

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 Acme Laboratories facility in Lima. All samples for the resource drill program are analyzed using two techniques: zinc and lead grades are determined by a four acid digestion and AAS finish, and if the results exceed 10% they are re-assayed by volumetric methods. In addition, all samples are assayed by ICP-ES for 36 elements including silver and if values exceed 200 ppm of silver, samples are re-assayed by an ore grade method with AAS finish.

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

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, regarding the mine potential of the Yanque deposit, 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 18, 2011 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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