VANCOUVER, BRITISH COLUMBIA--(Marketwire - Sept. 6, 2012) - Zincore Metals Inc. (TSX:ZNC)(LMA:ZNC) ("Zincore" or the "Company") is pleased to report that the Formal Agreement outlining the Dolores joint venture details with First Quantum Minerals Ltd. ("First Quantum") has been completed and the first stage of the joint-venture work program to explore the Dolores copper-molybdenum porphyry has begun.
Zincore President and CEO, Jorge Benavides, commented, "We are very pleased to have the Formal Agreement signed. Although completing it took longer than was originally expected, both companies have been working together in the spirit of the original Memorandum of Understanding. ("MOU") As a result, we have already had a Technical Committee meeting to outline the first year plan, work is underway and a drill rig is at the Dolores site."
Mr. Benavides elaborated, "Our goal for the first year program is to locate the higher grade centres of mineralization through geological mapping, surface geochemistry, geophysics, and an exploration drill program. Geological crews are already working on the field mapping and sampling and a geophysical crew will start work in early September. With a rig currently on site, drilling will start as soon as possible and test some of the targets evidenced by our previous surface work and trenching."
As outlined in the Company's news release dated July 13th, Zincore will be the Operator of the Dolores joint venture program for the current work plan. The Company expects to benefit from the knowledge gained by the First Quantum team that has been successfully developing the Haquira project, located 40 kilometres west of Dolores, as well as from First Quantum's capacity to provide on demand access to top quality exploration equipment and consultants for drilling, geophysics, geochemistry and other tools that have been successfully deployed at Haquira.
Highlights of the first year work program will include:
- Mapping and geochemical sampling of an area that is approximately 600 hectares in size
- 23 line-kilometres of magnetic and IP geophysics exploration
- Approximately 7,500 metres of diamond drilling
To view maps of the Dolores area, please click here.
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, 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 10 drill holes, two trenches and a number of surface samples at Dolores.
Zincore is a Vancouver-based mineral exploration company focused mainly on zinc and related base metal opportunities in the Americas, namely Peru 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.
About First Quantum Minerals
First Quantum Minerals is a rapidly growing mining and metals company currently operating two mines and developing five projects worldwide. The Company's core strength is discovering, developing and operating mines efficiently and cost-effectively. Its stated aim is to become a globally diversified mining and metals company. (www.first-quantum.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.