Zincore Metals Inc.

Zincore Metals Inc.

March 23, 2011 08:16 ET

Zincore In-Fill Drilling Intersects Significant Silver Values and Higher Grade Zinc and Lead at Yanque Project in Peru

VANCOUVER, BRITISH COLUMBIA--(Marketwire - March 23, 2011) - Zincore Metals Inc. (TSX:ZNC)(BVLAC:ZNC) ("Zincore" or the "Company") announces it has received assay results from the first ten diamond drill holes of in-fill, definition drilling at its Yanque project, on the Company's 100%-owned, Accha Zinc Oxide District in southern Peru.

Highlights from these ten holes include: 98.61 g/tonne Ag and 13.64% Zn Eq* over 13.0 metres and 32.72 g/tonne Ag and 9.14% Zn Eq*over 4.0 metres in hole YA-49; 25.46% Zn Eq* over 12.0 metres in hole YA-52; 11.94% Zn Eq* over 11.0 metres and 10.53% Zn Eq* over 7.0 metres in hole YA-54; 11.53% Zn Eq* over 6.0 metres in hole YA-48 and 7.39% Zn Eq* over 54.6 metres in hole YA-54. For a complete list of results, please see Table 1 below.

Zincore President and CEO, Jorge Benavides, commented "Right from the start of this in-fill drilling program we have intersected zinc and lead grades that are above the deposit average.We have also intersected mineralization in significant widths, such as the 7.39% Zn Eq* over more than 54 metres in hole YA-54. These results are significant as the goal of this drilling program is to gain information to re-model the resources around the deposit's higher grades and improve the economics of a potential mining operation. We are further encouraged by the fact that these holes are at the north eastern edge of the known deposit. This sets up the possibility that we may be able to increase the resources by drilling further in this direction. Given how near to surface the deposit is, we believe that the Yanque deposit may be amenable to development as an open pit operation". 

Mr. Benavides also noted, that for the first time at the Yanque project "We have intersected significant silver mineralization, and in minable widths. This is an exciting new development as the possibility of silver credits could have a definite impact on the economics of the Accha Zinc Oxide District".

Table 1 – Yanque Project In-Fill Drill Hole Results
  Drill Hole    
Drill Hole
(metres) (1)
YA-55 0.0 16.0 16.0 5.98 1.75 NSV
  And 29.0 34.0 5.0 2.87 2.22 NSV
YA-54 0.4 55.0 54.6 4.79 2.60 NSV
  Including 0.4 7.4 7.0 8.78 1.75 NSV
  And 17.4 28.4 11.0 8.02 3.92 NSV
YA-53 44.4 51.4 7.0 3.28 0.77 NSV
YA-52 1.7 13.7 12.0 22.85 2.61 NSV
  64.7 74.0 9.3 1.02 6.79 NSV
YA-51 12.7 17.7 5.0 3.58 0.36 NSV
  36.7 47.7 11.0 3.72 0.82 NSV
  80.8 92.0 11.2 2.26 5.43 NSV
YA-50 2.0 17.0 15.0 3.21 0.72 NSV
  67.0 94.4 27.4 2.90 0.85 NSV
  115.6 128.8 13.2 2.74 2.55 NSV
YA-49 49.0 63.0 14.0 2.61 2.74 NSV
  75.0 79.0 4.0 0.27 9.14 32.72
  87.0 100.0 13.0 0.43 13.21 98.61
YA-48 0.0 8.0 8.0 6.87 0.85 NSV
  16.0 27.0 11.0 1.22 3.51 NSV
  30.0 44.5 14.5 3.67 2.50 NSV
  51.5 57.5 6.0 1.22 10.31 NSV
YA-47 0.0 14.0 14.0 5.81 1.30 NSV
  48.0 53.0 5.0 2.83 4.92 NSV
YA-46 0.0 31.0 31.0 5.68 2.12 NSV
  (1) Core Widths
  (2) NSV indicates no significant values were encountered

The Yanque drill program will comprise approximately 10,000 metres and is intended to upgrade known Inferred Resources to Indicated. It is also expected that the drilling will better define the high grade portions of the Yanque ore body. After the drill program is completed, a new model of the deposit will be generated and a new 43-101 Technical Report will be issued.

The Company had good success with a similar in-fill drilling program at its Accha project, located 30 kilometres to the north. Zincore hopes to gain similar information about Yanque and use this intelligence to help develop a mine plan where a single facility could process zinc ores from both Yanque and Accha, as well as nine other District prospects. Being able to selectively mine the higher grades of ore would significantly enhance the economics of the Accha Zinc Oxide District.

(*) Figures are expressed as zinc equivalents using a ratio of 1:1 lead to zinc. Metallurgical recoveries and net refinery returns are assumed to be 100%.

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 4 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 Ag, 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 being 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). In particular, investors are cautioned not to assume that any part or all of the Yanque deposit will ever become a mine.Such information contained herein represents management's best judgment as of the date hereof based on information currently available.

Contact Information