VANCOUVER, BRITISH COLUMBIA -- 08/20/08 --
Zincore Metals Inc. (TSX: ZNC) ("Zincore" or "the Company") has identified a promising gold target on its Piren property in Chile during its early stage exploration programs in Chile and Mexico. These programs build on Zincore's exploration activities in Peru and are an emerging part of the Company's strategy to build a quality base metals company with operations throughout Latin America.
In Chile, Zincore holds three properties totaling 24,000 hectares. Work to date has focused on the Piren property, within which a 2.4 kilometre long mineralized shear zone has been identified. Zincore has completed five initial lines of channel samples over 500 metres of strike length along the main shear zone. The best channel returned gold values of 3.2 grams per tonne over 8.2 metres with the channels averaging 3.9 grams per tonne over 2.5 metres. Two additional samples were collected along a parallel shear zone located 100 metres northwest of the main shear zone. These samples also returned gold values up to 3.0 grams per tonne. Mineralization is open along strike where it disappears under cover. During the field work, evidence of three historical drill holes on the shear zone were discovered, but no core or historical data concerning these holes has been located.
Vernon Arseneau, Zincore's Vice President of Exploration, commented: "The two parallel shear zones appear to be part of a mineralized structure so we are encouraged by these early stage results. Over the next several months we have planned additional trenching and sampling as part of our ongoing evaluation of the property."
In central Mexico, Zincore has completed an extensive six month regional data and structural review focused on identifying available ground on major structural intersections. The Company is now staking ground in three areas identified for potential of silver/lead/zinc mineralization. All of the properties are near operating mines. An initial field review will be completed on the properties by November.
Exploration Update
Zincore has now completed its initial drilling program on the Yanque deposit, drilling 45 holes totaling more than 6,500 metres. Results for 37 holes have been released with assay results from recent drilling pending. At its Accha-Yanque zinc project, work through the remainder of the year will focus on metallurgical test work on the Yanque ore and exploration programs at the earlier stage targets along the Accha-Yanque belt. The company is in the process of preparing applications for the expansion of its drill permits at both Accha and Yanque to include the targets identified by recent exploration on the belt.
The Company currently has a community relations team in the communities around its Minasccasa property working towards reaching an agreement to allow activities on the property to commence. Should such an agreement be achieved, exploration work on the promising copper/zinc/silver skarn would start immediately.
In addition to its activities in Peru, as outlined above, Zincore plans to complete initial programs on its properties in Mexico and Chile.
Zincore's exploration budget for the remainder of the year is approximately $1.5 million. This spending level ensures Zincore has sufficient cash resources to fund its programs into 2009 while delivering on its key objectives for the year.
Quality Control
Trench sampling and logging was carried out under the supervision at all times of a Zincore Metal consulting geologist. Trench channel sampling locations were defined by surveying the surface trace by hand held GPS and recording orientations with a Brunton compass. Trenches were excavated by hand to bedrock and subsequently cleaned prior to sampling.
Continuous channel, representative rock chip samples were taken by hammer and chisel perpendicular to the strike of mineralization whereby sample intervals, which generally comprised individual lengths between 0.5-1m, were marked using a measuring tape. The limits of each sample interval were marked with numbered aluminium tags and flagging tape. Sample information was recorded on log tickets which included trench number, interval (from - to) and sample type, in addition to geological characteristics.
Sample material from each sample interval was placed in plastic sample bags which was immediately tagged, staple sealed and bagged prior to shipment to ACME laboratories, Santiago.
Acme laboratories conducted sample preparation and analysis in Santiago, Chile which in summary comprised of:
- Preparation: bulk sample dried then a 1 kg sub split crushed to 70% passing 10 mesh then 250 g split and pulverized to 95% passing 150 mesh
- Au analysis:
-- 50 gram fire assay followed by atomic absorption finish for which results are reported for values less than 10 g/t Au with a 0.01 g/t detection limit
-- Au values which report greater than 10 g/t Au were re-assayed by fire assay with gravimetric finish
- Ag and trace element analysis:
-- ICP-1D-4 acid digestion with ICP finish giving detection limits of 0.3-100 ppm Ag
Quality assurance and control was provided by ACME laboratory's own internal QA/QC controls via the insertion of blanks and standards.
Vernon Arseneau, P.Geo., Vice President, Exploration for Zincore is supervising the exploration program 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 and development company focused on zinc and base metal opportunities in Latin America. The Company's strategy is to become a leading, low-cost zinc producer by rapidly advancing its 100%-owned Accha-Yanque belt toward a development decision. Zincore holds 62,000 hectares of concessions in southern Peru and is pursuing additional zinc opportunities elsewhere in Latin America. The Company's shares trade on the Toronto Stock Exchange under the symbol ZNC.
Forward-looking Statements
Statements in this release that are forward looking 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 10, 2008 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. Zincore does not assume the obligation to update any forward-looking statements.
Contacts:
Zincore Metals Inc.
Meghan Brown
Manager Investor Relations
(604) 685-4644
Zincore Metals Inc.
Greg Martin
Vice President and CFO
(604) 669-6611
(604) 669-6616 (FAX)
Email: investorrelations@zincoremetals.com
Website: www.zincoremetals.com
