Kootenay Zinc selects drill sites at Sully
2017-01-31 07:12 PT - News Release
Shares issued 22,064,294
ZNK Close 2017-01-30 C$ 0.56
Mr. David Schmidt reports
UPDATED GRAVITY MODELING AND DRILL TARGET DEFINITION
Kootenay Zinc Corp. has received an updated gravity model for the Sully project. The updated model incorporates new data acquired in 2016 and was completed by Excel Geophysics Ltd. The model focuses on the E1 target area, taking into account detailed structural and stratigraphic trends determined from the most recent drilling in November, 2016, and will assist in planning new drill holes.
The project team has reviewed the model and has now selected drill sites that provide excellent platforms to the test the E1 target and the geological interpretation of the target at those locations. The proposed drill site collar locations are in an area that was logged in 2013, and have ready access and minimal potential for disturbance.
Dr. David Broughton, senior technical adviser to the company, stated: "The coincidence of multiple large gravity anomalies with strata of Sullivan-equivalent time makes the Sully project very compelling. The project team has progressed its geophysical exploration and drilling in a systematic, thoughtful and efficient way, and appears to be closing in on discovering the source of the gravity anomalies."
The company anticipates drilling will recommence shortly once amendments to permits are received and the drilling contractor can remobilize to site. Further updates will be provided when available.
Corporate update
The company has also granted 300,000 incentive stock options to Dr. Broughton pursuant to the company's 10-per-cent incentive stock option plan. All of the options vest on the date of grant and are exercisable for a two-year period at a price of 60 cents per common share.
The Sully property
The Sully property comprises 1,375 hectares located approximately 30 kilometres east of Kimberley, B.C., and overlies rocks of similar age and origin as those that host the world-class Sullivan deposit owned by Teck Resources Ltd. Sullivan was discovered in 1892, and is known to be one of the largest sedimentary-exhalative (sedex) deposits in the world. Over its 100-year lifetime, Sullivan produced approximately 150 million tonnes of ore, including approximately 300 million ounces of silver, eight million tonnes of zinc and eight million tonnes of lead. The equivalent level of strata as at Sullivan and that formed on the margin of that same basin are present at the Sully property. The company cautions that past results or discoveries on proximate land are not necessarily indicative of the results that may be achieved on the Sully property.
The scientific and technical information contained in this news release has been reviewed and approved by the company's project manager, Paul Ransom, PGeo, a qualified person as defined in National Instrument 43-101 -- standards of disclosure for mineral projects.
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