Zinc One Reports Final High-Grade Zinc Results from Sampling Program at Bongara Zinc Mine Project, Peru; Update on Current Drill Program

Gold, Silver & Base Metals

February 21, 2018 (Source) — Zinc One Resources Inc. (TSXV: Z) (OTC Pink: ZZOF) (FSE: RH33) (“Zinc One” or the “Company”) has received results from the final batch of surface and pit samples at its Bongará Zinc Mine Project in north-central Peru. The program included a total of 446 samples from historic pits and surface channel samples from the Bongarita, Mina Chica, Mina Grande Sur, and Mina Grande Norte areas of known mineralization.

The sample results reported herein are from the Mina Grande Norte area. Highlights from the program include 5.0 metres of 43.9% zinc from exploration pit P185-17 and 5 metres of 29.5% zinc from exploration pit P009-17. Mineralization is open at depth in both pits. All samples were located in the central part of a 1.4-kilometre long trend of surface and near-surface zinc mineralization in the area referred to as Mina Grande Norte (formerly Fase B).

Jim Walchuck, President and CEO of Zinc One stated, “The results received to date from the pit and surface-sampling program remain consistent with much of the legacy data we have. Bongará continues to reveal high-grade zinc results throughout the 1.4-kilometre long trend of surface and near-surface zinc mineralization. In addition, the current drill program will establish thicknesses of the mineralization at Bongarita, Mina Chica, and Mina Grande and better delineate the known mineralization.”

Geology and Discussion of Results

The Bongará zinc-oxide mineralization is stratabound and hosted within carbonate rocks. The carbonate host rock at Mina Grande Norte is fractured dolomite and dolomite breccia. This mineralization is located along the steep-dipping, eastern flank of the anticline.

The sampling program commenced at the northern end of the trend of known high-grade, zinc-oxide mineralization. The results reported include sampling from the Mina Grande Norte area in the central part of the trend.

Table 1 provides a summary of select pit samples from the same area; the base of mineralization in all cases was never reached. Since the true strike and dip of the stratabound mineralization is not known, the sample thicknesses from the pits do not necessarily represent the true thickness of the mineralized body. A complete summary of all results and related maps are available on the Company website at www.zincone.com.

Table 1: Mina Grande Norte — Pit Samples

Pit ID From (m) To (m) Length (m) Zn, % Pb, % Thickness, (m) Zn, %
MP06-18 1.00 0.00 1.00 30.65 0.08
MP06-18 1.00 1.00 2.00 16.10 0.01 2.0* 23.38
P0009.94-18 0.00 1.00 1.00 2.02 0.01
P0009.94-18 1.00 2.00 1.00 29.70 0.03
P0009.94-18 2.00 3.00 1.00 23.50 0.01
P0009.94-18 3.00 4.00 1.00 36.59 0.01
P0009.94-18 4.00 5.00 1.00 27.18 0.02
P0009.94-18 5.00 6.00 1.00 30.45 0.20 5.0* 29.48**
P0006.94-18 0.00 1.00 1.00 1.19 0.55
P0006.94-18 1.00 2.00 1.00 20.60 0.14
P0006.94-18 2.00 3.00 1.00 32.45 0.01
P0006.94-18 3.00 4.00 1.00 32.25 0.01 3.0* 28.43
P0004.94-18 0.00 1.00 1.00 9.74 0.06
P0004.94-18 1.00 2.00 1.00 37.58 0.02 2.0* 23.66
P0185.94-18 0.00 1.00 1.00 1.43 1.58
P0185.94-18 1.00 2.00 1.00 1.45 1.98
P0185.94-18 2.00 3.00 1.00 2.84 10.00
P0185.94-18 3.00 4.00 1.00 5.70 10.00
P0185.94-18 4.00 5.00 1.00 40.47 0.63
P0185.94-18 5.00 6.00 1.00 44.34 0.32
P0185.94-18 6.00 7.00 1.00 43.08 0.28
P0185.94-18 7.00 8.00 1.00 45.39 0.13
P0185.94-18 8.00 9.00 1.00 46.24 0.10 5.0* 43.90**
P0279.95-18 0.00 1.00 1.00 20.80 0.09
P0279.95-18 1.00 2.00 1.00 2.69 0.01
P0279.95-18 2.00 3.00 1.00 16.00 0.03 3.0* 13.16
P0268.95-18 0.00 1.00 1.00 31.40 0.06
P0268.95-18 1.00 2.00 1.00 25.50 0.04 2.0* 28.45
P0256.95-18 0.00 1.00 1.00 40.42 0.03
P0256.95-18 1.00 2.00 1.00 27.50 0.13 2.0* 33.96
P0255.95-18 0.00 1.00 1.00 45.13 0.03
P0255.95-18 1.00 2.00 1.00 37.04 0.03
P0255.95-18 2.00 3.00 1.00 44.07 0.08 3.0* 42.08
P0266.95-18 0.00 1.00 1.00 1.03 0.22
P0266.95-18 1.00 2.00 1.00 6.50 0.45
P0266.95-18 2.00 3.00 1.00 39.66 0.20
P0266.95-18 3.00 4.00 1.00 11.10 1.35 2.0* 25.38
P0273.95-18 0.00 1.00 1.00 16.70 0.11
P0273.95-18 1.00 2.00 1.00 17.30 0.12 2.0* 17.00
P0194.94-18 0.00 1.00 1.00 17.15 0.07
P0194.94-18 1.00 2.00 1.00 38.43 0.05
P0194.94-18 2.00 3.00 1.00 35.39 0.03 3.0* 30.32

*Mineralization open at depth.
**Associated minerals are hydrozincite, smithsonite and minor hemimorphite.

Sampling and Analytical Protocols

Zinc One follows a systematic and rigorous Quality Control/Quality Assurance program overseen by Dr. Bill Williams, COO and Director of Zinc One.

Surface sampling in outcrops is a manually collected channel sample. In the case of pits, the sample is channeled vertically. The sample is photographed, placed into a pre-labeled plastic bag, properly sealed, and identified with a unique sample number. At the project site, Zinc One independently inserts certified control standards, blanks, and duplicates, all of which comprise approximately 30% of the sample batch, to monitor sample preparation and analytical quality. The samples are stored in a secure area until such time they are shipped to ALS laboratory in Lima (ISO 9001 Certified) for preparation and assay. At the laboratory, samples are dried, crushed, pulverized and then a four-acid digestion is applied. This is followed by the ICP-AES analytical technique for 33 elements, including lead. The same method is used to assay zinc for values up to 20%. If zinc exceeds 20%, it is then analyzed using a titration method. The laboratory also inserts blanks and standards as well as including duplicate analyses.

Drill Program Update

In December 2017, the Peruvian Ministry of Energy and Mines approved 124 drill platforms, with up to three drill holes per platform, along a 1.4-kilometre trend that includes the Bongarita, Mina Chica, and Mina Grande high-grade zinc mineralization at or near the surface. The Bongarita and Mina Chica areas have never been drilled. Two portable drill rigs operated by Energold Drilling Group are currently located on the site. To date, 15 drill holes have been completed at Bongarita. The second rig is expected to start operating at Mina Grande Sur this week. Once drilling at Bongarita and Mina Grande Sur is completed, the rigs will be moved to the Mina Chica and Mina Grande Centro areas, respectively.

Results of the drill program at Bongarita, Mina Chica, and Mina Grande Sur will be used to better define the thickness and lateral extent of the mineralization that has not been previously delineated by the surface channel and pit sampling nor by previous drilling. Results from the drill program at Bongará will continue to form the basis for advancement of the development timeline.

Certification of Quality Assurance and Quality Control (QA/QC) Program

Mr. Al Workman, an independent Qualified Person under National Instrument 43-101 (“NI 43-101”), recently visited the Bongará project site in February 2018. A review of QA/QC procedures was performed including analytical checks, and procedures followed in the field and the core handling facility. It was concluded that all protocols are within the realm of best industry practices. Additionally, check samples were collected and will be sent to a laboratory chosen by Watts, Griffis and McOuat Limited (“WGM”) for independent analysis. The recent surface- and pit-sampling program verified and validated historic analytical results which can now be used for future resource estimates. Mr. Workman is VP Operations with WGM and has been retained by the Company to provide a resource estimate upon completion of the current drill program.

Qualified Person

The technical content of this news release has been reviewed, verified and approved by Dr. Bill Williams, COO and Director of Zinc One, a qualified person as defined by NI 43-101.

About Zinc One Resources Inc.

Zinc One is focused on the acquisition, exploration and development of prospective and advanced zinc projects in mining-friendly jurisdictions. Zinc One’s key assets are the Bongará Zinc Mine Project and the Charlotte-Bongará Zinc Project in north-central Peru. The Bongará Zinc Mine Project was in production from 2007 to 2008, but shut down due to the global financial crisis and concurrent decrease in the zinc price. Past production included 20% zinc grades and recoveries over 90% from surface and near-surface zinc-oxide mineralization. High-grade, zinc-oxide mineralization is known to outcrop between the mined area and the Charlotte-Bongará Project, which is nearly six kilometres to the NNW and where past drilling intercepted various near-surface zones with high-grade zinc. Zinc One is managed by a proven team of geologists and engineers who have previously constructed and operated successful mining operations.

Forward-Looking Statements

Information set forth in this news release contains forward-looking statements that are based on assumptions as of the date of this news release. These statements reflect management’s current estimates, beliefs, intentions and expectations. They are not guarantees of future performance. Zinc One cautions that all forward looking statements are inherently uncertain and that actual performance may be affected by many material factors, many of which are beyond their respective control. Such factors include, among other things: risks and uncertainties relating to Zinc One’s limited operating history, its proposed exploration and development activities on the Bongará Zinc Oxide Project and the need to comply with environmental and governmental regulations.  Accordingly, actual and future events, conditions and results may differ materially from the estimates, beliefs, intentions and expectations expressed or implied in the forward-looking information. Except as required under applicable securities legislation, Zinc One does not undertake to publicly update or revise forward-looking information.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the Exchange) accepts responsibility for the adequacy or accuracy of this release.

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