ZincX Resources Corp. [ZNX-TSXV] was an active trader Tuesday July 24 after the company released an update on its drilling activities at the Akie property in British Columbia.
ZincX Resources is a mineral exploration company focused on the zinc-lead-silver-enriched Kechika Trough district in B.C. The company is the dominant tenure holder in the Kechika Trough district, an area that is host to several zinc-lead-silver deposits, including the company’s Cardiac Creek deposit.
The Kechika Trough is situated in the southernmost area of the regionally extensive Paleozoic Selwyn Basin, one of the most prolific sedimentary basins in the world for the occurrence of SEDEX zinc-lead-silver and stratiform barite deposits.
ZincX’s holdings include 230 contiguous claims, totalling 798 km2, extending over a strike length of 140 km that cover the prospective Gunsteel Formation shales.
The company has strategically subdivided its extensive tenure holdings into two key projects; The Akie Project, which hosts the Cardiac Creek deposit, and the Kechika Regional Project.
The 100%-owned Akie Project covers 46 mineral claims over an area of 116 km2.
Drilling since 2005 has outlined a significant body of barite-zinc lead mineralization known as the Cardiac Creek deposit. It currently contains a NI 43-101-compliant indicated resource of 22.7 million tonnes grading 8.32% zinc, 1.61% lead, 14.1 g/t silver and an inferred resource of 7.5 million tonnes, grading 7.04% zinc, 1.24% lead, 12.0 g/t silver at a 5% zinc cut-off. The deposit remains open for expansion at depth and along strike.
A 2018 preliminary economic assessment indicates that this material could support a conventional underground mine and concentrator operation with an average production rate of 4,000 tonnes per day over a mine life of at least 18 years.
The company previously announced a planned 2,500 metre large-diameter diamond drilling program that would focus on high-priority targets along strike of the Cardiac Creek deposit and an area known as the Akie Gunsteel panel.
The objective of the program included drill testing the southeastern strike extent of the Cardiac Creek deposit beyond the current limits of the resource model. It also aimed to drill test the down-dip extension of the North Lead target where previous drilling intersected extensive intervals of bedded pyrite mineralisation and a thin massive sulphide lens; both highly anomalous in zinc and lead.
ZincX was also planning to probe shallow drill targets at the Sitka showing to test the zinc-lead-barite mineralization outcropping at surface where previous channel sampling in 2013 returned high grade assay results.
In a press release Tuesday, ZincX President and CEO Peeyush Varshney said the company and its flagship project is attracting strong interest from mining groups and strategic investors. “We are pleased to see recognition of the Cardiac Creek asset and the prospectivity of the district-scale opportunity for further discovery in the Kechika Trough.”