2010 Mining Explorers: Canada Zinc Metals Corp.
Chairman, President and CEO:
Peeyush Varshney, LL.B.
Director: Henry Giegerich, P. Eng.
Canada Zinc Metals (formerly Mantle Resources), was organized in 1988 in British Columbia. This junior is focused on unlocking the potential of the Kechika Trough, a prolific mineral belt that hosts more than 80 million metric tons of base metal resources. Canada Zinc Metals owns 78,526 hectares, or 189,248 acres, in 233 claims, which extend northwestward from the Akie property for a distance of 125 kilometers, or about 78 miles.
The company has two key projects: Akie (hosting the Cardiac Creek deposit) and Kechika Regional (which has significant blue sky potential). A 2008 initial inferred mineral resource estimate for the Cardiac Creek deposit totaled 23.6 million metric tons grading 7.60 percent zinc, 1.50 percent lead and 13.0 grams per metric ton silver. Subsequent exploration activity in 2008 and 2009 expanded the mineralized zone at Cardiac Creek and discovered new styles of potentially higher grade mineralization not previously seen in the district. After conducting an independent review of the Akie project, Chinese investor Tongling Nonferrous Metals Group Holdings Co. Ltd. boosted its 13 percent equity position in Canada Zinc by another 31.4 million units (each unit is equal to 1 ½ common shares) to about 36 percent. Some C$18 million in proceeds from the private placement will be used for further exploration and to advance the Akie project.
In July, Canada Zinc reported the death of longtime geologist, director and Vice President of Exploration John Fraser. For 2010 the junior carried out a 10-hole, 5,000-meter diamond drilling program that included testing prospective Gunsteel Formation shales for continuation of the Cardiac Creek deposit and exploring the potential of the North Lead Anomaly located 2 kilometers, or 1.24 miles, to the northwest along strike of the deposit. By Sept. 2, eight holes covering 3,871.39 meters had been completed. All of the drill holes intersected mineralized shales of the Gunsteel Formation, the primary host of the Cardiac Creek deposit.
Canada Zinc also owns a minor interest in 24 mineral claims and three mineral leases, known collectively as the Afridi Lake diamond property, southeast of Lac de Gras, about 335 kilometers, or 208 miles, northeast of Yellowknife, Northwest Territories. To date, five kimberlite intrusions, with variable, but low diamond content, have been identified on the mineral leases.
Cash and short-term deposits:
C$4.17 million (at March 31, 2010)
C$5.28 million (at March 31, 2010)
C$43.12 million (at Sept. 6, 2010)
1304 - 925 W. Georgia St. • Vancouver, BC
Canada V6C 3L2
Tel: 604-684-2181 • Fax: 604-682-4768