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Zinc One Resources extremely pleased with first holes at Mina Chica target in Peru

Last updated: 16:20 09 Apr 2018 EDT, First published: 04:44 09 Apr 2018 EDT

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The results (not pictured) hit as much as 16.5 metres of true vertical thickness with 36.5% zinc, the firm said.

Zinc One Resources Inc (CVE:Z) is encouraged by assays from first holes sunk at the Mina Chica area of the Bongara mine project in Peru, which confirmed high grade zinc.

The results come from six of 34 holes drilled at Mina Chica so far.

Extremely pleased with results

The results penetrated as much as 16.5 metres of true vertical thickness with 36.5% zinc, the firm said.

This means the base of mineralization at Mina Chica is potentially much deeper than previously thought.

Zinc One believes this will bolster the resource estimate at the Bongara Zinc Mine, which is anticipated to be released in the second quarter of 2018.

"We are extremely pleased with the results from the first six drill holes at Mina Chica especially in the holes which generated greater thicknesses and depth than we were anticipating," said Jim Walchuck, president and chief executive at Zinc One.

"These assays have expanded our expectations with respect to the true vertical thickness and thus the potential amount of the mineralization at Mina Chica.

"We look forward to receiving the data from the samples currently in the lab for the additional drill holes which we believe will continue this trend."

Significant intercepts included 16.5 metres of 35.6% zinc, from 15.0 metres drill depth in one hole and 18 metres of 31.0% zinc, from 20.8 metres drill depth in another.

Mina Chica is only one of three known zones of high-grade near-surface zinc oxide mineralization along a 1.6km mineralized trend that will be tested by this drill program.

At Bongarita, which lies around 200 metres west of Mina Chica, results from only 13 of 36 holes drilled there have been reported.

At Mina Grande Sur, which lies around 1.2km southeast of Mina Chica and where a second rig is currently drilling, results from only 11 of 54 holes drilled have been reported.

Shares shot up over 15% to stand at C$0.30.

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