2014-02-18 15:05:39 -
Vancouver, British Columbia CANADA, February 18, 2014 /FSC/ - Canada Zinc Metals Corp. (CZX - TSX Venture), (the "Company") is pleased to announce a non-brokered private placement of up to 1,739,130 flow-through common shares of the Company at a price of $0.575 per Flow-Through Share, for total proceeds of $1,000,000 (the "Flow Through Offering The Company also announces a non-brokered private placement of up to 500,000 Units at a price of $0.50 per Unit, for total proceeds of $250,000. Each Unit will consist of one common share and one-half share purchase warrant of the Company. Each whole warrant will entitle the holder to purchase one additional common share at a price of $0.75 for a period of 18 months from
closing (the "Unit Offering
A finder's fee will be payable in cash for the Flow Through Offering and the Unit Offering. A majority of the subscribers to the private placements will be secured by Secutor Capital Management Corp.
The private placements are subject to TSX Venture Exchange approval.
The proceeds are to be used for further exploration of the Akie SEDEX zinc-lead property and to explore the Kechika Regional project - the balance of the Company's portfolio of mineral holdings located within the highly prospective Kechika Trough SEDEX zinc-lead basin of northeastern British Columbia.
About the Akie Property
The Akie zinc-lead property is situated within the southern-most part (Kechika Trough) 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.
Drilling on the Akie property by Inmet Mining Corporation during the period 1994 to 1996 and by Canada Zinc Metals since 2005 has identified a significant body of baritic-zinc-lead SEDEX mineralization (Cardiac Creek deposit). The deposit is hosted by variably siliceous, fine grained clastic rocks of the Middle to Late Devonian 'Gunsteel' formation. The Company has outlined a NI 43-101 compliant inferred resource of 23.6 million tonnes grading 7.6% zinc, 1.5% lead and 13.0 g/t silver (at a 5% zinc cut off grade).
In addition to the Akie property, Canada Zinc Metals Corp. controls a large contiguous group of claims which comprise the Kechika Regional project. These claims are underlain by geology identical to that on the Akie property (Cardiac Creek deposit) and Cirque. This project includes the 100% owned Mt. Alcock property, which has yielded a historic drill intercept of 8.8 metres grading 9.3% zinc+lead, numerous zinc-lead-barite occurrences, and several regional base metal anomalies.
Ken MacDonald P.Geo., Vice President of Exploration, is the designated Qualified Person as defined by National Instrument 43-101 and is responsible for the technical information contained in this release.
The TSX Venture Exchange has neither approved nor disapproved the contents of this press release.
ON BEHALF OF THE BOARD OF DIRECTORS
CANADA ZINC METALS CORP.
PEEYUSH VARSHNEY, LL.B
CEO & CHAIRMAN
To view the press release as a PDF, please click on the following link:
Source: Canada Zinc Metals Corp. (CZX - TSX-V)
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