Zazu Hits More High Grade Zinc Intersections at Likadmin
Zazu Metals Corporation announce a further 10 new drill hole results and 2 re-assayed drill holes from the summer development program at the Lik zinc – lead – silver deposit, 22km from the Red Dog zinc mine of Teck Cominco (“Teck”) in northwestern Alaska. Intercept highlights include drill hole 171 with 25.3m at 16.3% zinc, 5.54% lead at a depth of 25.9m; and drill hole 157 with 8.23m at 18.28% zinc, 4.29% lead at a depth of 151.8m. Due to the shallow dipping, stratiform nature of the Lik South deposit, true thickness is estimated to equate to 85 to 90% of the drilled intercepts.
Of the 12 drill holes, 7 had mineralized intercepts of greater than 25m. All contained mineralization and were drilled over 400m of strike length, highlighting the continuity of the deposit.
Results for 29 drill holes of the 58 completed during the summer program have now been received and released, and represent a combination of both infill and step out drilling. All 29 have shown mineralized intersections; 14 have shown intercepts of 25m or more of significant sulphide mineralization, and many of the intercepts exceeded 15% zinc + lead. Please refer to press releases dated August 19th and September 24th, 2008 for full data. Field work is now completed for 2008, and assay results are pending for the remainder of the holes.
As of September 30th, 2008, Zazu had US$5.73mm in the treasury; more than sufficient to complete the 2009 exploration program.
Table 1 provides highlights of assay results for the 10 new holes, and updated data on the 2 re-assayed drill holes.
A map of the drill hole locations is available at http://www.zazumetals.com/main/?proposedWorkProgram.
Zazu is currently awaiting assay results on 29 holes. Once the data is received and results are announced, it will be incorporated into an NI 43-101 resource to be prepared by Scott Wilson Roscoe Postle Associates, Inc. (Scott Wilson RPA). Scott Wilson RPA will then combine all work to date and commence preparation of a comprehensive scoping study, and ultimately, a feasibility study. Zazu is in the enviable position of having a limited number of shares outstanding, no debt, and sufficient funds in the treasury to continue development of the Lik deposit in 2009.
The historical mineral resource at the Lik deposit is 26.7 mm tonnes grading 9.16% zinc, 3.15% lead and 49 g/t silver, representing one of the largest undeveloped zinc – lead deposits in the world. These historical estimates that predate NI 43-101 are thought to be reliable at current drilling density and are considered to be relevant as they provide an estimate of the approximate size of the Lik deposit. They should not be relied upon until current work is used to update the resource.
Teck is a 50% joint venture partner in the Lik deposit, however Zazu has the exclusive right to obtain 80% of the property by meeting certain spending commitments by 2018.
This news release was reviewed by Mr. Neil N. Gow, P.Geo., an Associate Consulting Geologist with Scott Wilson RPA, who is a qualified person as defined by National Instrument 43-101.
Zazu is a Canadian-based exploration company focused on acquiring and developing base metal properties in North America. Zazu’s principal asset is its 50% joint venture interest with Teck Cominco in the Lik zinc – lead – silver deposit in northwestern Alaska. Additional information about Zazu is available on its website at www.zazumetals.com.