Eastern Zinc has earned the option to acquire a 100-percent interest in 35 mineral claims, referred to as the BMC Properties, in Canada.
Eastern Zinc (CSE:EZNC,OTC:ETZCF) has earned the option to acquire a 100-percent interest in 35 mineral claims, referred to as the BMC Properties, that span 22,000 hectares in New Brunswick, Canada.
The company can acquire the full interest through a series of cash payments, totalling $790,000, and issuing 5.5 million common shares over a 4-year period.
As highlighted in the press release:
The BMC Properties comprise 1004 mineral claim units covering 22,000 hectares of highly prospective volcano-sedimentary stratigraphy. The BMC Properties include many other VMS mineral occurrences discovered and drilled by previous workers such as the former producing Wedge copper mine and related occurrences in the West Wedge, Tribag, Essex and A’Hearn zones located along strike from the Wedge. The Satellite and Mowatt zones are adjacent to the former producing Heath Steele mines property. The BMC Properties also include the LBM mineral trend where 13 drilling discoveries were made by previous workers in volcano-sedimentary rocks extending 5 kilometers west and northwest from Trevali’s Half Mile deposit. The LBM occurrences range from 0.2 percent to 0.5 percent zinc-lead-copper over core lengths of 0.5 to 5 metres. These known occurrences and associated geophysical responses represent drill-ready targets in a favourable VMS environment.
Joel Dumaresq, Eastern Zinc CFO, commented:
“The BMC Properties add to our already substantive assembly of existing claims in the prolific Bathurst Mining Camp, and furthermore provide the Company with a wealth of technical data which can be utilized in preparing for the next phase of drilling, which is anticipated for the summer of 2019. We are excited about how this acquisition positions Eastern Zinc to capitalize upon improving base metals markets in 2019 and beyond.”