In June 2017, Zinc One Resources Inc. acquired Forrester Metals Inc. and thus acquired the Bongará Mine and Charlotte-Bongará Projects, both of which host high-grade, nonsulphide zinc mineralization at or near the surface. This is the first time that these two projects have been controlled by a single operator and thus offers a unique opportunity to delineate a substantial high-grade, zinc-oxide resource along a 8km-long trend.
The Bongará Zinc Mine was discovered in 1974 and since then various companies have completed exploration programs across the area. The mineralization is concentrated along and proximal to a NW – trending anticlinal axis over approximately 2.5 kilometres. From the southeast edge of the project, the Mina Grande, Mina Chia and Bongará mine areas were subject to sampling from pits and trenches as well as shallow drilling stretching over a distance of approximately 1.2 kilometres. This zinc-oxide mineralization appears to continue to the northwest into an additional exploration area known as Campo Cielo, where pits and trenches have also exposed additional high grade, zinc-oxide mineralization in historical pits and trenches in certain areas. The Bongará Zinc Mine was mined in 2007 and 2008 by a previous owner by open-pit methods, dried at the site, and then shipped 540 kilometres westward to the coast where it was processed through a Waelz kiln, a processing technology typically applied to flue dust from steel mills to recover zinc. A greater than 60% zinc calcine was made and sold to smelters/refineries in Peru and the United States. In August 2008, the mine was closed down mainly due to a decrease in the price of zinc at the time.
In 2008, Rio Cristal Zinc announced impressive near-surface drill intercepts located approximately 6 kilometres northwest of the Bongará Zinc Mine at the Charlotte Bongará Project. Results of the drill intercepts included 29.5% Zn across 15.5 metres, 26.1% Zn across 12.5 metres, 29.7% Zn across 11.5 metres (the cited intervals are drill-intercept widths and true widths are unknown). Due to declining zinc prices, the previous operator was unable to raise the funds to properly delineate this mineralization.
Zinc One has access to most of the data and technical work that date back to the 1990s. A compilation of this information is included in the NI 43-101-compliant Technical Report, effective September 30, 2016 and revised on July 27, 2017, and is available on SEDAR (www.sedar.com)
Zinc One provides investors with the opportunity to obtain exposure in the zinc development and exploration sector of the market. This exposure is through the company’s flagship Bongará Mine Project and the prospective Charlotte-Bongará exploration concessions. Both projects are located in Peru, one of the best mining jurisdictions in the world.
Historical Resource Estimate
Historical measured and indicated resource totaling 1,007,796 tonnes at 21.61% Zinc and historical inferred resource of 209,018 at 21.18% Zinc. This historical resource estimate was prepared by the previous operator, Corianta S.A. in an internal report dated June 13, 2011 on the Bongará Zinc Oxide Mine. Although the historical resource estimate used “measure resources”, “indicated resources” and “inferred resources”, the historical estimate was not done in compliance with CIM standards. Zinc One considers these categories relevant as it represents the Zinc One’s main target for exploration and development work on the Bongará Zinc Mine. Zinc One is confirming the reliability of the historical resource estimate and the information supporting the historical resource estimate. The qualified person has not done sufficient work to classify the historical estimate as a current mineral resource. Zinc One is note treating these historical estimates as current mineral resources.
Previous operator mined at an average rate of 358 tonnes per day for a total of approximately 25,000 tonnes (55.1 million pounds) of Zinc metal in 2007 and 2008.
At Charlotte-Bongará, over 8,000 meters of drilling including results of 29.5% Zn across 15.5 meters, 26.1% Zn across 12.5 meters, 29.7% Zn across 11.5 meters.
The nonsulphide mineralization would be processed through a Waelz kiln to make a zinc-oxide concentrate with up to 70% zinc.
Near a paved highway
Zinc One signed a community agreement in July 2017.
The technical content of this summary has been reviewed and approved by Bill Williams, PhD, CPG, COO and a director of Zinc One, a qualified person as defined by National Instrument 43-101.
Bongarita-Mina Chica Samples