RedZone completes 43-101 on the Fortner Boyd Lithium (Lucky Mica) Property, Arizona
FOR IMMEDIATE RELEASE
RedZone completes 43-101 on the Fortner Boyd Lithium (Lucky Mica)
Property, Arizona
February 22, 2017 TSX-V: REZ
Vancouver, BC, February 22, 2017 – Redzone Mining Corporation. (REZ-
TSX.V) (“Redzone” or the “Company”) is pleased to announce that a National
Instrument (“NI”) 43-101 technical repor t has been completed by SGS Canada
Inc. (“SGS”) on the Fortner Boyd Lithium (Lucky Mica) property (the “Property”),
Arizona, on which RedZone has an agreemen t to earn in to 100% ownership. It
will be posted on www.sedar.com in the near future.
Fortner Boyd Lithium Property:
The Frontner Boyd claims (also known as the Lucky Mica claim group) are staked
in the name of Godolphin Mining Inc., an Arizona corporation. Godolphin and
Redzone have entered into an option agreement whereby RedZone may acquire
100% of the Property, on the terms disclosed in RedZone’s August 2, 2016 press
release.
Highlights of the NI43-101 report:
- Sampling of the previously discovered Lucky Mica pegmatite body or dyke
yielded grades as high as 7.5% Li2O from a spodumene rich pegmatite grab
sample
- Ten new pegmatite outcrops have now been identified throughout the
Property, possibly indicating up to seven distinct pegmatite bodies
- An independent sampling program conducted by SGS confirms the presence
of lithium mineralization in these pe gmatite outcrops and supports further
work to target these bodies for potentially economic zones of lithium
mineralization.
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Prior to 2016, geological evaluation work by numerous companies included
drilling and excavation and a shaft to appr oximately 10 meters depth. Recent work
by RedZone has included geological mapping, grab and channel sampling.
A site visit of the Property was comp leted by Jean-Philippe Paiement, P.Geo.
M.Sc. of SGS Canada Inc. in January 2017. The author conducted field inspection
and sampling of the Lucky Mica dyke. Prospecting in other areas on the Property
led to the identification and sampling of ten new pegmatite outcrops, possibly
indicating up to seven distinct pegm atite bodies. The independent sampling
program conducted by SGS at the Propert y confirms the presence of lithium
mineralization in the pegmatite bodies a nd supports the targeting of these bodies
for potentially economic zones of lithium mineralization.
Currently, no Mineral Resources or Minera l Reserves have been estimated on the
Property.
Based on the surface mapping, sampling, and sectional interpretation of the Lucky
Mica dyke alone, SGS has defined a target envelope tonnage for this body of
between 330,000 and 551,000 tonnes to a depth of 60m with target average grades
between 0.3% and 2.5% Li2O. Work to date indicates up to seven distinct
pegmatite bodies on the Propert y, with most of the sampling and mapping to date
focused on the Lucky Mica dyke, the first of these dykes to be identified. These
additional dykes could increase the mineral potential to between 330,000 and 3.0M
tonnes. The potential quantity and grade for this “Mineral Potential” estimates is
conceptual in nature; there has been insufficient exploration to define a mineral
resource and it is uncertain if further e xploration will result in the target being
delineated as a mineral resource. It shoul d be noted that no recent drilling has been
completed on the Property, which is n ecessary to delineate potentially economic
grade and thickness intervals.
RedZone’s exploration strategy is to target all of the pegmatite bodies identified on
the Property and if successful would aggregate multiple zones of lithium
mineralization to an economic threshold resource tonnage and grade.
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Lara Copper Property:
Given the recent increase in the price of copper, RedZone is exploring strategic
options to maximize the shareholder value of its 55% owned Lara Copper property
in Peru.
Work Completed to Date and previously press released:
RedZone funded two separate diamond drilling campaigns on the Lara Property
totalling 11,135 meters.
Previously released drill highlights include 108 meters at 0.81% Cu and 0.015%
Mo (0.90% CuEq) and 218 meters at 0.57% Cu and 0.04% Mo (0.81% CuEq),
with both of these intersections starting near surface. The true widths of the drill
hole intersections cannot be determined.
Geological mapping and sampling, geophysical surveys, on-going compilation of
all data, permitting and community relations agreements have successfully been
completed.
The exploration programs completed to date on the Lara property have
successfully determined that the area of the original resource (18.6 Mt at 0.53% Cu
with 0.2% Cu cut-off) is now 2,000 m long east and west and 500 m to 800 m wide
north to south.
About Redzone Resources Ltd.
Redzone is a mineral exploration compa ny with a current focus on Lithium and
Copper exploration. Redzone is listed on the TSX Venture Exchange (REZ) and
more information can be found at www.redzoneresources.ca.
For further information, please contact:
Michael Murphy
President and CEO
T: 604.649.2350
The TSX Venture Exchange does not a ccept responsibility for the adequacy or
accuracy of this release.
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Forward Looking Statements – Certain info rmation set forth in this news release
may contain forward-looking statements that involve substantial known and
unknown risks and uncertainties. These forwar d-looking statements are subject to
numerous risks and uncertainties, certain of which are beyond the control of
Redzone, including, but not limited to th e impact of general economic conditions,
industry conditions, dependence upon regulat ory approvals, and the availability of
financing. Readers are cautioned that the a ssumptions used in the preparation of
such information, although considered re asonable at the time of preparation, may
prove to be imprecise and, as such, undue reliance should not be placed on
forward-looking statements.