Change of Board Representation for Tongling Nonferrous Metals Group Holding Co. Ltd.
FOR IMMEDIATE RELEASE
Contact: Investor Relations Monday, July 21, 2025
Phone (604) 684-2181 (No.2025-07-04)
Change of Board Representation for Tongling Nonferrous Metals Group Holding Co. Ltd.
Vancouver, British Columbia, Canada –Monday, July 21, 2025 – ZincX Resources Corp. (“ZincX” or
the “Company”, TSX Venture Exchange: ZNX, FRA: A2JLRM) has been advised that
Tongling Nonferrous Metals Group Holding Co. Ltd. (“Tongling”) will be appointing Mr. Chen Bangguo, a
senior executive of Tongling, to replace Mr. Hu Xinfu on the Company’s board of directors.
Mr. Hu Xinfu, who has served as a director of ZincX for almost 7 years, has retired from his position at
Tongling.
Tongling, based in Tongling, Anhui, is a state-owned holding company, and one of China's largest copper
smelting companies. Tongling's principal activities are exploration, mining, ore processing, smelting and
refining, and products processing of copper, lead, zinc, gold, silver and other non-ferrous and rare metals.
Peeyush Varshney, Chief Executive Officer of the Company, stated: "We thank Mr. Hu Xinfu for his
contributions to the Board and look forward to Mr. Chen Bangguo joining our board and greatly value his
and Tongling’s wealth of exploration and production experience across multiple facets in the base metal
mining sector.”
The appointment will require the necessary approvals of the relevant Chinese regulatory departments and
the TSX Venture Exchange.
Separately, effective July 18, 2025, Ken MacDonald has resigned from his position as Vice-President of
Exploration. The Company thanks him for all of his valuable contributions over the years and wishes him
well in his future endeavours.
The Akie Zn-Pb-Ag Project
The 100% owned Akie property is situated within the Kechika Trough, the southernmost area of the
regionally extensive Paleozoic Selwyn Basin and one of the most prolific sedimentary basins in the world
for the occurrence of SEDEX zinc-lead-silver and stratiform barite deposits.
Since 2005, drilling on the Akie property by ZincX Resources has identified a significant body of baritic-
zinc-lead SEDEX mineralization known as the Cardiac Creek deposit. The deposit is hosted by siliceous,
carbonaceous, fine-grained clastic rocks of the Middle to Late Devonian Gunsteel Formation.
The Company updated the estimate of mineral resources at Cardiac Creek in 2018 1, as follows:
5% Zinc Cut-Off Grade Contained Metal:
Category Tonnes
(million) Zn (%) Pb (%) Ag (g/t) Zn (B lbs) Pb (B lbs) Ag (M
oz)
Indicated 22.7 8.32 1.61 14.1 4.162 0.804 10.3
Inferred 7.5 7.04 1.24 12.0 1.169 0.205 2.9
The Company announced robust positive results from the 2018 Preliminary Economic Assessment (PEA)1.
The PEA envisages a conventional underground mine and concentrator operation with an average
production rate of 4,000 tonnes per day. The mine will have an 18-year life with potential to extend the life-
of-mine (LOM) through resource expansion at depth. Key parameters for the PEA are as follows:
Parameter Base Case1
Tonnes Mined 25.8 Mt
Mined Head Grades 7.6% Zn; 1.5% Pb; 13.08 g/t Ag
Tonnes Milled 19.7 Mt
Milled Head Grades (after DMS2 upgrade) 10.0% Zn; 1.9% Pb; 17.17 g/t Ag
Total Payable Metal (LOM) $3,960M3
Initial CAPEX $302.3M including $45.7M contingency
LOM Total CAPEX $617.9M including $58.5M contingency
All-in Total OPEX $102.4 per tonne milled
Pre-Tax NPV7% $649M
Pre-Tax IRR 35%
Pre-Tax Payback 2.6 years
After-Tax NPV7% $401M
After-Tax IRR 27%
After-Tax Payback 3.2 years
1. For details and QP statements, see technical report entitled “NI 43-101 Technical Report Akie Project British Columbia, Canada”
prepared by JDS Energy & Mining Inc. and filed on https://www.sedarplus.ca/ on August 2, 2028, and News Release dated August 2,
2018.
The base case used metal prices are calculated from the 3-year trailing average coupled with two year forward projection of the
average price; and are: US$1.21/lb for zinc, US$1.00/lb for lead and US$16.95 for silver. A CDN$/US$ exchange rate of 0.77 was
used. The NPV discount rate is 7%. 2. DMS = dense media separation. 3. All dollar amounts expressed in Canadian dollars.
The PEA is considered preliminary in nature and includes mineral resources, including inferred mineral resources that are considered
too speculative geologically to have the economic considerations applied to them that would enable them to be categorized as mineral
reserves. Mineral resources that are not mineral reserves have not yet demonstrated economic viability. Due to the uncertainty that
may be attached to mineral resources, it cannot be assumed that all or any part of a mineral resource will be upgraded to mineral
reserves. Therefore, there is no certainty that the results concluded in the PEA will be realized.
Kechika Regional Project
In addition to the Akie Project, the Company owns 100% of eight of eleven large, contiguous property blocks
that comprise the Kechika Regional Project including the advanced Mt. Alcock prospect. The remaining
three contiguous blocks (Pie, Yuen and Cirque East) are owned 49% by ZNX and 51% by Cirque Operating
Corporation which is a 50/50 joint venture between Teck Resources Limited and Korea Zinc Co., Ltd. Six
additional blocks which constitute the Kechika North project have been optioned to an arm’s length third
party. All of these properties collectively extend northwest from the Akie property for approximately 140
kilometres covering the highly prospective Gunsteel Formation shale; the main host rock for known SEDEX
zinc-lead-silver deposits in the Kechika Trough of northeastern British Columbia. The Kechika Trough
represents tremendous potential for additional discoveries. These properties are located approximately 260
kilometres north-northwest of the town of Mackenzie, British Columbia, Canada.
The TSX Venture Exchange has neither approved nor disapproved the contents of this press release.
ON BEHALF OF THE BOARD OF DIRECTORS
ZINCX RESOURCES CORP.
“PEEYUSH VARSHNEY”
PEEYUSH VARSHNEY, LL.B
CEO & CHAIRMAN