Corporate Update and Akie Camp
FOR IMMEDIATE RELEASE
Contact: Investor Relations Tuesday, April 30, 2024
Phone (604) 684-2181 (No.2024-04-02)
Corporate Update and Akie Camp
Vancouver, British Columbia, Canada – Tuesday, April 30, 2024 – ZincX Resources Corp. (“ZincX”
or the “Company”, TSX Venture Exchange: ZNX, FRA: A2JLRM ) is pleased to provide a general update on
recent Company activities.
The Company is pleased to announce that this upcoming summer Teck Resources Limited (“Teck”) will
be renting the Company’s Akie exploration camp. The Akie exploration camp is a road accessible, modern
industrial trailer camp with facilities to support up to 50 persons. The camp was last used in 2023 during
the latter part of the summer to host Kwadacha Natural Resources Ltd. Partnership (KNRLP), the economic
development and natural resources arm of the Kwadacha Nation.
It is anticipated that Company personnel will meet with Teck representatives in early spring to review the
camp and finalize mobilization plans. Use of the Akie exploration camp by third parties greatly improves the
overall camp condition and provides flexibility for other resource users in the area.
President and CEO Peeyush Varshney stated:
“We are happy to continue to provide support to commercial and resource extraction sectors working in the
region. Hosting companies such as Teck, KNRLP and Dunkley Lumber in the Akie River area reinforces
our long-held belief that the region and especially the local communities will greatly benefit from year-round
access and associated future economic opportunities. Teck and Korea Zinc's Cirque deposit is located
only about 20 kilometers northwest of ZincX's Akie project. The world-class SEDEX Zn-Pb-Ag
endowment of both the Cardiac Creek (Akie) and the Cirque deposits carry significant potential for future
mine development in the Kechika Trough region.”
ZincX Resources Corp. (TSX V: ZNX, US: ZNCXF, FRA: M9R) is a Canadian exploration and
development company creating value in the critical metals space - with a focus on zinc. Zinc is a
versatile and essential material for the energy transition to a lower-carbon economy. It is already one
of the most used metals in the world behind iron, aluminum and copper but also has applications in energy
storage. It also plays a vital role in enabling other clean energy technologies like solar and wind.
ZincX Resources is well-positioned to take advantage of th e worldwide looming shortfall in zinc
production with the development of its Cardiac Creek (Akie property) deposit - which can help Canada
meet its need for the critical mineral zinc and the global push towards decarbonization to combat
climate change.
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.
Drilling on the Akie property by ZincX Resources since 2005 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 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.
Zinc (Zn)
Zinc is one of many critical metals facilitating the transition to a low-carbon and greener future and is used
in renewable energy storage systems and through the protection of steel to improve its durability and
service life in solar and wind turbine applications. The primary uses of zinc are the galvanization of steel
protecting against corrosion due to weather conditions, the production of brass and bronze, and in die-
casting to produce a wide range of metal products. In agriculture, zinc can also increase crop yields and
crop quality and is an essential nutrient in human development and disease prevention.
Ken MacDonald P.Geo., Vice President of Exploration for the Company, is the designated Qualified Person
as defined by National Instrument 43-101 and is responsible for the technical information contained in this
release. Mike Makarenko P.Eng, JDS Energy and Mining, is the designated Qualified Person as defined by
National Instrument 43-101 and is responsible for the PEA technical information contained in this release.
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