ZINCCORP RESOURCES ACQUIRES THREE GOLD PROPERTIES IN WEST TIMMINS ALONG DESTOR PORCUPINE FAULT ZONE
· SIX GOLD PROJECTS ACQUIRED ALONG DESTOR-PORCUPINE FAULT ZONE IN PAST TWO MONTHS
· KEEFER PROPERTY INTERSECTED BY NUMEROUS NORTH-SOUTH SPLAYS ALONG DESTOR-PORCUPINE FAULT
Vancouver – Zinccorp Resources Inc (TSX-V: ZN) (‘Zinccorp’) is pleased to announce, subject to regulatory approval, the acquisition of a 100% interest in the Denton, Keefer and Palomar Lake properties. These properties continue to build Zinccorp’s gold presence in the West Timmins camp.
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“We are pleased to announce the acquisition of three additional gold properties in the prolific Timmins gold belt and look forward to commencing early stage exploration programs in the near future. Zinccorp continues to expand its presence in the Timmins camp, with six gold-focused property acquisitions in the past two months,” comments Company President, Richard Hughes. “Local prospectors have contributed greatly to our recent success in obtaining what we believe to be prime ground along the Destor Porcupine Fault Zone.”
The Denton property consists of 5 claims (25 units) located in Denton Township, Porcupine Mining Division. The property is accessible by road and is approximately 30 km southwest of Timmins. The property is in the adjacent township to the recent West Timmins Mining/Lake Shore Gold discovery of 12.75 g/T gold over 83.4 meters. Consideration for the property consists of $80,000 and $60,000 in cash or the equivalent value in shares (or a combination of cash and shares), as well as 300,000 shares, all payable over four years. (A further 100,000 shares are to be issued following the completion of a positive feasibility study). There is a 3% net smelter return payable, one-third (1%) of which may be purchased for $1,000,000.
The Keefer property consists of 8 claims (87 units) located in Keefer Township, Porcupine Mining Division. The property is accessible by road and is approximately 35 km southwest of Timmins. Consideration for the property consists of $105,000 and $75,000 in cash or the equivalent value in shares (or a combination of cash and shares), as well as 400,000 shares, all payable over four years. (A further 100,000 shares are to be issued following the completion of a positive feasibility study). There is a 3% net smelter return payable, one-third (1%) of which may be purchased for $1,000,000.
The Palomar Lake property consists of 20 claims (230 units) located in Keith Township, Porcupine Mining Division. The property is accessible by road and is approximately 70 km southwest of Timmins. Consideration for the property consists of $180,000 and 500,000 shares, all payable over four years. (A further 100,000 shares are to be issued following the completion of a positive feasibility study). There is a 3% net smelter return payable, one-third (1%) of which may be purchased for $1,000,000.
The Company also announces it has granted 315,000 stock options to directors and officers of the Company and 975,000 stock options to employees and consultants at a price of $0.10 per share for a period of five years.