April 9, 2021
Vancouver, British Columbia, Canada – Friday, April 9, 2021 – ZincX Resources Corp. (“ZincX” or the “Company”, TSX Venture Exchange: ZNX, US: ZNCXF, FRA: A2JLRM ) is pleased to announce that the Company has received final TSX Venture Exchange acceptance for its non-brokered private placement of 7,500,000 flow-through units of the Company (“FT Units”) at a price of $0.20 per FT Unit to raise gross proceeds of $1,500,000. Each FT Unit consists of one flow-through Common Share and one-half of one Common Share purchase warrant (each whole such warrant, a “Warrant”). Each whole Warrant entitles the holder to purchase one additional common share at a price of $0.40 per Warrant for a period of 24 months following the closing date.
Peeyush Varshney, Chief Executive Officer of ZincX, commented, “We are pleased to have received the lead order on the financing from certain affiliates of the Sprott Group of Companies.”
The Company intends to use the proceeds from the sale of the flow through shares to finance exploration of the Company’s Akie and Kechika Regional projects in British Columbia.
The Company paid $40,000 as finder’s fees.
All securities issued will be subject to a four-month hold period, expiring on August 10, 2021.
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.
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 Kechika Regional Project also includes the Pie, Yuen and Cirque East properties which the Company maintains a significant 49% interest with partners Teck Resources Limited (TSX: TECK.B) and Korea Zinc Co. Ltd holding 51%. 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. These projects are located approximately 260 kilometres north northwest of the town of Mackenzie, British Columbia, Canada.
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.