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Zinc One Resources hails high grades in sampling at Bongara mine project

Last updated: 19:45 01 Nov 2017 GMT, First published: 09:45 01 Nov 2017 GMT

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Zinc One is exploring for zinc in Peru

Zinc One Resources Inc (CVE:Z) has hailed high grade sampling results from its Bongara zinc mine project in Peru, which included one sample of 47.73% zinc over 8.1 metres.

Another surface channel sample yielded 25.65% zinc over 19.7 metres from a dolomite breccia, while there was 32.50% zinc over a 3.8-metre depth uncovered in an exploration pit.

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"As expected, the high-grade zinc grades from this current sampling program are very encouraging and augments our opinion that the Bongarita and Mina Chica areas hold significant potential," Jim Walchuck, Zinc One's president and chief executive, told investors in a statement.

"In particular, these areas have not been drilled and that the base (footwall), outlining the depth extent of mineralization, is not well defined.

"The upcoming drill program should help to better define the footwall of mineralization as well as better determine the magnitude of mineralization left behind by past mining in the Mina Grande area.

"Overall, we anticipate that the drill program will better delineate and expand the known mineralization at the Bongara Zinc Mine Project."

Today's sampling results are in areas from the Bongarita and Mina Chica areas which were never drilled, but rather had numerous historic exploration pits, some of which were resampled, the group said.

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Further sampling will continue in these areas before moving on to the Mina Grande area, specifically Fase B and Fase C.

Zinc One anticipates the approval of its submitted application for 130 drill platforms and expects the drill program to begin shortly thereafter.

The planned program includes drillholes throughout Mina Grande, Mina Chica, and Bongarita areas.

Zinc One's key assets are the Bongara Mine and the Charlotte-Bongara zinc-oxide projects in Peru.

The Bongara mine was producing from 2007 to 2008, but shut down due to the global financial crisis and concurrent decrease in the zinc price.

Past production included 20% zinc grades and recoveries over 90% from surface and near-surface nonsulfide zinc mineralization.

The Charlotte-Bongara project lies nearly 6km to the NNW (north north west) and where past drilling intercepted various near-surface zones with high-grade zinc.

Zinc One shares added 5.56% to stand at C$0.48 each.

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