Canada Zinc Metals Announces Appointment of VP Exploration – Ken MacDonald
November 24, 2010
Vancouver, British Columbia, Canada – Canada Zinc Metals Corp. (TSX Venture Exchange: CZX) (“Canada Zinc Metals” or the “Company”) is pleased to announce that Mr. Ken MacDonald has been appointed to the position of Vice-President of Exploration.
Mr. MacDonald is a registered professional geoscientist with over 23 years of experience in the mining sector, including work as a consulting exploration geologist, as a senior project manager for a Canadian engineering company, and as a senior permitting official with the Mines Branch of the B.C. government. He is a Qualified Person under National Instrument 43-101.
Mr. MacDonald has managed and participated in a wide range of exploration projects in varied terrain, principally in Western Canada, with international experience in South America. He has been responsible for design and implementation of exploration programs from grass-roots to advanced drill definition. He has also managed mine scoping, pre-feasibility and feasibility projects, bulk sample projects, environmental assessments and was recently responsible for all mine permitting for the Mt. Milligan open pit copper-gold mine.
"I am delighted to take on the role of VP Exploration of Canada Zinc Metals," stated Mr. MacDonald. "I have worked on several aspects of the Akie project over the past several years and am very familiar with the project and its tremendous potential. The significant claim package that the Company holds in the highly prospective Kechika Trough represents a potential long-life mining opportunity. I look forward to working with the Canada Zinc Metals team to aggressively advance the exploration and development of the Company's properties."
In connection with the appointment, Mr. MacDonald has been granted 500,000 stock options, exercisable for a period of 10 years at a price of $0.55 per share. A portion of the options shall vest over time and a portion will vest as specific milestones are achieved.
The Company has also granted an aggregate of 830,000 stock options to other directors and officers of the company, exercisable for a period of 10 years, at a price of $0.55 per share.
About the Akie Property
The Akie zinc-lead property is situated within the southern-most part (Kechika Trough) of the regionally extensive Paleozoic Selwyn Basin, 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 Inmet Mining Corporation during the period 1994 to 1996 and by Canada Zinc Metals since 2005 has identified a significant body of baritic-zinc-lead SEDEX mineralization (Cardiac Creek deposit). The deposit is hosted by variably siliceous, fine grained clastic rocks of the Middle to Late Devonian ‘Gunsteel’ formation. The Company has outlined a NI 43-101 compliant inferred resource of 23.6 million tonnes grading 7.6% zinc, 1.5% lead and 13.0 g/t silver (at a 5% zinc cut off grade).
Two similar deposits, Cirque and Cirque South Cirque, located some 20 km northwest of Akie and owned under a joint venture by Teck Resources and Korea Zinc, are also hosted by Gunsteel rocks and have a combined geologic inventory in excess of 50 million tonnes (not 43-101 compliant) grading approximately 10% combined zinc + lead.
In addition to the Akie property, Canada Zinc Metals Corp. controls a large contiguous group of claims which comprise the Kechika Regional project. These claims are underlain by geology identical to that on the Akie property (Cardiac Creek deposit) and Cirque. This project includes the 100% owned Mt. Alcock property, which has yielded a historic drill intercept of 8.8 metres grading 9.3% zinc+lead, numerous zinc-lead-barite occurrences, and several regional base metal anomalies.
The TSX Venture Exchange has neither approved nor disapproved the contents of this press release.
ON BEHALF OF THE BOARD OF DIRECTORS
CANADA ZINC METALS CORP.
PEEYUSH VARSHNEY, LL.B
CEO & CHAIRMAN