Zinccorp Resources Acquires Three Gold Properties in West Timmins Along Destor Porcupine Fault Zone
September 23 2009 - 8:33AM
Marketwired
Zinccorp Resources Inc. (TSX VENTURE: 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.
To view a map of the Denton, Keefer, and Palomar Lake gold
properties in the West Timmins District please click on the
following link:
http://media3.marketwire.com/docs/923map.pdf
"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.
The Company's website is currently being redesigned and will
have further information on each of the properties available in the
near future.
About Zinccorp Resources Inc.
Zinccorp Resources Inc., a member of the Hughes Exploration
Group of companies, is a recently formed, tightly held junior
mineral exploration company. The Company had a zinc/lead/silver
discovery on the Michelle Property, one of its four highly
prospective properties in Yukon, Canada in 2007. Zinccorp Resources
Inc. has now expanded their exploration venture into the prolific
Timmins / Larder Lake mining camp adding a new gold dimension to
their exploration portfolio.
Please visit Zinccorp's web-site www.zinc-corp.com to learn more
about the Michelle and other exciting Zinccorp projects and sign up
to receive upcoming Zinccorp news.
The statements made in this news release may contain
forward-looking statements that may involve a number of risks and
uncertainties. Actual events or results could differ materially
from the Company's expectations and projections.
The TSX Venture Exchange does not accept responsibility for the
adequacy or accuracy of this news release.
Contacts: Zinccorp Resources Inc. Kevin Hull or Alan Campbell
Investor Relations (604) 685-2222 info@zinc-corp.com
www.zinc-corp.com
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