Zinco Mining Corporation is in the process of exploring and developing silver and zinc rich volcanogenic massive sulfide (VMS) deposits on its 100% owned 52,766 Ha Property in Jalisco State, Mexico. The Company believes that VMS deposits are among the best exploration targets in the world for the following reasons:
VMS deposits are polymetallic, a hedge against commodity price fluctuations. They are major sources of Zn, Cu, Pb, Ag, and Au, and significant sources for Co, Sn, Se, Mn, Cd, In, Bi, Te, Ga, and Ge.
VMS deposits can be large, and high grade. There are over 800 VMS deposits worldwide that range in size from 200,000 tonnes to supergiant deposits containing more than 150 million tonnes.
VMS deposits tend to occur in districts of 12 to 25 deposits restricted by either linear rifts or calderas.
In Mexico, VMS deposits on the West Coast have some of the highest precious to base metal ratios for the VMS class of deposits, and many were historic primary silver producers.
In 1998, Zinco had a tremendous opportunity to acquire most of the historic Cuale VMS mining camp in western Jalisco State by staking. Since then, Zinco has acquired the mining rights to five adjacent VMS camps, including the past-producing Desmoronado VMS camp, and historic mining camps at Aranjuez, La Mina and Bramador.
In September, the Company purchased 100% of both "San Antonio 2 Fracc. I" and "San Antonio Fraccion II" from Antoñio Briseño Guerra for 250 000 common shares of Zinco Mining Corporation and $100 000.00 US dollars. These concessions overlap several of the "Minas de Oro", including Grandeza, Las Talpas, Caldero, El Rosario and Cataminas. Grandeza was the largest of these with historic production of 756 661 tonnes of ore grading 1.89 g/t Au, 22 g/t Ag, 1.41% Pb, 2.35% Zn and 0.2% Cu. Grandeza was mined from underground by Industrias Peñoles in the mid-1980's.
Between mid-February and late July, the Company completed 1534.8 metres of HQ diamond drilling in 14 holes. The drilling was split between San Juan (955.3 m in 9 holes) and Jesus Maria (579.5 m in 5 holes). All of the holes intercepted potentially economic intercepts of silver, gold, lead, zinc or copper. Some results for San Juan are:
ZIM35 with 63.0 metres of 134 g/t Ag, 1.2% Zn, and 0.6% Pb,
ZIM39 with 54.7 metres of 136 g/t Ag, 0.8% Zn and 0.5% Pb,
ZIM38 with 134.4 metres of 25 g/t Ag, 1.0% Zn and 0.4% Pb.
Highlights from the 2011 drilling at Jesus Maria are:
ZIM46 with 31.5 metres of 4.7% Zn, 1.1% Pb, 0.2% Cu and 13 g/t Ag,
ZIM45 with 31.0 metres of 3.1% Zn, 0.5% Pb, 0.1% Cu and 9 g/t Ag,
ZIM44 with 24.0 metres of 66 g/t Ag and 0.38 g/t Au.
In December, the Company closed a financing of $1.0 million CAD.
In October, David Elgee, was appointed President and Chief Executive Officer of the Company in place of Tor Bruland, who stepped down. Peter Rook-Green was appointed Treasurer. Michelle Robinson, MASc., P.Eng, was appointed President of Minera Croesus S.A. de C.V.
In June, the Company closed a financing of $250,000 CAD.
In January, the Company received approval for trading on the Frankfurt Stock Exchange under the symbol 61Z WKN A0MKFN.
In December the Company closed a financing of $100,000 CAD.
In October Christopher Graf resigned as President and was replaced by Dr. Alastair Sinclair on an interim basis. Later that month, Tor Bruland was appointed President and Chief Executive Officer of Zinco.
In the spring of 2009, The Company completed rock-grid surveys of several geophysical targets on the Almatea concession. The rock samples were analyzed using a portable Niton XRF and Meiji binocular microscope with electronic camera. The major conclusions of the survey were that: (i) ore horizon volcanics west of Descubriadora are strongly sericite-altered over an area at least 1100 meters along strike, and 700 meters wide that remains open in all directions, and (ii) this sericitic alteration zone is coincident with markedly anomalous silver geochemistry in rock samples. Specifically, the average silver value of 51 laboratory assayed rock samples in the Descubriadora sericite alteration zone is 69 ppm Ag.
In March of 2009, David Elgee and Ken McLean were elected to the Board of Zinco, and Sheryl Jones was appointed CFO.
In May, a reverse circulation drill rig was mobilized to Cuale, and 4751.16 meters of drilling in 33 holes were completed between 3 June and 3 July, 2008 (Fig. 11). The drilling program delivered 38 mineralized intercepts of potential economic interest that occur in zones of sericite and chlorite alteration within the Cuale Volcanic Sequence. Of these, the most significant results are from San Juan:
ZIM9 with 85.68 meters of 185 g/t Ag, 1.5% Zn and 0.8% Pb,
ZIM3 with 108.12 meters of 58 g/t Ag, 1.4% Zn and 0.7% Pb,
ZIM1 with 14.28 meters of 127 g/t Ag, 2.9% Zn and 0.9% Pb.
Compelling results were also returned from Jesus Maria:
ZIM30 with 41.82 meters of 5% Zn, 1.4% Pb, 0.2% Cu and 14 g/t Ag,
ZIM19 with 17.34 meters of 4.2% Zn, 1.6% Pb, 0.1% Cu and 5 g/t Ag,
ZIM16 with 17.34 meters of 4.9% Zn, 0.1% Pb, 0.2% Cu and 5 g/t Ag.
In March of 2008, the Company closed a financing of $1.0 million CAD. Mr. Easley resigned as director due to health reasons.
In early 2008, Company activities were mainly centered on permitting, field verification of selected soil geochemical and geophysical anomalies, and construction of a semi-permanent camp at the Cuale mine site. In April of 2008, the author of this Report completed a field review of Industrias Peñoles' "La Prieta" concession with their geologist, and received numerous documents, maps, plans and sections from Industrias Peñoles at that time.
In the final quarter of 2007, and first quarter of 2008, inversion and 3-D modeling of the airborne magnetic and resistivity data by SJ Geophysics of Vancouver was completed. The interpretation implies that the Cuale District is underlain by a pipe-like magnetic anomaly (possibly an intrusion) centered below Descubriadora Mountain. North of Aranjuez, a flaring-upwards pipe-like magnetic anomaly coincident with a magnetite-rich diorite porphyry has been identified in the central part of the Almatea concession.
In October, the Company closed a private placement of $400,000 CAD.
In March, Christopher Graf, B.ApSc., P.Eng, was appointed President and Chief Executive Officer of the Company in place of Alastair Sinclair, who stepped down. Dr. Sinclair remains a director of the Company.
In January, the Company received approval to change its name from International Croesus Ventures Corp to Zinco Mining Corporation.
In the second quarter of 2006, the Company started a major B-horizon soil geochemistry campaign to help prioritize some of the most promising geophysical and stream sediment geochemical anomalies for drill testing in 2008. Collectively, the soil grids cover 147 or a bit less than 50% of the airborne electromagnetic anomalies identified as part of the 2006 survey, and about 75% of the resistivity anomalies (lows) that are characteristic of the black shales.
In early 2006, the Company completed an 1859 line kilometer helicopter airborne electromagnetic, radiometric and magnetic survey to systematically evaluate its entire land package for bedrock conductors potentially related to massive sulfide mineralization (Fig. 10). Resistivity mapping successfully identified several areas of black shale. Within the black shales, about 320 specific bedrock conductors have been identified that might have massive sulfide potential.
The Company acquired the JICA-MMAJ exploration data from the SGM in 1998, shortly after staking the El Maple concession. Based on these historic results, areas of the Property were selected for detailed stream sediment and prospecting. Noranda did this work in 1999 as part of their due diligence of the El Maple Property. They elected not to do any further work, and in 2001 the Company signed on as a participant in the on-going VMS research program with the Mineral Deposits Research Unit of British Columbia. Post-doctorate fellow Dr. Thomas Bissig was assigned to the Cuale District. Between 2002 and 2003 he completed 1:5000 scale mapping, lithogeochemical sampling and U-Pb radiometric age dating of several samples from the District.