InZinc Mining Ltd. (TSXV:IZN) is a Canadian junior mineral exploration company based in Vancouver, British Columbia. InZinc Mining holds a 100% interest in the advanced stage West Desert project in Utah. West Desert hosts significant zinc-copper-indium resources with associated massive, high-grade iron (magnetite) mineralization. Metallurgical studies completed as part of an earlier study indicated good recoveries from sulphide mineralization to produce clean zinc and copper concentrates with significant credits in indium, silver and gold using conventional flotation processing. A new Preliminary Economic Assessment (PEA) is evaluating new opportunities and improvements at West Desert, including a potential additional source of revenue from significant amounts of by-product iron (magnetite) generated from the processing of zinc-copper-indium resources. The West Desert deposit is open in several directions with good potential for resource expansion. The Project is fully permitted and bonded for drilling.
InZinc Mining Ltd changed its name from Lithic Resources Ltd. effective February 19, 2014. The new name, InZinc Mining, reflects the Company’s renewed confidence in the economic and development potential of the West Desert project, particularly in view of a significant decrease in global zinc supply forecast over the next few years due to the planned closure of a number of large, end-of-life zinc mines.
- 100% owned, advanced stage zinc project approaching pre-feasibility
- Best located, and largest potential source of zinc in continental USA
- Zinc resources include significant copper and indium along with associated massive, high-grade iron (magnetite) mineralization
- Open for expansion – very good potential for additional high grade and new zones
- Potential for low cost mineral extraction based on project’s geology and location in business-friendly and infrastructure-rich Utah
- A new PEA is evaluating new opportunities and improvements at West Desert including a potential additional source of revenue from significant amounts of by-product iron (magnetite) generated from the processing of zinc-copper-indium resources
- Experienced management and board with an established track record of mine development and finance
- Numerous large scale zinc mines will be closing in the near future leading to a global supply deficit
North American Zinc Projects
The West Desert zinc-copper project is located on the southwestern edge of the Great Salt Desert in west-central Utah, approximately 160 km southwest of Salt Lake City. The property covers an area of 1,723.3 hectares, and is located in a mining friendly jurisdiction with good access to both a local labour force and necessary infrastructure for mine development.
Silver-lead mineralization was first discovered in the area of the present day West Desert zinc property in 1890. Between 1890 and 1953, high-grade lead-silver ores were mined from oxidized, carbonate replacement deposits in small underground operations, mainly the Utah and Galena mines. The West Desert zinc property lies in the Fish Springs mining district, from which about 7.9 million kg of lead, 1,300 kg of zinc, 2,400 kg of copper, and 2.7 million ounces of silver were produced from 1890 to 1953.
The West Desert project area was at one time or another held or optioned by Kennecott Copper Corporation, Pinnacle Exploration, Utah Construction & Mining, Noble Peak Resources, Cyprus Minerals Company, and EuroZinc Mining Corporation. InZinc Mining purchased the property from EuroZinc in 2005 and has increased its land position since then. Zinc mineralization was first discovered by Utah, and later expanded by Cyprus. Both companies took the project through resource estimation to the scoping study level but prevailing market conditions led to their respective exits.
Since acquiring the property, InZinc Mining has completed aerial photography, an induced polarization survey (IP), and a detailed helicopter-borne magnetic survey. Between 2007- 2008, the Company completed a program of 10,639 m of core drilling in 17 holes. This was the fourth campaign of drilling on the property, making for a total of 38,138m of drilling since the discovery of zinc mineralization.
Metallurgical studies completed as part of an earlier study indicated good recoveries from sulphide mineralization to produce clean zinc and copper concentrates with significant credits in indium, silver and gold using conventional flotation processing.
A new PEA is evaluating new opportunities and improvements at West Desert, including a potential additional source of revenue from significant amounts of by-product iron (magnetite) generated from the processing of zinc-copper-indium resources. Metallurgical testwork completed in 2013 showed that a marketable, high-grade iron (magnetite) concentrate can potentially be produced as a co-product with zinc and copper concentrates using cost effective and conventional processing techniques.
InZinc Mining’s 100% owned West Desert project is an advanced stage project located in Utah. West Desert host significant zinc-copper-indium resources with associated massive , high-grade iron (magnetite) mineralization. The Company is completing a PEA to evaluate new opportunities and improvements at West Desert, including a potential additional source of revenue from significant amounts of by-product iron (magnetite) generated from the processing of zinc-copper-indium resources.
Since the deposit is open in several directions, there is good potential to expand existing resources and very good potential for the discovery of new zones. The project is fully permitted and bonded for continued exploration.
Chris Staargaard – President, CEO, and Director
Mr. Staargaard holds a B.Sc. in Geology from Pennsylvania State University and an M.Sc. in Geochemistry from Queen’s University. Initially, he worked in mineral exploration as a project geologist for Kennco Explorations Ltd, Kidd Creek Mines Ltd., Homestake Mineral Development Company and Silver Hart Mines Ltd. From 1988 until joining InZinc Mining in 2002, he was an independent consulting geologist, mainly to junior mining companies and investment dealers involved in the mineral exploration industry. He has over thirty-five years of experience in the evaluation of mineral exploration projects in a wide variety of geological environments both in Canada and internationally.
Kerry M. Curtis – Independent Chairman and Director
Mr. Curtis has 31 years of experience in the Canadian mining sector. He is the former President, CEO and director of Cumberland Resources. At Cumberland, he was instrumental in advancing the Meadowbank gold project in Nunavut through discovery, deposit delineation and resource expansion from 200,000 ounces to 4 million ounces to become one of Canada’s largest undeveloped gold resources. Mr. Curtis further led the project through bankable feasibility, development permitting, project financing and initial construction until the company was acquired by Agnico-Eagle Mines in 2007 in a transaction valued at $730 million. Meadowbank is currently one of Canada’s largest producing gold mines.
Prior to Cumberland, Mr. Curtis focused on exploration to production stage polymetallic deposits in Canada, working with a variety of senior and junior mining companies including Minnova, Kennecott Canada and Redfern Resources. He is currently President and CEO of South Arm Resources, a private company based in British Columbia.
Mr. Curtis has completed over $1 billion in mining transactions during his career including: $170 million equity financing for exploration, feasibility, environmental permitting and project construction; $250 million syndicated debt financing; and merger/acquisition transactions valued at $825 million.
He is a graduate of the University of British Columbia with a Bachelor of Science in Geology and is a Professional Geoscientist (P.Geo.) registered with the Association of Professional Engineers and Geoscientists of British Columbia.
Wayne Hubert – Director
Mr. Hubert was most recently CEO and director of Andean Resources Limited from 2006 until December 2010. When he joined Andean, the company had a market capitalization of $70 million and a resource base of about 800,000 ounces of gold. Mr. Hubert helped lead Andean through several discoveries which increased the resource base to over 5 million ounces of high-grade gold as well as subsequent feasibility studies, financings and permitting. Andean was ultimately acquired by Goldcorp for $3.5 billion.
Prior to his tenure at Andean, Mr. Hubert was Vice-President Corporate Development and Investor Relations with Meridian Gold Inc. During his fourteen year career at Meridian, he gained considerable experience in the areas of finance, exploration, project development, permitting and construction. He has a bachelor of science in Chemical Engineering from the University of Cape Town and an MBA from Brigham Young University.
Louis Montpellier – Director
Mr. Montpellier attended the University of British Columbia and received his law degree from the University of Victoria. He has been practising law in Vancouver since 1981 and since 1983 has worked exclusively in the capital markets as outside counsel to public companies engaged in international mineral exploration and mining. His expertise includes the entire spectrum of corporate finance activities as well as mergers and acquisitions, corporate reorganizations and project financing. From early 2010 until mid-2012, Mr. Montpellier was Vice-President, Corporate Development and General Counsel at Exeter Resource Corporation, having been a director there since 2008. He has been and continues to be involved as a director for a number of public companies in the mining sector.
Ken Puchlik – Consultant
Mr. Puchlik is a Utah-based consultant to InZinc Mining with over thirty years of mineral exploration work with various companies including Freeport Gold, Independence Mining, Cyprus-Amax and Pegasus Gold, His experience includes the development of the 2.4 million oz Kubaka mine in the Russian far east and expanding the resource base at the Jerritt Canyon and Mt. Todd gold mines. For the last two years, he has been acting as Manager of Exploration and Development for Sumitomo at their Pogo gold mine in Alaska where he has added over 1 million oz gold to the existing reserve.
Mr. Puchlik holds an M.S. in Economic Geology from the Mackay School of Mines in Nevada and is currently a director of the Utah Geological Survey.
Steve Vanry – CFO
Mr. Vanry holds a Chartered Financial Analyst designation, the Canadian Investment Manager designation and is a member of the CFA Institute; as well as the Vancouver Society of Financial Analysts. His business career includes over seventeen years with publicly traded natural resource companies at both management and board level during which time he focused on strategic planning, fund raising, mergers and acquisitions, regulatory compliance and financial reporting.
In 2003, he founded Fury Explorations Ltd., a company with advanced stage silver projects in Nevada which subsequently merged with Golden Predator Mines Inc. Mr. Vanry currently provides consulting services in corporate finance, business development and merchant banking and serves as director and/or officer for a number of public companies in the mining sector.
Joyce Musial – Corporate Communications
Ms. Musial has over 25 years’ of investor relations and corporate development experience with various junior and senior exploration and mining companies including Placer Dome Inc., Teck Exploration, Batero Gold Corp. and Cumberland Resources Ltd. At Cumberland, she was a part of the team taking that company from the exploration stage through syndicated bank financing and ultimately its acquisition by Agnico Eagle Mines.