Zincore and First Quantum End Regional Copper Exploration Partnership
VANCOUVER, BRITISH COLUMBIA – Zincore Metals Inc. (TSX:ZNC) (LMA:ZNC) (“Zincore”, the “Company”) reports that First Quantum Minerals (“First Quantum”) has terminated the Memorandum of Understanding (“MOU”) governing the Regional Copper Exploration Program between the two companies for Zincore’s Accha Zinc Oxide District. (“AZOD”) Zincore’s AZOD property package is located in the prolific Yauri-Andahuaylas copper belt of southern Peru.
Zincore CEO and President, Jorge Benavides commented “Although we are disappointed that First Quantum has decided to terminate the Regional Copper Exploration Program on our AZOD properties, a tremendous amount of useful information was generated by work carried out. In particular, three significant porphyry Copper Target Areas were identified at Larisa, Gema and Alcatraz. However, given financial market turmoil, none of these targets have yet been drill-tested.”
Mr. Benavides concluded, “The facts remain that we have a large land package in an area of intensive copper project development and operation, which hosts a number of very attractive porphyry copper targets that are ready to be drill tested.”
Zincore and First Quantum originally announced the MOU for Regional Copper Exploration on Zincore’s 50,000 hectare AZOD property package in July 2013. Work that lead to the announcement of three Copper Target Areas in December 2013 included soil sampling, geological mapping, geophysical surveys and interpretation of airborne geophysics, structural lineaments and Aster images. The two companies are still discussing a final settlement of accounts related to their partnership activities and any monies that may still be owing between the parties. For more information on the Zincore-First Quantum Regional Copper Exploration program and MOU, please see our news releases dated December 10th, November 27th, July 23rd and January 23rd, 2013.
The Dolores project, which is also located on Zincore’s AZOD property package, is being explored under a separate joint-venture with First Quantum Minerals. First Quantum has now provided Zincore with assay results from the latest four holes drilled at Dolores. Zincore is analyzing the results and will report on them as soon as they are fully understood. Since establishing the Dolores joint-venture with Zincore in 2012, First Quantum has carried out work to the second of five earn-in stages and currently owns 50.1% of the project, with Zincore owning the other 49.9%.
For more information on the Dolores joint-venture, please see our news releases dated October 29th, March 21st, January 15th and January 8th, 2013 as well as November 23rd, September 6th and July 13th, 2012.
On a related note, the Company reports that First Quantum’s representative to the Zincore Board, Mike Parker, has tendered his resignation.
Zincore is a Vancouver-based mineral exploration company focused mainly on zinc and related base metal opportunities in Peru. The Company’s common shares trade on both the Toronto and Lima Stock Exchanges under the symbol ZNC. For more information, please see our website at www.zincoremetals.com