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InZinc Announces Amendments to Indy Sedex Option Agreement
Vancouver, British Columbia--(Newsfile Corp. - April 2, 2020) -  InZinc Mining Ltd. (TSX...
About this update from Inzinc Mining Ltd.
[{"type":"text","content":"InZinc Announces Amendments to Indy Sedex Option AgreementVancouver, British Columbia--(Newsfile Corp. - April 2, 2020) -  InZinc Mining Ltd. (TSXV: IZN) (the \"Company\" or \"InZinc\") is pleased to announce amendments to the option agreement dated October 17, 2016 (the \"Original Agreement\") between the Company and Pac Shield Resources Inc. (\"PSR\") on the Indy Sedex project in central British Columbia (see news release NR2016-6) which frees the Company of any cash commitments until at least January 31, 2021 and extends the total option term by an additional year. The Company has the right to earn a 100% interest in the Indy project.The Company believes that the Indy project provides multiple opportunities for discoveries of large-scale sedimentary hosted exhalative (Sedex) type deposits in an easily accessible and unexplored region of central British Columbia. The project comprises a large claim position (25km strike) with discoveries of shallow mineralization in the 2018 drill program and over 5 km of high-quality drill targets remaining to be tested. Highlights from the expanded 2019 exploration programs include the definition of a large new Sedex target called the Delta Horizon. The new target is located 5 km northwest of the B-9 Zone, where shallow Sedex style mineralization was discovered in 2018, including 12.33% Zn, 2.98% Pb, and 24.46g/t Ag (14.98% ZnEq) over 6.3m in hole IB18-009, and remains open for expansion.Amended AgreementTo date, under the terms of the Original Agreement the Company has made cash payments totaling $105,000, issued a total of 1,100,000 common shares to PSR and incurred exploration work commitments of approximately $1,050,000. Due to the Company's accelerated pace of exploration at Indy, 100% of exploration work commitments for year-4 of the amended option have been satisfied and approximately $100,000 of the amended year-5 work commitment has been met. Pursuant to the amended option terms, to exercise the option and earn a 100% interest in the Indy project the Company must meet the Year 4, 5 and 6 commitments as follows:CashSecuritiesExploration Work Commitments($)(common shares)($)Paid, issued and incurred105,0001,100,000600,000Year-4; prior to January 31, 202135,000400,000350,000 (incurred)Year-5; prior to January 31, 202250,000400,000400,000(~100,000 incurred)Year-6; prior to January ...