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Canada Zinc Metals Announces Option Deal on Kechika Regional Project - Pie, Cirque East and Yuen Properties
Canada Zinc Metals Announces Option Deal on Kechika Regional Project - Pie, Cirque East and Yu...
About this update from Zincx Resources Corp.
[{"type":"text","content":"Canada Zinc Metals Announces Option Deal on Kechika Regional Project - Pie, Cirque East and Yuen PropertiesCanada Zinc Metals Announces Option Deal on Kechika Regional Project - Pie, Cirque East and Yuen Properties\nVancouver, British Columbia CANADA, September 09, 2013 /FSC/ - Canada Zinc Metals Corp. (CZX - TSX Venture), is pleased to announce that the Company has entered into an option agreement with Teck Resources Limited (\"Teck\" TSX: TCK.B) that will see Teck earn into the Company's Pie, Cirque East and Yuen properties; three of the 10 regional properties that make up the Kechika Regional Project.\nThe Akie property is the Company's flagship exploration project and host to the Cardiac Creek SEDEX Zn-Pb-Ag deposit. The Kechika Regional Project, represented by a series of property blocks including Pie and Mt. Alcock, extends northwest from the Akie property for approximately 140 kilometres covering the highly prospective Gunsteel Formation shale. The southernmost project boundary is located approximately 260 kilometres northwest of the town of Mackenzie, in northeastern British Columbia, Canada.  \nTeck Earn-in Agreement \nCanada Zinc Metals and Teck have entered into an option agreement (the \"Agreement\") that would see Teck acquire up to 70% interest in the Pie, Cirque East and the Yuen properties, herein called the \"Property\". \nThe deal includes a private placement by Teck for 1,250,000 units of Canada Zinc Metals at a price per unit of $0.40, resulting in a total subscription of $500,000. Each unit shall comprise one common share and one share purchase warrant that will entitle Teck to purchase one additional common share of Canada Zinc Metals within 24 months at a price of $0.40 per share.\nThe Agreement outlines two options (the \"Options\") that are subject to certain expenditure requirements, as outlined below:\n. Under the First Option, Teck can earn an undivided 51% interest in and to the Property by incurring a cumulative aggregate of $3,500,000 in exploration expenditures on the Property on or before September 30, 2017, with $500,000 in exploration expenditures to be completed on or before September 30, 2014.\n. Under the Second Option, Teck may elect to acquire an additional 19% interest in the Property for a total of 70%, by incurring an additional $5,000,000 in exploration expenditures (for a to...