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Canada Zinc Metals Receives Notice of Participation in Option Agreement on Pie, Cirque East and Yuen Properties
Canada Zinc Metals Receives Notice of Participation in Option Agreement on Pie, Cirque East an...
About this update from Zincx Resources Corp.
[{"type":"text","content":"Canada Zinc Metals Receives Notice of Participation in Option Agreement on Pie, Cirque East and Yuen PropertiesCanada Zinc Metals Receives Notice of Participation in Option Agreement on Pie, Cirque East and Yuen Properties\nVancouver, British Columbia CANADA, November 19, 2013 /FSC/ - Canada Zinc Metals Corp. (CZX - TSX Venture), is pleased to announce that the Company has received a Notice of Participation by Korea Zinc Co., Ltd. (\"Korea Zinc\" KRX: KorZinc 010130) in the option agreement between the Company and Teck Resources Limited (\"Teck\" TSX: TCK.B), dated September 6, 2013, in respect of the optioned Pie, Cirque East and Yuen properties.\nTeck Earn-in Agreement \nAs previously announced on September 9, 2013, Canada Zinc Metals and Teck entered into an option agreement (the \"Agreement\") that would see Teck spend up to $8.5 million to acquire up to 70% interest in the Pie, Cirque East and the Yuen properties. The transaction was approved by the TSX Venture Exchange as announced by the Company on September 17, 2013.\nKorea Zinc Participation\nTeck had the right under the Agreement to assign its rights to a 50/50 joint venture between Teck and Korea Zinc (\"T-KZ JV\"). Korea Zinc has elected to include the Agreement under the T-KZ JV and Teck and Korea Zinc will hold any interest which may be acquired under the Agreement pursuant to the T-KZ JV, which interest will be voted as a single block by the T-KZ JV operator.\nPeeyush Varshney, President & CEO of the Company, commented, \"We have done a significant amount of work highlighting the prospectivity of the Kechika Trough.  We are very pleased to partner with Teck and Korea Zinc on the exploration and possible future development of the Pie, Cirque East and Yuen properties.   Pursuant to the arrangement, we also welcome Korea Zinc as a soon to be shareholder of Canada Zinc Metals.\"\n\"The Pie, Cirque East and Yuen properties surround T-KZ JV's Cirque deposit to the north and east, and provide extensive coverage of the highly prospective Gunsteel Formation shale, which is the known host rock for SEDEX Zn-Pb-Ag deposits at Cirque and at Canada Zinc Metals' Cardiac Creek deposit, located 22 kilometres south on the Akie property.\"\nThe Akie Zn-Pb-Ag Project\nThe Akie property is situated within the Kechika Trough, the southernmost area of the regiona...