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ZincX Resources Closes Non-Brokered Flow-Through Private Placement
VANCOUVER, BC / ACCESSWIRE / April 9, 2021 / ZincX Resources Corp. ("ZincX" or the "Company")...
About this update from Zincx Resources Corp.
[{"type":"text","content":"ZincX Resources Closes Non-Brokered Flow-Through Private PlacementVANCOUVER, BC / ACCESSWIRE / April 9, 2021 / ZincX Resources Corp. (\"ZincX\" or the \"Company\") (TSXV:ZNX)(OTC PINK:ZNCXF)(FRA:A2JLRM) is pleased to announce that the Company has received final TSX Venture Exchange acceptance for its non-brokered private placement of 7,500,000 flow-through units of the Company (\"FT Units\") at a price of $0.20 per FT Unit to raise gross proceeds of $1,500,000. Each FT Unit consists of one flow-through Common Share and one-half of one Common Share purchase warrant (each whole such warrant, a \"Warrant\"). Each whole Warrant entitles the holder to purchase one additional common share at a price of $0.40 per Warrant for a period of 24 months following the closing date.Peeyush Varshney, Chief Executive Officer of ZincX, commented, \"We are pleased to have received the lead order on the financing from certain affiliates of the Sprott Group of Companies.\"The Company intends to use the proceeds from the sale of the flow through shares to finance exploration of the Company's Akie and Kechika Regional projects in British Columbia.The Company paid $40,000 as finder's fees.All securities issued will be subject to a four-month hold period, expiring on August 10, 2021.The Akie Zn-Pb-Ag ProjectThe 100% owned Akie property is situated within the Kechika Trough, the southernmost area of the regionally extensive Paleozoic Selwyn Basin and one of the most prolific sedimentary basins in the world for the occurrence of SEDEX zinc-lead-silver and stratiform barite deposits.Drilling on the Akie property by ZincX Resources since 2005 has identified a significant body of baritic-zinc-lead SEDEX mineralization known as the Cardiac Creek deposit. The deposit is hosted by siliceous, carbonaceous, fine-grained clastic rocks of the Middle to Late Devonian Gunsteel Formation.The Company updated the estimate of mineral resources at Cardiac Creek in 2018, as follows:5% Zinc Cut-Off GradeContained Metal:CategoryTonnes(million)Zn (%)Pb (%)Ag (g/t)Zn (B lbs)Pb (B lbs)Ag (M oz)Indicated22.78.321.6114.14.1620.80410.3Inferred7.57.041.2412.01.1690.2052.9The Company announced robust positive results from the 2018 Preliminary Economic Assessment (PEA). The PEA envisages a conventional underground mine and concentrator operation with an average production rate of 4,00...