Zazu Metals Corporation announce the first set of drill results from the summer development program at the Lik zinc – lead – silver deposit, 22 km from the Red Dog zinc mine of Teck Cominco in northwestern Alaska.
Zazu is in receipt of the assay results for the first 13 holes of the 36 completed so far this season. All of the 13 intersected mineralization. Two holes have assays where the zinc grade exceeded 30% – the maximum value for the assay method. Zazu is still drilling, and additional results will be forthcoming. Table 1 provides highlights of assay results for these first 13 holes.
Of the 13 holes, 11 are in south west corner of the Lik South deposit. The two highest grading holes (157 and 159) are located towards the center of Lik South, where the next stage of the drilling program is taking place. A map of the drill hole locations is available at http://www.zazumetals.com/main/?proposedWorkProgram
During the 2008 field season, Zazu intends to:
1. Establish a fully compliant NI 43-101 resource for the Lik South deposit based on 26,000 meters of drilling already completed and up to 10,000 meters planned for 2008.
2. Complete geophysical programs to identify potential extensions to the resource, especially in the North Lik area (field work has now been completed; analysis is now pending).
3. Complete initial metallurgical testing (done; results announced June 4th, 2008) and commence design of a preliminary flow sheet.
4. Continue and expand environmental studies by Travis Peterson Environmental to support future mine permitting processes.
To achieve these goals Zazu has 2 drill rigs operated by 3 crews. The drill program is managed by Joe Britton, Zazu’s Vice President of Exploration, and supervised by Neil N. Gow, P.Geo., an Associate Consulting Geologist with Scott Wilson RPA of Toronto, Ontario. The majority of the drill holes are in-fill, with some step out holes and testing at depth in the southern portion of the Lik deposit.
In 2009, Zazu plans to complement this year’s work with both regional and localized IP surveys to identify further exploration targets. To date, only a relatively small portion of the Lik property has been subject to detailed exploration.
The historical mineral resource at the Lik deposit is 26.7 mm tonnes grading 9.16% zinc, 3.15% lead and 49 g/t silver representing one of the largest undeveloped zinc – lead deposits in the world. These historical estimates predate NI 43-101 are thought to be reliable at current drilling density and are considered to be relevant as they provide an estimate of the approximate size of the LIK deposit. They should not be relied upon until further work is carried out.
Teck is a 50% joint venture partner in the Lik deposit, however Zazu has the exclusive right to obtain 80% of the property by meeting certain spending commitments by 2018.
Zazu is a Canadian-based exploration company focused on acquiring and developing base metal properties in North America. Zazu’s principal asset is its 50% joint venture interest with Teck Cominco in the Lik zinc – lead – silver deposit in north western Alaska. As of June 30th, 2008, Zazu had over $8.0 million in cash and short- term investments; more than sufficient to fund the 2008 work program. Additional information about Zazu is available on its website at www.zazumetals.com..