Solitario Zinc Begins Field Program at Its Lik Zinc Project, Alaska
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Solitario Zinc Corp. said that Teck American Incorporated, a wholly owned subsidiary of Teck Resources Limited, has commenced a field program on the Lik high-grade zinc project in Alaska. The Lik project is held through a joint venture arrangement between Solitario (50 percent) and Teck (50 percent).
Solitario and Teck agreed that Teck will act as project operator for the 2018 field program to take full advantage of Teck’s thirty years of successful exploration and operational experience in the world-class Red Dog mining district. The technical elements of the work program will consist of geologic mapping, relogging of existing Lik core and conducting a gravity geophysical survey over a substantial portion of the 6,075-acre property. This work, combined with a program of camp rehabilitation, will allow for future use of the established Lik infrastructure and provide essential information to assess what additional technical and environmental studies are required to advance the project. All permits necessary to conduct the 2018 program have been acquired.
“We are excited to take advantage of Teck’s long-term experience in the Red Dog zinc district. The 2018 work program will pave the way for planning the best path forward for the project. We are particularly excited about utilizing Teck’s gravity survey expertise that has been a proven ore-finder in the surrounding Red Dog district. We expect to have the results of this program in the fourth quarter of 2018,” said Chris Herald, president and CEO of Solitario.
A total of 125,300 feet of core drilling in 229 holes has been completed on the Lik property which has defined a potentially open-pitable Indicated Resource of 17.3 million tonnes grading approximately 12 percent zinc equivalent and an additional 2.9 million tonnes of inferred resource at approximately 11 percent zinc-equivalent grade. The project is situated approximately 14 miles northwest of Teck’s operating Red Dog mine, one of the world’s largest zinc mines.
LIK JOINT VENTURE
The terms of the Lik joint venture were previously outlined in the Lik Block Agreement signed on January 27, 1983. Through a series of third-party transactions, Teck currently holds a 50 percent interest in the project, and Solitario owns a 50 percent interest through its acquisition of Zazu Metals. Solitario and Teck are presently negotiating a new joint operating agreement that will update and clarify the original agreement and potentially modify its commercial terms.
About Solitario Zinc
Solitario is an emerging zinc exploration and development company traded on the NYSE American and on the Toronto Stock Exchange. Besides Solitario’s 50 percent joint venture interest in the high-grade, open-pitable Lik zinc deposit in Alaska, Solitario also holds a 39 percent joint venture interest (Nexa Resources holds the remaining 61 percent interest) on the high-grade Florida Canyon zinc project in Peru, and a 7.6 percent equity interest in Vendetta Mining. Solitario’s management and directors hold approximately 9.3 percent (excluding options) of the company’s 58.3 million shares outstanding.
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