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NEWS: Zinc One drills 37 m of 31.6% Zn at Bongara

Zinc One Resources Inc. has released the drill results from 16 of the remaining 35 holes in the Mina Grande Centro zone, as well as eight of the 16 holes drilled in the Mina Grande Norte zone, of its Bongara zinc mine project located in north-central Peru. At Mina Grande Centro, holes MGC18037 to MGC18046 were condemnation holes located within an area of known mining in the southwest sector. The other drill holes reported herein are located eastward of this mined area with the best intercept from MGC18036, which drilled 21.7 metres of 22.7% zinc.

At Mina Grande Norte, drilling was focused on the eastern edge of previous mining and west of the high-grade zinc-oxide mineralization established by the earlier pit sampling and historical drilling to the north and east. Spectacular intercepts of 37.0 metres of 31.6% zinc from MGN18006, 30.0 metres of 28.3% zinc from MGN18004, and 19.5 metres of 28.0% zinc from MGN18003 were encountered.

Jim Walchuck, President and CEO of Zinc One commented, “The Mina Grande Norte results are beyond our expectations and we fully expect that this area will make an important contribution to the total project’s resource estimate, which we anticipate will be completed during Q4 2018. The Mina Grande Centro drill program has clearly shown that there is the potential for high-grade mineralization to be delineated to the northeast and has provided important information regarding mined mineralization, all of which helps with our development planning.”

Discussion of Results

Mina Grande Centro and Norte are a part of one of the three zones of high-grade, near-surface zinc-oxide mineralization along a 1.4 kilometre mineralized trend that was tested by this drill program, which consisted of 264 holes for 7,930 metres. Assay results from the remaining drill holes at Mina Grande Centro and Norte will be released in the coming weeks.

The zinc grades from Mina Grande Norte drill holes reported herein are a testament to the untested potential in and around known mineralization. Earlier pit sampling did not establish the base of mineralization and these drill holes demonstrated extraordinary grades over extraordinary thicknesses of up to 30 vertical metres. As at Mina Chica, the lengthy intercepts of high-grade mineralization did not outcrop, further substantiating the untested exploration potential between Mina Grande Norte and Mina Chica.

Mina Grande Centro drill holes reported to date have delineated the high-grade, near-surface, zinc-oxide mineralization to the south and southwest. Most of the area drilled has been remediated by the previous operator so delineation of mined mineralization was vital to the size and geometry of the zinc deposit today. The mineralization is open to the east and northeast, and the results from the remaining drill holes to be reported are located to the north and northwest.

Currently, an application to delineate the mineralization encountered by this overall drill program as well as explore the untested area is being reviewed by the Ministry of Mines.

The results from drill holes MGC18031 through 046 at Mina Grande Centro can be found below in Table 1. A detailed map titled “Drilling and Pit/Surface Sampling at Mina Grande Centro” can be found on the Company website at www.zincone.com.

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