VANCOUVER, BRITISH COLUMBIA–(Marketwired – Feb. 22, 2017) – Redzone Resources Ltd. (TSX VENTURE:REZ) (“Redzone” or the “Company”) is pleased to announce that a National Instrument (“NI”) 43-101 technical report has been completed by SGS Canada Inc. (“SGS”) on the Fortner Boyd Lithium (Lucky Mica) property (the “Property”), Arizona, on which RedZone has an agreement to earn in to 100% ownership. It will be posted on www.sedar.com in the near future.
Fortner Boyd Lithium Property:
The Frontner Boyd claims (also known as the Lucky Mica claim group) are staked in the name of Godolphin Mining Inc., an Arizona corporation. Godolphin and Redzone have entered into an option agreement whereby RedZone may acquire 100% of the Property, on the terms disclosed in RedZone’s August 2, 2016 press release.
Highlights of the NI43-101 report:
- Sampling of the previously discovered Lucky Mica pegmatite body or dyke yielded grades as high as 7.5% Li2O from a spodumene rich pegmatite grab sample
- Ten new pegmatite outcrops have now been identified throughout the Property, possibly indicating up to seven distinct pegmatite bodies
- An independent sampling program conducted by SGS confirms the presence of lithium mineralization in these pegmatite outcrops and supports further work to target these bodies for potentially economic zones of lithium mineralization.
Prior to 2016, geological evaluation work by numerous companies included drilling and excavation and a shaft to approximately 10 meters depth. Recent work by RedZone has included geological mapping, grab and channel sampling.
A site visit of the Property was completed by Jean-Philippe Paiement, P.Geo. M.Sc. of SGS Canada Inc. in January 2017. The author conducted field inspection and sampling of the Lucky Mica dyke. Prospecting in other areas on the Property led to the identification and sampling of ten new pegmatite outcrops, possibly indicating up to seven distinct pegmatite bodies. The independent sampling program conducted by SGS at the Property confirms the presence of lithium mineralization in the pegmatite bodies and supports the targeting of these bodies for potentially economic zones of lithium mineralization.
Currently, no Mineral Resources or Mineral Reserves have been estimated on the Property.
Based on the surface mapping, sampling, and sectional interpretation of the Lucky Mica dyke alone, SGS has defined a target envelope tonnage for this body of between 330,000 and 551,000 tonnes to a depth of 60m with target average grades between 0.3% and 2.5% Li2O. Work to date indicates up to seven distinct pegmatite bodies on the Property, with most of the sampling and mapping to date focused on the Lucky Mica dyke, the first of these dykes to be identified. These additional dykes could increase the mineral potential to between 330,000 and 3.0M tonnes. The potential quantity and grade for this “Mineral Potential” estimates is conceptual in nature; there has been insufficient exploration to define a mineral resource and it is uncertain if further exploration will result in the target being delineated as a mineral resource. It should be noted that no recent drilling has been completed on the Property, which is necessary to delineate potentially economic grade and thickness intervals.
RedZone’s exploration strategy is to target all of the pegmatite bodies identified on the Property and if successful would aggregate multiple zones of lithium mineralization to an economic threshold resource tonnage and grade.
Lara Copper Property:
Given the recent increase in the price of copper, RedZone is exploring strategic options to maximize the shareholder value of its 55% owned Lara Copper property in Peru.
Work Completed to Date and previously press released:
RedZone funded two separate diamond drilling campaigns on the Lara Property totalling 11,135 meters.
Previously released drill highlights include 108 meters at 0.81% Cu and 0.015% Mo (0.90% CuEq) and 218 meters at 0.57% Cu and 0.04% Mo (0.81% CuEq), with both of these intersections starting near surface. The true widths of the drill hole intersections cannot be determined.
Geological mapping and sampling, geophysical surveys, on-going compilation of all data, permitting and community relations agreements have successfully been completed.
The exploration programs completed to date on the Lara property have successfully determined that the area of the original resource (18.6 Mt at 0.53% Cu with 0.2% Cu cut-off) is now 2,000 m long east and west and 500 m to 800 m wide north to south.
About Redzone Resources Ltd.
Redzone is a mineral exploration company with a current focus on Lithium and Copper exploration. Redzone is listed on the TSX Venture Exchange (REZ) and more information can be found at www.redzoneresources.ca.
The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.
Forward Looking Statements – Certain information set forth in this news release may contain forward-looking statements that involve substantial known and unknown risks and uncertainties. These forward-looking statements are subject to numerous risks and uncertainties, certain of which are beyond the control of Redzone, including, but not limited to the impact of general economic conditions, industry conditions, dependence upon regulatory approvals, and the availability of financing. Readers are cautioned that the assumptions used in the preparation of such information, although considered reasonable at the time of preparation, may prove to be imprecise and, as such, undue reliance should not be placed on forward-looking statements.
