Canada Zinc Metals Provides Update for 2017 Projects
Wednesday, February 15, 2017
Even though the commodity trade has been shaky over the last few days, 2017 has overall been bullish for most commodities as infrastructure plans in the U.S., Canada, China and elsewhere as well as stronger growth in world economies is bidding up demand for precious metals and minerals. Canada Zinc Metals Corp. (TSX-Venture:CZX) could benefit from these rising tides as the Canadian company has interests in zinc-lead-silver base metals deposits properties. As mentioned, the outlook for the minerals that CZX is mining for is bright with industry experts specifically predicting that zinc prices should shoot higher, owing to a supply shortage in the space. Similarly, silver is also expected to remain bullish with an analyst median price target of $19 per ounce. Canada Zinc Metals looks to be well positioned to gain from these trends in the market as it ramps up its operations in 2017.
The company provided an update this morning for its upcoming projects in the current year. Canada Zinc Metals stated that it has planned an extensive and aggressive diamond drill program of up to 7,500 metres that will focus primarily on the Company’s Cardiac Creek deposit. The program will focus on expanding the size of the deposit as well as for determining new occurrences of Zn-Pb-Ag mineralisation.
The company’s Cardiac Creek deposit is located on the Akie property, which currently has a total 59,260 metres drilled throughout 139 drill holes. The Company plans on mobilizing two drills to the Akie property to complete an extensive and aggressive diamond drill program of up to 7,500 metres for 2017. Canada Zinc Metals may also consider additional exploration drill targets across the property.
This endeavor will help the company in boosting its portfolio as well as future revenue streams. Canada Zinc Metals also elaborated in their press release about a Ground gravity survey over select targets. The program is expected to start early June and is expected to be concluded by the end of September.
Canada Zinc Metals also discussed the completion of exploration programs undertaken by Teck Resources Limited. The program was operational on the Pie Option Properties. The work included the drilling of a single hole, mapping, prospecting, soil sampling and ground geophysics. It also collected 733 soil samples.
Lastly, the Company has taken steps to ensure that it has enough liquidity to support its future projects. Late last year, the company had arranged a best efforts financing and non-brokered financing worth nearly $6 million CDN.
The mining company is looking to keep its momentum in 2017. These actions may reflect positively on the company’s share price which has gained over 200% in the past 12 months. Looking more short-term, it has gained close to 3% in 2017 so far. With the mining sector firmly in a bullish trend, Canada Zinc Metals Corp. (TSX-Venture:CZX) could find itself riding the bullish trend if their drilling efforts prove fruitful in 2017.
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