Zazu Metals Corp. wins permit for drilling at Lik deposit
Junior outlines 2008 program for exploring the potentially rich zinc-lead-silver deposit near Red Dog in northwestern Alaska; vows to complete current resource estimate this season
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Last updated 5/25/2008 at Noon
Zazu Metals Corp. May 13 said it has received a Title 9 Permit from the Northwest Arctic Borough for an exploration and development program this year on the 26.7-million-metric-ton Lik zinc-lead-silver deposit, 22 kilometers, or about13.5 miles, from the Red Dog zinc-lead mine in northwestern Alaska.
Zazu is pursuing the project with 50:50 joint venture partner and Red Dog owner Teck Cominco Ltd.
The companies have applied for a miscellaneous land use permit from the State of Alaska, which Zazu said is expected shortly. The 2008 program is set to begin June 1.
During the field season, Vancouver, B.C.-based Zazu intends to complete a fully compliant NI 43-101 current resource estimate for the Lik South deposit based on 26,000 meters of drilling already completed and up to another 10,000 meters of drilling planned for this year.
Zazu also plans to complete geophysical programs to identify extensions to the resource, especially in the North Lik area and metallurgical testing and to begin design of a preliminary flow sheet.
In addition, the junior aims to continue and expand environmental studies supporting the mine permitting process by Travis Peterson Environmental.
To achieve its goals, Zazu purchased a second drill rig that has already been delivered to Anchorage. Zazu also secured a helicopter for the entire field season to enable rapid drill deployment and relocation of the second drill, maximizing productivity.
The majority of the drill holes will be in-fill, with some step out holes and testing at depth in the southern portion of the Lik deposit.
Survey work in 2009
In 2009, Zazu plans to complement this year's work with both regional and localized IP surveys to identify further exploration targets.
The historical mineral resource at the Lik deposit is 26.7 million metric tons grading 9.16 percent zinc, 3.15 percent lead and 49g/t silver represents one of the largest undeveloped zinc deposits in the world.
Though Teck Cominco owns 50 percent of the Lik project, Zazu has the exclusive right to obtain 80 percent ownership of the property by meeting certain spending commitments by 2018.
The junior said it has more than C$9 million in cash and short-term investments, more than enough to fund the 2008 work program.
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