Vancouver - Zinc One Resources Inc. (TSX-V: Z; OTC Markets: ZZZOF; Frankfurt: RH33 'Zinc One' or the 'Company') announces that it has terminated its previously announced term sheet dated May 24, 2019 with InCoR Holdings Limited and InCoR Zinc Ltd.
Zinc One and InCoR were unable to settle the terms of the definitive agreement by August 31, 2019.
Zinc One is also pleased to update as to its current exploration programs on the Bongara Zinc Mine Project and the Charlotte-Bongara Zinc Project.
Bongara Zinc Mine Project
The current exploration work on the Bongara Zinc Mine Project is to further define Zinc One's understanding of the high-grade zinc-oxide deposit. The primary focus of this work was to conduct reconnaissance exploration and mapping of potential strike extensions of mineralization between Mina Chica and Bongarita, south of Mina Chica, and around Mina Grande Centro and Sur. This work identified extensive scattered outcrop and sub-crop of zinc oxide mineralization - confiming the upside potential of these areas. Zinc One is currently remodelling this data to plan an infill drilling campaign.
Further, Zinc One is exploring alternative uses for zinc-oxide material from the deposit that would ideally minimize operation costs on the project.
Charlotte-Bongara Zinc Project
Reconnaissance mapping was also conducted on the zinc sulphide mineralization at Cristal, which is located on the Charlotte-Bongara Zinc Project and is approximately 6 kilometres to the northwest of the main deposit at the Bongara Zinc Mine Project. Several areas of strong dolomite alteration were identified and require follow-up mapping and geochemical sampling.
The reconnaissance mapping confirmed the presence of zinc sulphide mineralized subcrop and boulder float in the Cristal area. Historic drill core was reviewed, re-logged and select intervals were resampled.
Mineralization at Cristal is hosted in a lower limestone sequence than the oxide mineralization at Bongarita, Mina Chica and Mina Grande, and is more analogous with the style orf mineralization at the nearby Florida Canyon Deposit. Zinc One is currently re-moedelling historic Cristal drill data, in order to better understand key controls on sulphide mineralization for drill targeting.
About Zinc One Resources Inc.
Zinc One's key assets are the Bongara Zinc Mine Project and the Charlotte-Bongara Zinc Project in north-central Peru. The Bongara Zinc Mine Project was in production from 2007 to 2008, but was closed due to the global financial crisis and concurrent decrease in the zinc price. Past production included >20% zinc grades and recoveries over 90% from surface and near-surface zinc-oxide mineralization. High-grade, zinc-oxide mineralization is known to outcrop between the mined area and the Charlotte-Bongara Project, which is over six kilometres to the NNW and where past drilling intercepted various near-surface zones with high-grade zinc as well. The Company has reported an Indicated Mineral Resource of 822,000 tonnes averaging 18.8% Zn containing 342,000,000 pounds of Zn at a 10% Zn cut-off and an Inferred Mineral Resource of 1,339,700 tonnes averaging 16.8% Zn containing 496,200,000 pounds of Zn at a 10% Zn cut-off.
Contact:
Gunther Roehlig
Tel: (604) 683-0911
Email: groehlig@zincone.com
Web: www.zincone.com
Forward-Looking Statements
Information set forth in this news release contains forward-looking statements that are based on assumptions as of the date of this news release. These statements reflect management's current estimates, beliefs, intentions and expectations. They are not guarantees of future performance. Zinc One cautions that all forward looking statements are inherently uncertain and that actual performance may be affected by many material factors, many of which are beyond their respective control. Such factors include, among other things: risks and uncertainties relating to Zinc One's limited operating history, its proposed exploration and development activities on the Bongara Zinc Mine Project and the need to comply with environmental and governmental regulations. Accordingly, actual and future events, conditions and results may differ materially from the estimates, beliefs, intentions and expectations expressed or implied in the forward-looking information. Except as required under applicable securities legislation, Zinc one does not undertake to publicly update or revise forward-looking information.
ZINC ONE RESOURCES INC. 
