Initial 2019 Drilling Results At Florida Canyon Project

DENVER, CO - Solitario Zinc Corp. reported initial 2019 drilling results for its Florida Canyon zinc project in Peru.  The highlight of the first phase of drilling was drill hole PEBGD-000010 that intersected 48.9 meters grading 6.19% zinc-equivalent (Zn-Eq), including 17.5 meters that graded 13.7% Zn-Eq.  This hole was critically important in demonstrating a new mineralized zone.  The Florida Canyon high-grade zinc project located in northern Peru that is joint ventured with Nexa Resources S.A.  

With the exception of hole PEBGD-000010, all of the first phase of core holes were drilled in the northern area of the Florida Canyon deposit where mineralization tends to be narrower, flat lying (mantos) but often high grade.  This style of mineralization was intersected in six of the drill holes reported in the table below.  One of the ten holes did not reach its target depth due to drilling difficulties and two holes did not intersect significant mineralization. 

Drill hole PEBGD-000010 was very important in that it intersected what is interpreted to be a replacement body similar to the San Jorge structure to the south.  The hole was a 90-meter offset of a previously drilled core hole V-21, that intersected 92 meters of 7.26% Zn-Eq, including two intervals that graded 24.13% Zn-Eq over 10.2 meters and 19.24% zinc over 11.0 meters (this potential new area is considered the “V-21 zone”).  Follow-up drilling of the V-21 zone is underway and could potentially add mineralization comparable to the size and grade of the San Jorge zone, that constitutes approximately 40% of the known resource at Florida Canyon. 

The four-rig drilling program is transitioning from the northern part of the property to the southern half where the San Jorge zone is located, except for one drill rig that will further test the V-21 zone.  The San Jorge zone is open in all directions.  Visual results from the first hole (PEBGD-000015) targeting the southern extension of San Jorge structure intersected strong zinc mineralization (sphalerite) over approximately 11 meters.  No assays are available yet for this interval. At least three additional holes are planned to offset PEBGD-000015.  In addition, drilling will begin to test the northern extension of the San Jorge zone as well as the up-dip extension.  

Chris Herald, President and Chief Executive Officer said, “We are very pleased with our initial assay results, especially drill hole PEBGD-000010 that suggests we have discovered a new  replacement body that could develop into a significant new zone with additional drilling.  We have also demonstrated that the San Jorge zone continues to the south with the positive visual results from drill hole PEBGD-000015.  With the program now focused on extensions of the San Jorge zone to the north, south and up-dip, we see the potential for a series of strongly mineralized drill holes.”

The company’s address is 4251 Kipling St, #390, Wheat Ridge CO 80033, (800) 229-6827, solitarioxr.com.