The Gnome Zinc Project, owned 100% by AsiaBaseMetals Inc., located in the province of British Columbia, Canada, encompasses approximately 5,044 hectares (11 mineral claims) in the heart of the area that is home to Canada's Zinc deposits and Zinc exploration, within the southernmost part (Kechika Trough) of the regionally extensive Paleozoic Selwyn Basin, one of the most prolific sedimentary basins in the world for the occurrence of SEDEX zinc-lead silver and stratiform barite deposits. The property is in the same geological belt, NE of Williston Lake, as the well-known Cirque, Akie, Elf and other occurrences in the Kechika trough geological belt discovered in the heyday of northern B.C., Canada, Pb-An-Ag exploration (late 1970's and early 1980's). The Gnome project is 70 km SE along trend from Cirque and 46 km SE along trend from Akie.
Significant Zinc properties in the Gnome Property area:
- Pie Property - now held by Teck Resources / Korea Zinc
- Akie deposit - Indicated resource estimate of 19.6 million tonnes grading 8.2% zinc, 1.6% lead and 13.6 g/t silver (at a 5% zinc cut-off grade) and an inferred resource of 8.1 million tonnes grading 6.8% zinc, 1.2% lead and 11.2 g/t silver (at a 5% zinc cut-off grade). (Pursuant to a NI-43-101 technical report prepared by Canada Zinc Metals Corp. with an effective date of May 16, 2016). Using this estimate, the deposit contains 3.54 billion pounds of zinc, 685 million pounds of lead and 8.6 million ounces of silver in the indicated category, and 1.2 billion pounds of zinc, 207 million pounds of lead and 2.9 million ounces of silver in the inferred category (at 5% zinc cut-off). The deposit remains open along strike and at depth. (Source: website - Canada Zinc Metals Corp.)
- Cirque deposit - Historic drilling has delineated a non-compliant indicated resource of the North Cirque zone of over 38.5 Mt averaging 8% Zn, 2.2% Pb, and 47.2 g/t Ag, and an inferred resource of the South Cirque zone of 15.5 Mt averaging 6.9% Zn, 1.4% Pb, and 32 g/t Ag., now held by Cirque Operating Company (owned 50% each by Teck Cominco & Korea Zinc. (Source: per historical data - The British Columbia Ministry of Energy and Mines MINFILE - Zinc in British Columbia; British Columbia Geological Survey - Information Circular 2015 - 12, Assessment report 34274, dated November 1, 2013)
Note: There can be no assurance that the Company will obtain similar results on the Gnome Property.
Exploration History - in the area:
In December 1992, Curragh Resources, which had previously acquired Cirque, was issued a Mine Development Certificate (approval for construction) by the BC Government for a mine/mill complex with a daily milling rate of 3,500 tonnes. The company estimated that the project would produce about 250,000 tonnes of zinc and lead sulphide concentrates yearly.
Historic drilling has delineated a non-compliant indicated resource of the North Cirque zone of over 38.5 Mt averaging 8% Zn, 2.2% Pb, and 47.2 g/t Ag, and an inferred resource of the South Cirque zone of 15.5 Mt averaging 6.9% Zn, 1.4% Pb, and 32 g/t Ag. Development of Cirque did not proceed and the property was subsequently acquired by Teck Corporation (25%), Cominco Limited (25%) and Korea Zinc Company (50%) under a joint venture (Sources: Assessment report 34274, dated November 1, 2013; Ministry of Energy and Mines MINFILE Number: 094F 008; website - Canada Zinc Metals Corp.)