Bongara Project

Snapshot

In June 2017, Zinc One Resources Inc. acquired Forrester Metals Inc. and thus acquired the Bongará Mine and Charlotte-Bongará Projects, both of which host high-grade, nonsulphide zinc mineralization at or near the surface. This is the first time that these two projects have been controlled by a single operator and thus offers a unique opportunity to delineate a substantial high-grade, zinc-oxide resource along a 8km-long trend.

The Bongará Zinc Mine was discovered in 1974 and since then various companies have completed exploration programs across the area. The mineralization is concentrated along and proximal to a NW – trending anticlinal axis over approximately 2.5 kilometres. From the southeast edge of the project, the Mina Grande, Mina Chia and Bongará mine areas were subject to sampling from pits and trenches as well as shallow drilling stretching over a distance of approximately 1.2 kilometres. This zinc-oxide mineralization appears to continue to the northwest into an additional exploration area known as Campo Cielo, where pits and trenches have also exposed additional high grade, zinc-oxide mineralization in historical pits and trenches in certain areas. The Bongará Zinc Mine was mined in 2007 and 2008 by a previous owner by open-pit methods, dried at the site, and then shipped 540 kilometres westward to the coast where it was processed through a Waelz kiln, a processing technology typically applied to flue dust from steel mills to recover zinc. A greater than 60% zinc calcine was made and sold to smelters/refineries in Peru and the United States. In August 2008, the mine was closed down mainly due to a decrease in the price of zinc at the time.

In 2008, Rio Cristal Zinc announced impressive near-surface drill intercepts located approximately 6 kilometres northwest of the Bongará Zinc Mine at the Charlotte Bongará Project. Results of the drill intercepts included 29.5% Zn across 15.5 metres, 26.1% Zn across 12.5 metres, 29.7% Zn across 11.5 metres (the cited intervals are drill-intercept widths and true widths are unknown). Due to declining zinc prices, the previous operator was unable to raise the funds to properly delineate this mineralization.

Zinc One has access to most of the data and technical work that date back to the 1990s. A compilation of this information is included in the NI 43-101-compliant Technical Report, effective September 30, 2016 and revised on July 27, 2017, and is available on SEDAR (www.sedar.com)

Zinc One provides investors with the opportunity to obtain exposure in the zinc development and exploration sector of the market. This exposure is through the company’s flagship Bongará Mine Project and the prospective Charlotte-Bongará exploration concessions. Both projects are located in Peru, one of the best mining jurisdictions in the world.

Mining History

Previous operator mined at an average rate of 358 tonnes per day for a total of approximately 25,000 tonnes (55.1 million pounds) of Zinc metal in 2007 and 2008.

Exploration Upside

At Charlotte-Bongará, over 8,000 meters of drilling including results of 29.5% Zn across 15.5 meters, 26.1% Zn across 12.5 meters, 29.7% Zn across 11.5 meters.

Metallurgy

The nonsulphide mineralization would be processed through a Waelz kiln to make a zinc-oxide concentrate with up to 70% zinc.

Location

North-central Peru.

Access/Infrastructure

Near a paved highway

Community Support

Zinc One signed a community agreement in July 2017.

The technical content of this summary has been reviewed and approved by Bill Williams, PhD, CPG, COO and a director of Zinc One, a qualified person as defined by National Instrument 43-101.

Technical Report Summary

At a 10% Zn cutoff, the Bongará Zinc Mine project is host to 822,000t of 18.8% Zn and 1,339,700t of 16.8% Zn as Indicated and Inferred estimated resources, respectively. The Zn mineralization occurs as secondary hydrozincite, smithsonite, and hemimorphite hosted by highly-weathered, dolomitized brecciated limestones. The deposits are classified as Mississippi Valley-type.

Notes

1. The Mineral Resource Estimates in this disclosure were completed by Watts, Griffis and McOuat Limited (“WGM”), an independent firm of geological and mining consultants.
2. The effective date of this mineral resource estimate is February 28 2019 and includes all sampling results from drilling and test pitting to the end of 2018.
3. Mineral Resources are not Mineral Reserves and do not have demonstrated economic viability but are required to have reasonable prospects for eventual economic extraction. The quantity and grade of reported Inferred Mineral Resources in this estimation are less certain in nature because the amount of exploration has been insufficient to provide the level of confidence necessary to classify them as an Indicated or Measured Mineral Resource. It is uncertain if further exploration will result in classification to Indicated or Measured Mineral Resource category.
4. The Mineral Resource estimates in this news release were estimated using current Canadian Institute of Mining, Metallurgy and Petroleum (“CIM”) standards, definitions and guidelines in accordance with Industry Best Practices.
5. Mineral Resources were estimated using a cut-off grade of 10% Zn.
6. Numbers may not add due to rounding. The Mineral Resource estimate was calculated using ordinary kriging methodology. A block model was constructed with block dimensions of 5 x 5 x 5 meters. Zn assays were capped at 40% Zn.
7. A total of 748 drillholes and pits totalling 10,498 m were in the database used for estimation. Only diamond drill holes were used for estimating Indicated Resources; diamond drill holes and pits were used for estimating Inferred Resources. The drill holes were drilled at various orientations. Drillhole spacing is approximately 25 to 30m in areas where resources are estimated. Details of the drill campaign are set out in various news releases from March 29, 2018 to November 15, 2018.
8. A bulk density of 1.90 was applied using the geological block model density field.

The former Bongará Zinc Mine operated during 2007-08 and processed this secondary mineralization using a Waelz kiln. The kiln does not require copious amounts of water and power, and the waste product is slag that can be used as road material, among other things, thus minimizing initial and sustaining capital outlays and precluding a permanent tailings storage facility.

Click here to view the report

Surface & Pit Sampling

Click here to access the Bongarita Mina-Chica Sampling Results

2018 Drill Program

Drilling and Pit / Surface Sampling Mina Grande Sur.

Photos