ZincX Resources Closes Private Placement with Ross Beaty
Summary
"The Company intends to use the proceeds from the private placement to continue to advance the Companys Akie and Kechika Regional projects in British Columbia and for working capital purposes.All securities issued will be subject to a four-month hold period expiring on November 7, 2023.The private placement remains subject to the final approval of the TSX Venture Exchange.The 100% owned Akie property is situated within the Kechika Trough, the southernmost area of the regionally extensive Paleozoic Selwyn Basin and one of the most prolific sedimentary basins in the world for the occurrence of SEDEX zinc-lead-silver and stratiform barite deposits.Drilling on the Akie property by ZincX Resources since 2005 has identified a significant body of baritic-zinc-lead SEDEX mineralization known as the Cardiac Creek deposit. The PEA envisages a conventional underground mine and concentrator operation with an average production rate of 4,000 tonnes per day. The Kechika Regional Project also includes the Pie, Yuen and Cirque East properties which the Company maintains a significant 49% interest with partners Teck Resources Limited (TSX: TECK.B) and Korea Zinc Co. Ltd holding 51%. These projects are located approximately 260 kilometres north northwest of the town of Mackenzie, British Columbia, Canada.Zinc is one of many critical metals facilitating the transition to a low-carbon and greener future and is used in renewable energy storage systems and through the protection of steel to improve its durability and service life in solar and wind turbine applications. Mike Makarenko P.Eng, JDS Energy and Mining, is the designated Qualified Person as defined by National Instrument 43-101 and is responsible for the PEA technical information contained in this release.The TSX Venture Exchange has neither approved nor disapproved the contents of this press release.ON BEHALF OF THE BOARD OF DIRECTORS