NorZinc provides results for second quarter 2019

13 August 2019

NorZinc Ltd. reports its interim financial results and development activities for the second quarter ended June 30, 2019. 

Q2 2019 Results & Recent Highlights
Financial and Corporate

  • Hired Prairie Creek Project Manager (Apr)
  • Engaged Cliveden Trading AG to provide concentrate marketing support (Apr)
  • Mr. Warwick appointed as Chair of the Board (Jun)
  • Ms. Brown joins the Board of Directors (Jun)
  • Boliden concentrate marketing agreement extended to June 2022 (Jun)
  • New financial advisor being sought (Jun)
  • Study underway for possible mine enhancement (Jun)
  • Cash at June 30, 2019 - $4.3 million (Jun)
  • Loss for Q2 2019 - $3.2 million (Jun)

Prairie Creek - Permitting and Indigenous Groups

  • ASR technical session held (May)
  • Site opened in May and refurbishment of mobile equipment started (May)
  • ASR Information Requests issued and responses submitted (Jun/Jul)
  • Draft ASR permits distributed by MVLWB (Aug)

Summary
The Company’s activities are primarily focussed on the completion of permitting and ultimate development of the Prairie Creek zinc-lead-silver mine in the Canada’s Northwest Territories. The Prairie Creek Mine previously received operating permits in 2013 based upon a winter road access to the mine, but recent development planning has been based on all season access to the mine. The Company is in the latter stages of the permitting process for the All Season Road (“ASR”) with the current timeline indicating permit receipt in early Q4 2019 based on the schedule provided by the regulators.
During the second quarter, the Company has made significant advances towards the successful
development of the Prairie Creek Mine.
• In April, after an extensive search, the Company announced the hiring of its Project Manager for
the development of the Prairie Creek Mine and anticipates hiring additional key development
personnel throughout 2019.
• In May, the Company announced coming changes to its board of directors. These were adopted
in June and will prepare the Company for its next phase of development.
• In June, the Company responded to a number of Information Requests dealing with the ASR.
• In June, the Company and Boliden extended the current MOU to June 30, 2022.
• In August, draft ASR permits were issued by Mackenzie Valley Land and Water Board for
comment. Parks Canada has indicated draft ASR permits will be issued shortly. The final permits
are expected in early Q4 2019.
• Since January, the Company has undertaken a number of initiatives to advance the financing of
the development of the Prairie Creek Mine and contemplates making various announcements
during 2019 as these processes develop.

View Details