NorZinc reports results for 2020
30 March 2021
NorZinc Ltd. reports its financial results and development activities for the year ended December 31, 2020. (All amounts are in Canadian dollars unless otherwise stated. M = million)
Prairie Creek 2020
•Recognizing the potential to improve project economics to mitigate lower commodity prices and anticipated increasing costs, NorZinc announced a mine enhancement study to optimize mining design and potential throughput opportunities. (Feb)
•Completed initial internal review of direction and goals for the Prairie Creek Mine, and announced preparation of a 2020/2021 workplan focussing on a possible significant increase in production throughput and reserves. (Apr)
•Completed NorZinc Covid-19 Exposure Control Plan working with GNWT regulators and local communities prior to site opening. (Mar-July)
•Launched silver-focussed surface drill program at Prairie Creek. (Oct)
•Mine-site opened July 2020 to commence water treatment operations. (Jul-Nov)
•Completed weather shortened surface drill program with multiple high-grade silver and zinc intercepts within and adjacent to the existing inferred resource. (Dec)
•Obtained renewed permits from MVLB for the mine. (Dec)
•Commenced the process of obtaining amended operating permits for increased design throughput and reserve additions assumed at the end of the underground drill program.
Financial and Corporate 2020
•Closed $0.9M private placement. (Mar)
•Closed $9.5M rights offering. (Dec)
•Closed $1.6M flow-through private placement for 2021 surface exploration program. (Dec)
•Cash and short-term investments at December 31, 2020 - $5.3M (2019 - $2.5M).
•Loss for year ended December 31, 2020 - $13.2M (2019 - $7.9M) which includes a $4.1M (2019 - $nil) impairment of the Newfoundland Properties.