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Solitario Zinc provides update on the continuing 2019 drilling program on its Florida Canyon zinc project in Peru

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The highlight of this round of drilling was drill hole PEBGD-000015 that intersected 12.4 meters grading 15.1% zinc-equivalent. Within the 12.4-meter interval, two higher-grade zones averaged approximately 20% zinc-equivalent over 3.6 and 4.6 meters respectively.

Additional Information:

Company: Solitario Zinc Corp.
Website: http://www.SolitarioZinc.com
Stock Symbol: NYSE American:XPL
Date Published: Sep 16, 2019
Transcript: Available

Video Transcript:

I’m Fiona Forbes for Investmentpitch Media

Solitario Zinc Corp. has provided an update on the continuing 2019 drilling program on its Florida Canyon zinc project in Peru.

The Florida Canyon high-grade zinc project located in northern Peru is joint ventured with Nexa Resources S.A., the world’s fourth largest zinc miner.

The highlight of this round of drilling was drill hole PEBGD-000015 that intersected 12.4 meters grading 15.1% zinc-equivalent.

Within the 12.4-meter interval, two higher-grade zones averaged approximately 20% zinc-equivalent over 3.6 and 4.6 meters respectively.

Results reported are for drill holes PEBGD-000011 to 000023.

Five of the thirteen holes reported in this release did not intersect significant mineralization.

Three core rigs continue to drill on the project and are expected to complete the program by late-October.

Chris Herald, President and CEO, stated: “We remain encouraged that the majority of drill holes have intersected mineralization. The program continues to focus on near-vertical replacement bodies that can be high-grade and large-tonnage. We anticipate reporting assay results for another 15 drill holes over the next couple months.”

Drill hole PEBGD-000015 was important in extending the San Jorge high-grade zone an additional 90 meters to the south.

Solitario owns a 39% interest and Nexa owns a 61% indirect interest in the Florida Canyon project.

Nexa can earn a 70% interest in the Florida Canyon project by continuing to fund all project expenditures and committing to place the project into production based upon a positive feasibility study.

Upon earning 70%, Nexa has further agreed to finance Solitario’ 30% participating interest for construction through a project loan.

Solitario will repay the loan facility through 50% of its net cash flow distributions from production.

Solitario also holds 50% joint venture interest in the high-grade, open-pittable Lik Zinc Deposit in Alaska which covers 6,075 acres located approximately 14 miles from Teck’s Red Dog Mine.

The Lik Zinc Deposit is a 50/50 joint venture with Teck, with Solitario the operator.

The company also holds a 9.9% equity interest in Vendetta Mining.

Solitario’s cash balance and marketable securities stand at approximately US$9.2 million.

The shares are trading at $0.395, with approximately 58 million shares outstanding

For more information, please visit the company’s website www.SolitarioZinc.com, contact Christopher E. Herald, President & CEO, at 303-534-1030, Ext. 14.

For Investor Relations, contact Valerie Kimball, Director, at 800-229-6827 or email info@solitarioxr.com.

I’m Fiona Forbes for Investmentpitch Media