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NorZinc reported for Q1 2019 results

Mining News - Published on Wed, 15 May 2019

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NorZinc Ltd reported its interim financial results and development activities for the Q1 2019. (All amounts are in Canadian dollars unless otherwise stated.)

Q1 2019 Results & Recent Highlights
• Financial and Corporate
o Hired Prairie Creek Project Manager (Apr)
o Engaged Cliveden Trading AG to provide concentrate marketing support (Apr) o New Board member and Chair Proposed (May) o Cash at March 31,2019 - $6.5 million (Mar) o Loss for Q1 2019 – USD 2.6 million (Mar)
• Prairie Creek - Permitting and Indigenous Groups
o Traditional Lands Use Agreement for ASR signed (Jan) o Post-EA information package filed for All Season Road (ASR) (Feb) o ASR advances to Permit drafting stage (Mar) o ASR Initial comments received (Apr)


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 has 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 late Q3 2019 based on the schedule provided by the regulators.

The development of the mine, subject to the above permit receipt and full financing, is planned to commence in Q1 2020 with construction of phase 1 of the ASR and with limited site activities during 2020, followed by the main construction and development activities during 2021 and 2022, culminating in completion of the ASR and site development, and commencement of operations in the latter part of 2022. The Company has been considering multiple development financing opportunities and currently anticipates financing the 2020 activities from non-bank sources with the main development funding from the latter part of 2020 expected to be sourced largely from the debt markets as equity markets for junior base metal companies are currently at recent historic lows.

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Posted By : Rabi Wangkhem on Wed, 15 May 2019
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