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Vancouver, British Columbia ─ August 11, 2022 ─ NorZinc Ltd. (TSX: NZC; OTCQB: NORZF) (the “Company” or “NorZinc”) is pleased to announce it has received the final new Land Use Permit (“LUP”) from the Mackenzie Valley Land and Water Board (“MVLWB”) for mine operations associated with the mine expansion plan of 2,400 tonnes per day (“tpd”), representing a significant milestone in the advancement of the Prairie Creek Project (“Prairie Creek” or the “Project”).
Along with the issuance of the LUP, a recommendation for the final Water License (“WL”) has been sent to the Minister of Environment and Natural Resources (“ENR”), Government of the Northwest Territories (“GNWT”) for approval, representing the last step of the approval of the application process to acquire new mine operating permits. The WL includes an update to the security requirements and the schedule for posting reflective of the 2,400 tpd application. This final WL approval process is subject to an initial 45-day review period by the Minister, who has the option of a one-time extension of this period for a further 45 days.
“This represents a significant milestone for the Company with respect to completing permitting and the advancement of the Prairie Creek Project and indicates the regulatory bodies recognition of the benefits the Project will bring to the region and all stakeholders,” said Rohan Hazelton, President & CEO, NorZinc. “The Company remains committed to the responsible mining at Prairie Creek to deliver the significant economic and social benefits to the local communities who are our partners in this process. We would like to thank the local communities for their continued support throughout this whole process.”
In 2013, following a full Environmental Assessment (“EA”), NorZinc was issued the operating permits for a 1,600 tpd mining operation at Prairie Creek. Full operating permits included a LUP and WL issued by the MVLWB, the only decision making/regulatory body for mine operating permits in the Northwest Territories. In May 2019, the Company was issued with a renewed LUP and WL by the MVLWB without significant changes.
Following the receipt of the renewed LUP and WL, the Company applied for new mining permits to increase the throughput rate from 1,600 tpd to 2,400 tpd. The applications were subject to a preliminary screening, in which it was determined that the changes related to the increased throughput rate did not meet the threshold for an EA amendment, and as a result, the applications proceeded straight to the LUP and WL approval process.
On October 21, 2021, the Company announced an updated Preliminary Economic Assessment for the Prairie Creek Mine based on a 2,400 tpd mining rate. Results included a robust after-tax NPV8% of US$299 million and an IRR of 17.7% with a life of mine of 20.3 years.
The Company continues to work closely with the regulatory bodies, Parks Canada and the MVLWB, on the completion and final approval of the management plans (“MPs”) associated with construction of Phase 1 of the All-Season Road. The Company expects to receive all Phase 1 MP approvals from the respective regulators in Q3 2022.
NorZinc is a TSX-listed mine development Company trading under the symbol “NZC” and on the OTCQB under the symbol “NORZF”. NorZinc is focused on developing its 100%-owned high-grade zinc-silver-lead Prairie Creek Project, located in the Northwest Territories.
Rohan Hazelton, President & CEO
Tel: (604) 688-2001 or Toll-free:1-866-688-2001
E-mail: [email protected]
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