ZincX Resources Reports Voting Results From Its Annual General Meeting

Rhea-AI Summary

ZincX Resources Corp. announced the results of its Annual General Meeting held on April 29, 2021. All five nominees were appointed as Directors, with votes for each ranging from 95.12% to 99.94%. Additionally, Davidson & Company LLP was re-appointed as auditors. The Company also updated on its Akie Zn-Pb-Ag Project, highlighting a significant body of SEDEX mineralization and a 2018 Preliminary Economic Assessment showing a pre-tax NPV of $649 million and an after-tax NPV of $401 million. The PEA outlines a conventional underground mine with a life expectancy of 18 years, though mineral resources remain speculative.

Positive

• Successful appointment of all five director nominees with high approval percentages (up to 99.94%).
• Re-appointment of Davidson & Company LLP as auditors indicates confidence in financial oversight.
• Preliminary Economic Assessment (PEA) on Akie Project shows promising financial metrics: pre-tax NPV of $649 million and IRR of 35%.
• Significant identified mineral resources at Cardiac Creek, with a 2018 indicated resource of 22.7 million tonnes at 8.3% Zn.

Negative

• PEA remains preliminary in nature with inherent uncertainties in resource classification, indicating economic viability is not assured.
• Mineral resources are speculative and may not be upgraded to reserves, creating potential investment risks.

VANCOUVER, BC / ACCESSWIRE / April 30, 2021 / ZincX Resources Corp. ("ZincX" or the "Company")(TSXV:ZNX)(OTC PINK:ZNCXF)(FRA:A2JLRM ) announces the details of the voting results from its Annual General Meeting, held on April 29, 2021 in Vancouver, BC.

By resolution passed via ballot, the five nominees referenced below were appointed as Directors of the Company to serve until the next annual meeting of shareholders of the Company, or until their successors are elected or appointed. The results of the ballot were as follows:

Name of Nominee	Votes For	Percent		Votes Withheld	Percent
Peeyush Varshney	4,803,420	95.74%		213,500	4.26%
Marco Strub	4,828,920	96.25%		188,000	3.75%
Praveen Varshney	4,771,920	95.12%		245,000	4.88%
John Thomas	5,013,920	99.94%		3,000	0.06%
Xinfu Hu	5,008,920	99.84%		8,000	0.16%

Shareholders also voted to approve the re-appointment of Davidson & Company LLP as auditors of the Company.

The Akie Zn-Pb-Ag Project

The 100% owned Akie property is situated within the Kechika Trough, the southernmost area of the regionally extensive Paleozoic Selwyn Basin and one of the most prolific sedimentary basins in the world for the occurrence of SEDEX zinc-lead-silver and stratiform barite deposits.

Drilling on the Akie property by ZincX Resources since 2005 has identified a significant body of baritic-zinc-lead SEDEX mineralization known as the Cardiac Creek deposit. The deposit is hosted by siliceous, carbonaceous, fine-grained clastic rocks of the Middle to Late Devonian Gunsteel Formation.

The Company updated the estimate of mineral resources at Cardiac Creek in 2018, as follows:

5% Zinc Cut-Off Grade					Contained Metal:
Category	Tonnes (million)	Zn (%)	Pb (%)	Ag (g/t)	Zn (B lbs)	Pb (B lbs)	Ag (M oz)
Indicated	22.7	8.32	1.61	14.1	4.162	0.804	10.3
Inferred	7.5	7.04	1.24	12.0	1.169	0.205	2.9

The Company announced robust positive results from the 2018 Preliminary Economic Assessment (PEA). The PEA envisages a conventional underground mine and concentrator operation with an average production rate of 4,000 tonnes per day. The mine will have an 18-year life with potential to extend the life-of-mine (LOM) through resource expansion at depth. Key parameters for the PEA are as follows:

Parameter	Base Case1
Tonnes Mined	25.8 Mt
Mined Head Grades	7.6% Zn; 1.5% Pb; 13.08 g/t Ag
Tonnes Milled	19.7 Mt
Milled Head Grades (after DMS2 upgrade)	10.0% Zn; 1.9% Pb; 17.17 g/t Ag
Total Payable Metal (LOM)	$3,960M3
Initial CAPEX	$302.3M including $45.7M contingency
LOM Total CAPEX	$617.9M including $58.5M contingency
All-in Total OPEX	$102.4 per tonne milled
Pre-Tax NPV7%	$649M
Pre-Tax IRR	35%
Pre-Tax Payback	2.6 years
After-Tax NPV7%	$401M
After-Tax IRR	27%
After-Tax Payback	3.2 years

1. The base case used metal prices are calculated from the 3 year trailing average coupled with two year forward projection of the average price; and are: US$1.21/lb for zinc, US$1.00/lb for lead and US$16.95 for silver. A CDN$/US$ exchange rate of 0.77 was used. The NPV discount rate is 7%. 2. DMS = dense media separation. 3. All dollar amounts expressed in Canadian dollars.

The PEA is considered preliminary in nature and includes mineral resources, including inferred mineral resources that are considered too speculative geologically to have the economic considerations applied to them that would enable them to be categorized as mineral reserves. Mineral resources that are not mineral reserves have not yet demonstrated economic viability. Due to the uncertainty that may be attached to mineral resources, it cannot be assumed that all or any part of a mineral resource will be upgraded to mineral reserves. Therefore, there is no certainty that the results concluded in the PEA will be realized.

Kechika Regional Project

In addition to the Akie Project, the Company owns 100% of eight of eleven large, contiguous property blocks that comprise the Kechika Regional Project including the advanced Mt. Alcock prospect. The Kechika Regional Project also includes the Pie, Yuen and Cirque East properties which the Company maintains a significant 49% interest with partners Teck Resources Limited (TSX: TECK.B) and Korea Zinc Co. Ltd holding 51%. These properties collectively extend northwest from the Akie property for approximately 140 kilometres covering the highly prospective Gunsteel Formation shale; the main host rock for known SEDEX zinc-lead-silver deposits in the Kechika Trough of northeastern British Columbia. These projects are located approximately 260 kilometres north northwest of the town of Mackenzie, British Columbia, Canada.

Ken MacDonald P.Geo., Vice President of Exploration for the Company, is the designated Qualified Person as defined by National Instrument 43-101 and is responsible for the technical information contained in this release. Mike Makarenko P.Eng, JDS Energy and Mining, is the designated Qualified Person as defined by National Instrument 43-101 and is responsible for the PEA technical information contained in this release.

The TSX Venture Exchange has neither approved nor disapproved the contents of this press release.

ON BEHALF OF THE BOARD OF DIRECTORS

ZINCX RESOURCES CORP.

"PEEYUSH VARSHNEY"

PEEYUSH VARSHNEY, LL.B
CEO & CHAIRMAN

CONTACT:

Investor Relations
Phone (604) 684-2181
info@zincxresources.com

SOURCE: ZincX Resources Corp.

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FAQ

What were the voting results for the directors of ZincX Resources on April 29, 2021?

All five nominees received substantial votes, ranging from 95.12% to 99.94% approval.

What is the significance of the Akie Zn-Pb-Ag Project for ZincX Resources?

The Akie Project contains significant SEDEX mineralization and the 2018 PEA estimates a pre-tax NPV of $649 million.

Who were re-appointed as auditors for ZincX Resources?

Davidson & Company LLP was re-appointed as auditors during the Annual General Meeting.

What are the financial highlights from the Preliminary Economic Assessment of the Akie Project?

The PEA indicates a pre-tax IRR of 35% and a total capital expenditure of $617.9 million.

What risks are associated with the mineral resources reported by ZincX Resources?

The mineral resources are considered speculative and may not demonstrate economic viability.