VANCOUVER, BRITISH COLUMBIA — (Marketwire) — 08/02/11 — Zazu Metals Corporation (TSX: ZAZ) („Zazu“) is pleased to announce the first drill results from the comprehensive field program underway at its Lik property, located 22 km from Teck-s Red Dog Mine in Northwest Alaska. Detailed drill results are listed in the table below.
The first drill hole of the 2011 program, DDH 205, delivered assay interval highs of 24.1% zinc and 22% zinc in two separate intervals within the sulfide package. The second drill hole, DDH 206, delivered an assay interval high of 22.6% zinc. All three intercepts exceeded 21m in sample length with weighted average grades exceeding the 5% zinc+lead cut-off grade for the Lik South resource.
The two holes are located at the northern end of the Lik South deposit and these results closely resemble the results from the neighboring drill holes reinforcing Zazu-s geologic interpretation of the deposit having consistency and continuity.
Roscoe Postle Associates, Inc., (RPA), formerly Scott Wilson Roscoe Postle Associates Inc., completed an updated Mineral Resource estimate in May of 2009. Its estimate of Lik South is an Indicated Mineral Resource of 18.74 million tonnes grading 8.08% zinc, 2.62% lead and 52.8 g/t silver; plus an Inferred Mineral Resource of 1.23 million tonnes grading 6.80% zinc, 2.12% lead and 35 g/t silver, at a 5% cut off grade. Lik North is an additional 5.18 million tonnes grading 9.65% zinc, 3.25% lead and 51 g/t silver of Inferred Resource at a 7% cut off grade. Mineral resources that are not mineral reserves do not have demonstrated economic viability.
Composite results from the DDH 205 and DDH 206 are shown in table 1:
The holes were drilled over 200 ft of strike length. Due to the shallow dipping, stratiform nature of the Lik South deposit, true thickness is estimated to equate to 85% to 90% of the sample lengths.
Zazu initiated an aggressive summer program in June with the intent of advancing the project towards feasibility study level as rapidly as possible. It builds on the suite of metallurgical, engineering and environmental studies conducted over the last two years, adding new studies where required. Zazu-s recent private placement to Zebra Holdings and Investments S.A.R.L. (Zebra) a company owned by a trust settled by the late Adolf H. Lundin, provided sufficient funds to complete the required work.
The 2011 field program includes:
The program is designed to -fast-track- the property to feasibility study stage, making the Lik property one of the most advanced development stage zinc properties globally. The zinc market will be faced with several large mine closures over the next five years, with limited potential for replacement. Zazu aims to be in operation in time to deliver into this supply deficit.
The parts of this news release pertaining to the Mineral Resource estimate and the disclosure of drill results was reviewed by Dr. William E. Roscoe, P.Eng., a Principal Consulting Geologist with RPA, and Neil N. Gow, P.Geo., Associate Consulting Geologist with RPA, both of whom are qualified person as defined by National Instrument 43-101.
About Zazu Metals:
Zazu is a Canadian-based exploration company focused on acquiring and developing base metal properties in North America. Zazu-s principal asset is its 50% interest in the Lik zinc-lead-silver deposit in North West Alaska. Teck is a 50% joint venture partner in the Lik deposit. However, Zazu has the exclusive right to obtain 80% of the property by meeting certain spending commitments by 2018. Zazu is in the enviable position of having a limited number of shares outstanding, a strong treasury and no debt.
Additional information about Zazu including a company presentation is available at .
Additional information about the property is on the Teck website (). Zazu is not responsible for the content, accuracy or timeliness of material contained on the Teck website.
ON BEHALF OF THE BOARD OF DIRECTORS
Gil Atzmon, Chairman and CEO
Some of the statements contained in this news release are forward-looking statements, such as estimates and statements that describe the Company-s future plans, objectives or goals, including words to the effect that the Company or management expects a stated condition or result to occur. Since forward-looking statements address future events and conditions, by their very nature, they involve inherent risks and uncertainties. Actual results in each case could differ materially from those currently anticipated in such statements.
Contacts: Zazu Metals Corporation Matthew Ford V.P. of Corporate Development 210 858-7512
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