Canada Zinc Metals says it plans to raise $3.5 million for further exploration of its Akie property in Northern British Columbia.
The proceeds will be used to determine the extent of zinc and lead deposits at the Akie property, located about 245 kilometres north of Mackenzie and north of the tip of Williston Lake.
The money will be raised through a sale of shares and warrants that give a right to buy more shares.
Tongling Nonferrous Metals Group Holdings Co. Ltd. based in Tongling, Anhui, China, has invested $22.9 million for a 36.5 per cent stake in the company. The business is a state-owned holding company, and one of China's largest copper smelting companies.
The Akie claim covers 6,400 hectares and hosts the Cardiac Creek deposit, which is now road accessible.
Mineral exploration in the province -- and particularly in north and central B.C. -- hit record levels in 2007 and 2008, dipped in 2009 because of the global financial crisis, and rebounded in 2010 to $322 million.
Northern communities have been hoping that mining jobs could offset employment losses in the forest sector. Prince George, in particular, is considered a supply and service centre for the mining sector in Northern B.C.
