Zinc One Resources Inc. announced that it has entered into a binding term sheet dated May 24, 2019 with InCoR Holdings Limited ("InCoR Holdings") and InCoR Zinc Ltd. Under the binding term sheet, InCoR Zinc and Zinc One will form a joint venture (the "Joint Venture") with the intent of advancing the Bongará Zinc Mine Project and Charlotte-Bongará Zinc Project located in Peru (collectively, the "Bongará Project"). In consideration of InCoR Zinc providing funding of up to USD 3.75 million, InCoR Zinc will earn up to an 80% interest in the Joint Venture. The transaction is an arm's length transaction as neither InCoR nor its affiliates are non-arm's length party to Zinc One. Zinc One will undertake rights offering for a minimum of CAD 1,224,439 and up to a maximum of CAD 2,448,942. As a shareholder, InCoR intends to participate in this rights offering. InCoR Holdings or its affiliates also will provide a short-term secured loan financing to Zinc One in an amount up to USD 475,000, which funds will be used to satisfy ongoing operating expenses and annual claim fees in Peru.