TSXV: ZON
HALIFAX, Nov. 15, 2017 /CNW/ - Zonte Metals Inc (TSXV:
ZON) ("Zonte") is pleased to announce it has signed an option
agreement to acquire 100% of the Cross Hills Iron Oxide Copper Gold
Project, on the island portion of Newfoundland and Labrador. The property is comprised of 327
claims covering 8175 hectares including 90 claims optioned from the
property vendor and an additional 237 claims map staked by the
Company.
The agreement entered into between Zonte and the property vendor
grants Zonte the option to purchase a 100% interest in the project
by making payments of $55,000 and
issuing 1.5 Million common shares over four years. The claims are
subject to a 3% NSR, 2/3rds of which can be purchased for
$2,000,000. The acquisition is
subject to acceptance by the TSX Venture Exchange.
Terry Christopher, President and
CEO states, "The Company reviewed over 100 properties between 2012
to 2016 which resulted in a short list for possible acquisition.
Our acquisition criteria is simple: look for properties with large
scale potential. In November 2016,
the Company acquired the McConnells Jest Project based on its large
scale potential and completed a successful first stage exploration
program in the summer of 2017 which resulted in a gold discovery at
the Two Four Target. We are now pleased to have added the Cross
Hills Project to our portfolio which covers 25km of a regional
structure which has geological, geochemical and geophysical
characteristics of an Iron Oxide Copper Gold system. Historically,
this project has been explored for a number of elements including
rare earths and uranium as well as for its Iron Oxide Copper Gold
potential, however, all historic programs were limited in scope.
Zonte plans to conduct a focused program followed by drilling as
targets are defined. Exploration is expected to start shortly in
the form a ground magnetic survey over portions of the
project."
As part of its due diligence, the Company visited the property
in September 2017 and examined areas
of known mineralization. Grab samples were collected from surface
mineralization over several different areas. At the northern end of
the project, samples were collected from surface mineralization at
Dunns Mountain, where copper mineralization in the form of bornite
was observed in magnetite veins within an area of about 270m by
100m. A few kilometres to the south, in the Carols Hat area, copper
and uranium mineralization was sampled. The results from Zonte's
samples, as well as historic sampling are illustrated in the table
below. Additional maps and information regarding the project can be
found at www.zontemetals.com.
Dunns Mountain
(Zonte Sampling)
|
Sample
|
Copper (%)
|
Silver
(g/t)
|
Gold (g/t)
|
1
|
1.16
|
14.0
|
0.01
|
2
|
2.50*
|
27.0
|
0.05
|
3
|
0.71
|
5.0
|
0.02
|
Dunns Mountain
(Select Historic Sampling)
|
|
Copper (%)
|
Silver
(g/t)
|
Gold (g/t)
|
|
2.19
|
16.1
|
0.04
|
|
3.10
|
17.2
|
0.02
|
|
0.41
|
5.2
|
3.51
|
|
1.29
|
20.6
|
0.73
|
|
0.51
|
25.2
|
0.59
|
Carols Hat Area
(Zonte Sampling)
|
Sample
|
Copper (%)
|
Silver
(g/t)
|
U3O8 (%)
|
4
|
2.50*
|
10.0
|
0.170
|
Carols Hat Area
(Select Historic Sampling)
|
|
Copper (%)
|
Silver
(g/t)
|
U3O8 (%)
|
|
0.14
|
1.7
|
0.057
|
|
4.02
|
8.6
|
0.032
|
*Note: the analytical method used had an upper limit of 2.5% Cu.
These samples are being re-run for over limit values. The samples
herein are select surface grab sample and not representative of the
property as a whole.
The Cross Hills Project hosts an Iron Oxide Copper Gold system
(IOCG) covering 25km along a regional structure break called the
Cross Hills lineament. Geologically the area is underlain by series
of intrusives, volcanics and sediments. Historical exploration
programs were limited, however, the data set provides a solid base
to work from. Among the compiled data sets is a previous
geophysical interpretation of Geological Survey airborne surveys
which highlighted a number of areas that need detailed ground
follow up. The Company has five of these targets under claim. In
addition, the recent field visit was successful in identifying
alteration patterns within the IOCG system as well as confirming a
newly discovered large albitite breccia not previously known to
exist on the Property. Additional field work will focus on mapping
the system as well as ground geophysics.
About Zonte
Zonte Metals Inc. is a junior explorer focused on gold and copper.
The Company has signed an Option Agreement to acquire 100% of the
McConnells Jest project, in the Tintina Gold Belt, located in the
Yukon Territory, which is composed
of 172 claims totaling approximately 3,371 hectares, and holds the
drill ready Wings Point Gold Project located in Newfoundland and Labrador. In addition, the Company and partner
have an application over open areas sitting on top of the open pit
outline of the Gramalote Deposit in Colombia, which is held by AngloGold Ashanti
(NYSE: AU) and B2Gold (TSX: BTO, NYSE: BTG). The title issuance is
being contested by the state governing the application and the
Company has started legal action to protect its rights.
Qualified Person
Martin Blake, P.Geo. is the
qualified person as defined by NI 43-101 and is responsible for the
preparation of the Technical Report and the technical disclosures
in this press release.
Rock Sampling Protocol
Rock samples were carried out in a careful and diligent manner
using scientifically established sampling practices designed and
tested to ensure that the results are representative and reliable.
QA/QC includes the random insertion of blanks and duplicate
samples. Samples are described, photographed, tagged and sealed
prior to being shipped by Zonte personnel to ALS Global facility in
Thunder Bay, ON. ALS Global is an
independent, reputable and accredited full-service commercial
laboratory accredited to ISO/IEC 17025:2005. ALS Global also
provides its own internal QA/QC protocol of blanks, duplicates and
standards in each work order, which is supplied to the Zonte with
the rock sample analysis.
Forward-Looking Information
This news release contains forward-looking statements which include
statements regarding the Corporation's future plans, as well as
statements regarding financial and business prospects and the
Corporation's future plans, objectives or economic performance and
financial outlooks. The Corporation believes that the expectations
reflected in this news release are reasonable but actual results
may be affected by a variety of variables and may be materially
different from the results or events predicted in the
forward-looking statements. Readers are therefore cautioned not to
place undue reliance on these forward-looking statements.
In evaluating forward-looking statements readers should consider
the risk factors which could cause actual results or events to
differ materially from those indicated by such forward-looking
statements. These forward-looking statements are made as of the
date hereof, and unless otherwise required by applicable securities
laws, the Corporation does not intend nor does it undertake any
obligation to update or revise any forward-looking statements.
Neither the TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy of
accuracy of this release.
SOURCE Zonte Metals Inc.