TSXV: ZON
HALIFAX, Feb. 27, 2018 /CNW/ - Zonte Metals Inc.
(TSXV: ZON) ("Zonte" or the "Company) is pleased to provide an
update on the ongoing winter exploration program on the Cross Hills
Iron Oxide Copper Gold Project.
Zonte's geophysical contractor has carried out a high-resolution
ground magnetometer survey on select portions of the Cross Hills
Project. The Company is currently in receipt of the final results
of the work over the Dunn's
Mountain target.
Terry Christopher, President and
CEO states "We are very excited to discover a significant anomaly
on our first exploration phase. Magnetic surveys are one of the key
tools for identifying targets in IOCG systems; and the coincident
nature of the large magnetic anomaly and surface copper
mineralization at the Dunn's
Mountain target is our first
priority drill target on the Cross Hills Project. The project
allows year round exploration and we are looking forward to further
exploration work with the objective of identifying additional
priority targets as it is moved towards the drilling phase."
As previously press released, sampling by the Company with
historic sampling has identified widespread and intermittent
surface copper mineralization with grades from nil to 5.76% at the
Dunn's Mountain target. The copper mineralization
occurs as bornite, chalococite and malachite. The recent
magnetometer survey has identified a large magnetic anomaly, which
is coincident with copper bearing magnetite veining and measures
650m long by 400m wide. The magnetic data has been processed
using 3D inversion modeling and suggests the anomaly strengthens
from 50m below surface extending to a
depth of over 400m. Images of the
Dunn's Mountain geophysical target in the plan view
and in 3D can be viewed at
http://www.zontemetals.com/projects/cross-hill-project/.
Although much of the projected surface area of the anomaly is
covered by trees, bog or a thin veneer of glacial till, mineralized
rock samples collected from the surface are coincident in space
with the magnetic anomaly. The magnetic anomaly and much of the
trend of surface mineralization has a NW-SE strike, and may
represent the surface representation of a subsurface structural
control. Two other smaller anomalies were identified on either side
of the main anomaly along strike and have yet to be explored.
The magnetometer surveying has been completed over three other
priority targets on the Cross Hills Property. Further updates will
be provided by the Company once the final data and interpretations
have been received.
Qualified Person
Dean Fraser, P.Geo. is the qualified
person as defined by NI 43-101 and has reviewed and approved the
contents and technical disclosures in this press release.
About Zonte
Zonte Metals Inc. is a junior explorer focused on gold and copper.
The Company has signed Option Agreements to acquire 100% of the
McConnells Jest project, in the Tintina Gold Belt, located in the
Yukon Territory and the Cross
Hills IOCG project located in Newfoundland and holds a 100% interest in the
drill ready Wings Point Gold Project also located in Newfoundland. 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.
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.