Trading Symbol: TSX-V: ZFR
OTC-ZPHYF
Shares Outstanding: 66,603,485
HALIFAX, NS, Nov 16, 2020 /CNW/ - Zephyr Minerals Ltd.
(TSXV: ZFR) (OTC: ZPHYF) ("Zephyr" or the "Company")
announces that it has received analysis for diamond drill hole
EP-20-01 drilled for a Broken Hill Type ("BHT") target in the El
Plomo area of Zephyr's Dawson-Green
Mountain property. EP-20-01 intersected a magnetic sulphide
mineralized zone of 2.9m (9.5 ft)
(drill intercept length) from 219.9 to 222.8m (721.5 to 731.0 ft) which assayed 1.3%
zinc, 0.2% copper, 0.2% lead, 0.16 g/t gold and 6.4 g/t silver.
This drill intercept is approximately 125m (400 ft) below historic hole GC-9 which
intersected 8.2m (26.9 ft) of 5.3%
zinc from 55.6m (182.4 ft) including
2.5m (8.2 ft) of 10.2 % zinc from
85.8m (281.5 ft) (news release
April16, 2020). Drill hole EP-20-01 is only the third drill hole in
this area of the El Plomo section.
Drilling did not encounter a structural fold as suggested by the
3D inversion magnetic modelling. A review of the magnetic signature
of the core in drill hole EP-20-01 established that the well banded
gneiss ("WBG") directly above the mineralized zone was strongly
magnetic due to the presence of magnetite in these rocks. The
anomalous magnetic rocks in the WBG is highly localized. Historic
drill hole GC-9 located approximately 125m (400 ft) updip from drill hole EP-20-01 was
only weakly magnetic in the WBG zone. The magnetic modelling
appears to be reflecting the magnetic WBG rather than the magnetic
sulphide zone.
Exploration for BHT targets at El Plomo based solely on
magnetics may be problematic due to the geophysics being unable to
distinguish between magnetic WBG and BHT sulphides. As such,
detailed geological mapping of the El Plomo area is needed to
locate potential zones of structural folding which could help
identify true BHT drill targets and screen out false targets
reflected by the magnetic WBG. Structural folding is a key
characteristic of Australian BHT deposits. Potential structural
targets at El Plomo can then be further defined with ground-based
geophysics surveys. A geological mapping program with a focus on
structure is planned for the El Plomo area in the spring 2021 field
program. A follow up ground geophysical survey will be predicated
on the results of the structural mapping. Success with these
efforts could generate priority drill targets warranting drill
testing.
Dr. Paul Spry, Technical Advisor
stated, "The geological interpretation of the rocks at El Plomo has
not changed. There are striking similarities of El Plomo with the
BHT model. The discovery of magnetic gneiss directly above the
sulphide zone adds more complexity to the exploration program but
this may be resolved with detailed geological mapping."
Zephyr Minerals Core Handling Protocols
Standard sampling procedures were followed whereby NQ core was
cut using a diamond saw and sampled. One-half of the core was
placed in plastic sample bags and the other half was left in the
core box for reference. The sample weight delivered to the
laboratory varied from 1.5 to 2.4 kg. Analytical standards,
duplicates, and blanks were inserted at approximately every ten
sample intervals. The core samples were shipped from Canon City, Colorado to Bureau Veritas
Commodities and Trade Inc. in Reno,
Nevada for sample preparation and analysis. All samples were
assayed using fire assay method for gold. Silver, copper, lead and
zinc were first digested using an aqua regia solution followed by
Inductively Coupled Plasma Emission Spectroscopy (ICP-ES)
analysis.
About Zephyr Minerals Ltd.
Zephyr Minerals Ltd. continues to advance its 100% owned high
grade Dawson-Green Mountain property
in Colorado, USA. After expanding
it's land package to 1,385 hectares (3,430 acres) the Company now
controls a 12.2km long Dawson-Green
Mountain mineralized trend. The Dawson section is currently
host to a high grade *inferred gold resource. The Company believes
the combined Dawson and Green Mountain sections encompassing
approximately 9km of mineralized trend provide excellent resource
expansion potential.
To be included in the Zephyr email database for Company updates
please contact info@zephyrminerals.com.
* Details of the inferred resource can be found in the
report titled Resource Estimate Technical Report for the Dawson
Property Fremont County, Colorado,
USA, dated September 6, 2013, (the
"Report") and was prepared for Zephyr by Andrew Hilchey, P.Geo., Mercator Geological
Services Limited, Isobel Wolfson,
M.Sc., P.Geo, and Mark Graves,
P.Geo.. The Report is available on sedar.com.
Mr. Scott Parks, P.Geo., is the
qualified person as defined by National Instrument 43-101 and has
reviewed and is responsible for the technical information in this
news release.
Neither TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in policies of the TSX Venture
Exchange) accepts responsibility for the adequacy or accuracy of
this release. The forward-looking statements contained in this
document are based on certain key expectations and assumptions made
by the Company, including, with respect to the use of funds from
the private placement, expectations and assumptions concerning
timing of receipt of required regulatory approvals and third party
consents and the satisfaction of other conditions to the completion
of the exploration work on the Dawson-Green Mountain Property. The
forward-looking statements contained in this document are made as
of the date hereof and the Company undertakes no obligation to
update publicly or revise any forward-looking statements or
information, whether as a result of new information, future events
or otherwise, unless so required by applicable securities
laws.
SOURCE Zephyr Minerals Ltd.