Z-Gold Signs Letter of Intent for Chester Copper Property
April 17 2014 - 4:30PM
Marketwired
Z-Gold Signs Letter of Intent for Chester Copper Property
ROUYN-NORANDA, CANADA--(Marketwired - Apr 17, 2014) - Z-Gold
Exploration Inc. ("Z-Gold" or the "Corporation") (TSX-VENTURE:ZGG)
is pleased to announce the signature of a letter of intent to enter
into an option agreement to buy the Chester Copper Property from
Explor Resources Inc ("Explor").
The letter sets out the general terms pursuant to which it is
proposed that Z-Gold acquires the right to earn 100% interest from
Explor in the Chester Copper Property (the "Property") in New
Brunswick.
The Property is located in Northumberland County, 70 km
southwest of Bathurst, New Brunswick and 50 km west-northwest of
Miramichi, New Brunswick, within the Bathurst Mining Camp. This
area has an extensive history in base metal production from VMS
deposits. The Property consists of four claim groups with 114
contiguous mineral claim units covering a total area of
approximately 2,508 hectares as shown on the attached claims
location map.
The Chester deposit was originally discovered in the mid-1950s
and it has undergone numerous exploration and delineation drilling
programs. The Property hosts several small zinc-copper massive
sulphide deposits which are underlain by an extensive
copper-bearing Stringer zone. An underground drift, totaling
approximately 470 m, was driven in 1974-75 to evaluate the nature
of the mineralization in the Stringer zone. At that time, a small
amount of material was extracted from this drift and processed at
the nearby Nigadoo River Mine owned by the Sullivan Group out of
Val d'Or Quebec. During the period from 2002 through 2008, the
property was owned by First Narrow Resources which drilled a total
of 198 holes on the Property; the primary objective was to
delineate the upper portion of the Stringer zone of the deposit in
order that commercial production could be initiated. This work
culminated in the generation of a mineral resource estimate that
was originally described in a 2008 Technical Report.
The Option to earn a
100% interest in the Property
Explor shall grant to Z-Gold the sole and exclusive right and
option, over a three years period to acquire the Property for the
consideration indicated below:
Z-Gold will pay to Explor CDN $80,000, issue 7,250,000 common
shares, assume the remaining financial obligation of CDN $100,000
and complete a work program of CDN$500,000. Upon the completion of
these conditions over a period of three years, Z-Gold will have
acquired a 100% interest in the Property. There are remaining NSR
in favor of previous owners on the property.
This letter of intent is subject to the approval of the TSX
Venture and the disinterested shareholders of Z-Gold
Exploration.
Z-Gold would also like to announce that Mr. Rodrigue Tremblay
has replaced Mr. Jacques Frigon as Chief Financial Officer of the
Corporation, following Mr. Frigon's retirement and resignation. Mr.
Tremblay has a Bachelor degree in administration and a master
degree in management of small and medium sizes organizations and is
the former CEO of the Corporation. We would like to thank Mr.
Frigon for all his years on the Board of Z-Gold and wish him a long
and happy retirement.
Z-Gold Exploration Inc. is a publicly listed company trading on
the TSX Venture (ZGG).
This press release was prepared by Z-Gold Exploration Inc.
Neither the TSX Venture Exchange Inc nor its Regulation Services
Provider (as that term is defined in the Policies of the TSX
Venture Exchange) has reviewed or accepts responsibility for the
adequacy or accuracy of this release.
This document may contain forward-looking statements
relating to Z-Gold's operations or to the environment in which it
operates. Such statements are based on operations, estimates,
forecasts and projections. They are not guarantees of future
performance and involve risks and uncertainties that are difficult
to predict and may be beyond Z-Gold's control. A number of
important factors could cause actual outcomes and results to differ
materially from those expressed in forward-looking statements,
including those set forth in other public filling. In addition,
such statements relate to the date on which they are made.
Consequently, undue reliance should not placed on such
forward-looking statements. Z-Gold disclaims any intention or
obligation to update or revise any forward-looking statements,
whether as a result of new information, future events or otherwise,
save and except as may be required by applicable securities
laws.
A map is available at the following address:
http://media3.marketwire.com/docs/zgold.jpg
Christian Dupont, President and CEO(888) 764-5195(819)
797-0596(819)
797-6050z-gold@tlb.sympatico.cawww.zgoldexploration.com