TSXV: ZON
HALIFAX, Nov. 21, 2019 /CNW/ - Zonte Metals is pleased to
announce the discovery of two large gravity anomalies and the
commencement of drilling at the Dunns Mountain target on its Cross
Hills IOCG project.
Highlights:
- Discovery of a large gravity high anomaly sitting under Dunns
Mountain.
- 3D Inversion modelling indicates the target measures
750m long, 400m wide and up to 1000m deep
- Gravity anomaly extends under the magnetic anomaly and drill
holes from Phase 1 did not test the area.
- The combined data sets show a series of distinct geological and
geophysical signatures that will be tested in the present Phase 2
drill program, which has commenced.
The ground gravity survey identified large anomalies at both
Dunns Mountain and the Big K targets. The Dunns Mountain 3D gravity
anomaly appears structurally controlled and extends under the 3D
modelled magnetic high zone. This new gravity data compliments the
other data sets from Dunns Mountain including; high-resolution
ground magnetics, Induced Polarization, mapping (structural,
alteration and geological), rock and soil sampling and five drill
holes completed in Phase 1. Analysis of the combined data shows a
series of geological and geophysical signatures that will be tested
in the current Phase 2 drill program. It is noteworthy that
drilling in Phase 1 focused on the 3D magnetic model at Dunns and
hence none of the holes tested the gravity anomaly.
During Phase 1 drilling, mineralization was intersected in a
number of drill holes with the best single intersection discovered
in CH-19-004. This drill hole intersected a number of mineralized
intervals with a high-grade intersection returning 14.0% Cu, 15.8
g/t Au and 352 g/t Ag over 0.43m.
This drill hole sits peripheral and above the gravity anomaly and
it is postulated the mineralization intersected might be sourced
along structural zones from within the gravity anomaly.
Subsequent to Phase 1 drilling, a deep penetrating IP line was
completed in the area where mineralization was discovered in
CH-19-004. This survey identified a number of signatures that will
be drill tested in Phase 2 drilling. Drilling in this area will
occur after freeze up. Drilling has commenced on the most western
side of the mountain and will then be followed up with a drill hole
on the southern-most part of the 3D gravity anomaly. An image
illustrating the gravity anomaly in cross section can be found
at:
http://www.zontemetals.com/projects/cross-hill-project/
A second large gravity was discovered within the northern
surveyed area and sits approximately 1.2km south of Dunns Mountain.
It is spatially associated with a large magnetic anomaly named the
Big K target, which was discovered in the Carols Hat area in 2018
along with two other magnetic anomalies. The gravity survey did not
cover the Carols Hat magnetic target during this program. The
gravity anomaly at the Big K target sits approximately 120 –
140 m below the surface and appears
to be adjacent and inter-fingered with the magnetic anomaly.
Outcrop in the area is limited compared to Dunns Mountain, however,
iron oxide alteration and IOCG geochemical signatures were
identified in 2018 sampling.
Terry Christopher, president and
CEO states "The gravity anomaly discovered at the Dunns Mountain
target is significant in size. The combined data sets, including
magnetic, gravity and IP anomalies, allows Zonte to target
priority areas for copper, gold and silver mineralization with a
focus on structural breaks. The drill program at Dunns will
systematically test these areas over the next few months. The
Company now has four significant target areas that will be tested
including Dunns Mountain, Big K, K6 and K7 targets.
The Company would like to acknowledge the Province of
Newfoundland and Labrador for its financial support through the
junior exploration assistance program exploration for work
performed on the Cross Hills Property.
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 owns 100% of the McConnells Jest project, in the
Tintina Gold Belt, in the Yukon
Territory and the drill ready Wings Point Gold Project in
Newfoundland. It also has an
option to acquire 100% of the Cross Hills IOCG project 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, statements
regarding financial and business prospects and the Corporation's
future plans, objectives and financial outlooks. The Corporation
believes 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 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.