TSXV: ZON
HALIFAX, NS, Sept. 15, 2020 /CNW/ - Zonte Metals Inc. is
pleased to announce it has retained a 25% carried interest in an
option agreement for a gold property in western Colombia. Zonte permitted Southern Sky
Resources Corp. a private company, to enter into a five-year option
agreement for the Project X property, which sits in the Cordillera
Occidental of Colombia, in return
for its retained interest.
Project X, is an advanced gold exploration property, wherein a
total of 14 historic drill holes were completed during 1997 - 1998.
A summary of the significant data is located in the following
table. Note, none of the drill core was located for independent
verification and the drill hole assay data was taken from publicly
disclosed press releases pre-National Instrument 43-101 standards
and hence the data is historic in nature.
Drill Hole
|
From
(m)
|
To
(m)
|
Interval
(m)
|
Gold
(g/t)
|
DH - 1
|
0.0
|
18.9
|
18.9
|
3.56
|
DH - 2
|
0.0
|
80.0
|
80.0
|
2.1
|
including
|
0.0
|
22.5
|
22.5
|
4.5
|
DH - 4
|
0.0
|
451.0
|
451.0
|
0.7
|
including
|
303.0
|
325.5
|
22.5
|
3.72
|
DH - 5
|
0.0
|
29.0
|
29.0
|
2.61
|
DH - 6
|
40.5
|
42.0
|
1.5
|
3.64
|
DH - 7
|
0.0
|
157.0
|
157.0
|
0.95
|
including
|
5.5
|
14.5
|
9.0
|
2.9
|
DH - 8
|
37.5
|
45.0
|
7.5
|
0.75
|
And
|
103.5
|
159.0
|
55.5
|
0.4
|
And
|
171.0
|
180.0
|
9.0
|
0.89
|
DH - 9
|
17.0
|
104.0
|
87.0
|
0.41
|
DH - 10
|
129.0
|
136.5
|
7.5
|
3.9
|
And
|
292.5
|
307.5
|
15.0
|
1.72
|
DH - 11
|
196.5
|
216.0
|
19.5
|
1.13
|
DH - 13
|
0.0
|
6.0
|
6.0
|
0.55
|
And
|
79.5
|
109.5
|
30.0
|
0.8
|
DH - 14
|
55.5
|
106.0
|
51.0
|
0.71
|
and
|
216.0
|
220.5
|
4.5
|
0.68
|
Both companies have been working together to secure the rights
to the property over the last year with Southern Sky securing the
five-year option agreement with a Colombian private company. Going
forward, Southern Sky will be the operator and Zonte retains a 25%
carried interest to a production decision in the option agreement.
Zonte personnel have completed a number of due diligence visits to
the property over the last 7 years. This included sampling known
mineralized structures, confirming drill pads locations and
confirming with the local association the previous drilling
program. Geologically, the property appears to be a porphyry system
with numerous breccia and vein structures. Southern Sky is in the
process of mapping and sampling the property with local geological
consultants and planning a geophysical survey. Southern Sky is
completing a NI 43-101 document with the intention of listing on
the TSXV.
Qualified Person
Jack King, 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.