TSXV: ZON
HALIFAX, NS, Jan. 22, 2021 /CNW/ - Zonte Metals is pleased to
provide the following an update on discovery of a large magnetic
airborne anomaly.
During the fall of 2020 the Company contracted a high-resolution
magnetic airborne survey over three areas on its Cross Hills
Property. The areas covered in the survey were generally where no
exploration has been conducted, and included a northern, central
and southern block, spanning nearly 25km along strike. The survey
was flown on a 100m line spacing.
The survey over the central block, which lies between the Big K
and K6 targets, discovered a 4 by 2.5km magnetic anomaly, named
Nine Mile. The anomaly sits at the juncture of the deep seated
Cross Hills Fault and a second truncating fault. Field
checking of the anomaly discovered disseminated chalcopyrite in a
number of locations, most notably along anomaly periphery. The
central portion of the anomaly is composed of intermingled
albitites and iron oxide altered units, while the periphery is
mainly iron oxide altered units.
The Company completed a widely spaced MMI soil survey
(300m spaced lines with 100m
sample spacing) over the new target to identify areas of anomalous
copper, as portions of the anomaly are covered. The soil sampling
program was successful in identifying a number of anomalies which
require further infill sampling. A map illustrating the Nine Mile
anomaly with known areas of sulphide mineralization can be found at
http://zontemetals.com/projects/cross-hill-project/
All anomalies identified to date on the Cross Hills IOCG
property are spatially associated with the Cross Hills Fault
system. The property covers a 25km strike length of the fault
system along which IOCG signatures are known. To date, seven
targets have been identified and the Company is waiting on
additional data from other anomalies. A number of anomalies remain
to be field checked.
The Company acknowledges the Province of Newfoundland and Labrador for its financial support through the
junior exploration assistance program for exploration 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.
Rock and Protocol and Drill Sampling Protocol
MMI soil samples were collected in a careful and diligent manner.
Samples are tagged and sealed prior to being shipped by SGS
Laboratories, which is an independent and accredited full-service
commercial laboratory accredited to ISO/IEC 17025.
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, located in the Yukon
Territory, the Wings Point
project in the new Central Newfoundland Gold Belt, and has an
option to earn 100% in the Cross Hills IOCG project located
in Newfoundland. In Colombia the company has a 25% carried
interest in Project X where historic drilling interested
significant gold mineralization; and 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.