TSXV: ZON
HALIFAX, NS, Feb. 4, 2021 /CNW/ - The Company wishes to
provide the following update on the Gramalote Mineral Rights
Application.
As previously announced, in a press release dated November 19, 2015, Zonte Metals Inc. along
with a Colombian Partner (the "Partners") made application
for open ground sitting over the Gramalote Deposit. Gramalote is
host to a gold deposit located in Colombia and subject to a joint venture
between AngloGold Ashanti (NYSE:AU) and B2Gold (TSX:BTO,
NYSE:BTG) (collectively "Gramalote Colombia Limited"). The
application was subject to review by the Secretaria de Minas
("Secretary of Mines"), Department of Antioquia, Colombia, which acknowledged that the area
under application has open ground, but to date has denied issuing
the title to the Partners which has required the Partners to pursue
the matter through the Colombian Courts with the objective of
having the application processed in accordance with the mining
code. The mining code in Colombia
was modified in 2019, however, the issue remains grandfathered by
the original mining code in effect at the time of the application.
The case is active and ongoing.
The open areas under application made by the Partners, according
to a technical study generated by the Secretariat of Mine of
Antioquia, covers 29.8 hectares of which portions are above the pit
outline of two resources. An image of the application over the
outline of the Gramalote Deposit is illustrated below.
Among the conditions of the case, the area under application is
considered to be open ground and hence no exploration or mining
activity is to be carried out by any party until the Court has
ruled. The Partners continue to be active with the case and are
waiting for a Court date for the trial. Updates will be provided as
appropriate.
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, 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.