TSXV: ZON
HALIFAX, April 3, 2018 /CNW/ - Zonte Metals Inc. (TSXV: ZON) ("Zonte" or the "Company") is pleased to provide an update related to its ongoing exploration program at the Cross Hills Iron Oxide Copper Gold Project.
During January and February, and as part of a larger program, Zonte carried out a high-resolution ground magnetometer surveys on select portions of the Cross Hills Project. The Company is currently in receipt of the final results from the Carols Hat target area. Carols Hat is located two kilometres south of the high-priority Dunn'sMountain target where a large 600m x 400m magnetic high anomaly containing numerous copper showings directly related to magnetite veining has been delineated (see Press release dated February 27, 2018). The survey carried out at the Carols Hat area was successful in identifying three additional magnetic anomalies of interest.
Terry Christopher, President and CEO states "The most recent work on the Cross Hills Project provides significant new anomalies outside of the Dunn'sMountain target and illustrates the potential for large targets within a newly identified IOCG system. Field work is continuing and will be expanded with prospecting and mapping as targets are identified and moved towards the drilling stage. The Company's goal is to have two fully permitted and drill ready projects in Newfoundland and Labrador. The Company's Wings Point Gold project is now fully drill permitted and once Cross Hill's is advanced further during the coming months the Company will be in a position to move forward to the drill stage on both projects."
The most recent geophysical surveying initially targeted the large topographic high feature referred to as Carols Hat where extensive magnetite veining is present. Carols Hat appears to be very similar geologically to Dunn'sMountain. Geophysically, Carols Hat is defined by a strongly magnetic anomaly measuring in excess of 550m x 600m and with the southern portion of this anomaly being covered by granite. As previously released, copper and uranium mineralization grading up to 2.82% Cu and 0.17% U3O8, has been identified within a fracture in the southernmost portion of this target. The mineralization may suggest remobilization of fluids from depth and into the overlying granite which is only weakly magnetic. As the survey was expanded away from Carols Hat, two additional magnetic anomalies of interest were identified. The first anomaly occurs approximately 400m south of Carols Hat and is characterized by a 400m x 300m strong magnetic response within granite and proximal to the mapped granite contact. Located approximately 300m northwest of Carols Hat, a second large geophysical target measuring 600m x 700m was also delineated and lies mostly under cover. A number of samples previously collected on the very southern limit of this anomaly showed disseminated and veined magnetite with hematitic alteration, however, no sampling was carried out over the main portion of the anomaly. All three areas will be field proofed to determine their significance. Images of the Carols Hat geophysical targets including plan views and 3D inversion geophysical models can be viewed at https://www.zontemetals.com/projects/cross-hill-project.
Continued high-resolution ground magnetometer surveying along with continued prospecting and geological mapping will begin within the coming weeks. Additional updates will be provided by the Company once the final data and interpretations have been received.
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 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.
View original content: https://www.newswire.ca/en/releases/archive/April2018/03/c1171.html
Terry Christopher, CEO and President, 902-405-3520, info@zontemetals.com, www.zontemetals.com