RE:RE:RE:RE:First IOCG discovery in CanadaLatest news, IP surveys improve drill tragets
2018-10-11 10:01 ET - News Release
Mr. Terry Christopher reports
ZONTE METALS DISCOVERS LARGE COINCIDENT INDUCED POLARIZATION TARGET AT DUNNS MOUNTAIN AND APPOINTS JOHN HAYES TO THE ADVISORY BOARD
Zonte Metals Inc. has provided an update on the recent induced polarization (IP) survey at the Cross Hills iron oxide/copper/gold (IOCG) project.
Highlights:
- Discovery of a large IP anomaly coincident with surface copper mineralization and geophysical magnetic anomaly at Dunns Mountain;
- IP anomaly extends past the depth of penetration of 150 metres and remains open along strike and to depth;
- Company appoints John Hayes to the advisory board.
A four-line, 5.2-kilometre survey, spaced 100 metres apart, has been completed over the Dunns Mountain target. The survey has successfully delineated a large IP target that correlates directly with the recently discovered copper-silver-gold mineralization. The Dunns IP anomaly is characterized by a moderate to strong chargeability response that can be traced across 400 metres of strike length with widths up to 200 metres. The zone remains open along strike in both directions and extends past the survey penetration depth of 150 metres. Two-dimensional and three-dimensional geophysical inversion models have been performed on the data and compiled with the high-resolution ground magnetometer surveys. The geophysical surveying illustrates that the mineralization correlates directly with not only a well-defined chargeability response, but also with a strong magnetic response. Modelling of the magnetic data suggests that the magnetic susceptibilities increase significantly with depth. A second IP target just north of the main target at Dunns has also been delineated and will require follow-up investigation to determine its source.
As part of the continuing geophysical surveying, additional infill high-resolution ground magnetometer surveying was carried out at Dunns Mountain to better define the magnetic target prior to drilling. With the higher-density line spacing, the survey shows the magnetic anomaly extending to the northeast to include what was previously an isolated anomaly. The magnetic anomaly now measures 800 metres by 600 metres and extends at its deepest to approximately 450 metres below surface.
Images depicting the results can be found on the company's website.
John Hayes of TerraStrat Consulting Inc. has joined the company as an adviser and will provide capital market advisory and consultation services to the company. Mr. Hayes recently served as senior vice-president of corporate development at Osisko Mining Inc. upon his retirement from capital markets in April, 2014. Mr. Hayes was a managing director and mining analyst at BMO Capital Markets, which he joined in 2003. Mr. Hayes has been granted 250,000 stock options in the company in connection with his advisory role.
Terry Christopher, president and chief executive officer, stated: "The recent discovery of the mineralized corridor at Dunns has been followed up with the identification of a significant and coincident IP anomaly. The IP anomaly, specifically the chargeability component, has identified the known surface copper sulphide mineralization and suggests that the mineralization extends past the effective survey penetration depth of 150 metres. The chargeability anomaly, which most likely represents sulphide content, remains open along strike and at depth. We are very pleased that all systematic exploration program results suggests that a robust target exists at Dunns Mountain. The geophysical data will be used, in combination with the geological and geochemical data, to select drilling locations for phase 1 drilling."