Trading Symbol: TSX-V: ZFR
Shares Outstanding: 19,347,595
HALIFAX, July 23, 2013 /CNW/ - Zephyr Minerals Ltd. ("Zephyr" or the "Company") (TSXV: ZFR) is pleased to announce the first independent Resource
estimate undertaken at its 400 hectare, 100% owned Dawson Property
located in Fremont County, Colorado, USA. The gold (Au) deposit is
comprised of three mineralized areas, the Dawson segment, the Windy
Gulch segment and the Windy Point segment. The National Instrument
43-101 ("NI 43-101") Resource estimate was completed on the Dawson and
Windy Gulch segments only.
The Resource estimate was prepared by Mercator Geological Services
Limited ("Mercator") of Dartmouth Nova Scotia, who examined the
Resource from an underground Resource potential. The Resource estimate
was prepared under the supervision of Mr. Andrew Hilchey, P.Geo., of
Mercator. Mr. Hilchey, is an independent Qualified Person in accordance
with NI 43-101 and has reviewed and approved the information regarding
the Resource estimate in this News Release. A NI 43-101 Technical
Report supporting the Resource estimate will be filed on SEDAR within
45 days of this News Release.
Table 1: Dawson Property Mineral Resource Estimate Effective July 19th,
2013
|
Total Dawson Property Mineral Resource Estimate (Dawson Segment & Windy
Gulch Segment)
|
Resource
Category
|
Gold (g/t) Cut-Off
|
Tonnes
(Rounded)
|
Gold (g/t)
Capped
at 40 g/t
|
Gold (g/t)
Uncapped
|
Ounces**
(Capped)
|
Ounces**
(Uncapped)
|
|
Inferred
|
4.00
|
423,000
|
10.07
|
11.42
|
136,900
|
155,300
|
|
Inferred
|
5.00*
|
392,000
|
10.50
|
11.97
|
132,300
|
150,800
|
|
Inferred
|
6.00
|
350,000
|
11.09
|
12.73
|
124,800
|
143,200
|
|
Dawson Segment Mineral Resource Estimate Component
|
Resource
Category
|
Gold (g/t)
Cut-Off
|
Tonnes
(Rounded)
|
Gold (g/t)
Capped
at 40 g/t
|
Gold (g/t)
Uncapped
|
Ounces**
(Capped)
|
Ounces**
(Uncapped)
|
|
Inferred
|
4.00
|
371,000
|
10.09
|
11.53
|
120,400
|
137,500
|
|
Inferred
|
5.00*
|
343,000
|
10.55
|
12.11
|
116,300
|
133,500
|
|
Inferred
|
6.00
|
310,000
|
11.08
|
12.80
|
110,400
|
127,600
|
|
Windy Gulch Segment Mineral Resource Estimate Component
|
Resource
Category
|
Gold (g/t)
Cut-Off
|
Tonnes
(Rounded)
|
Gold (g/t)
Capped
at 40 g/t
|
Gold (g/t)
Uncapped
|
Ounces**
(Capped)
|
Ounces**
(Uncapped)
|
|
Inferred
|
4.00
|
52,000
|
9.89
|
10.63
|
16,500
|
17,800
|
|
Inferred
|
5.00*
|
49,000
|
10.17
|
10.95
|
16,000
|
17,300
|
|
Inferred
|
6.00
|
40,000
|
11.20
|
12.15
|
14,400
|
15,600
|
*Resource statement cut-off value of 5.0 g/t is highlighted by bolding
**Ounces may not sum due to rounding
Notes:
|
1)
|
Tonnages have been rounded to the nearest 1,000 tonnes.
|
|
2)
|
Ounces have been rounded to the nearest 100 ounces
|
|
3)
|
Contributing assay composites were capped at 40 g/t Au for both the
Dawson Segment and Windy Gulch Segment deposits.
|
|
4)
|
Uncapped values are provided for general information but are not part of
the statement of mineral resources.
|
|
5)
|
The resource statement cut-off grade of 5.00 g/t Au is highlighted in
Table 1 above through bolding and reflects underground development potential
based on a Au price of $US1,200/ounce.
|
|
6)
|
A density value of 2.63 g/cm3 was used for the Dawson Segment and 2.64 g/cm3 for the Windy Gulch Segment.
|
|
7)
|
Mineral resources were estimated in conformance with the Canadian
Institute of Mining, Metallurgy and Petroleum - Standards on Mineral
Resources and Reserves - Definitions and Guidelines, as referenced in
NI 43-101.
|
|
8)
|
The rounding of tonnes as required by NI 43-101 reporting guidelines may
result in apparent differences between tonnes, grade and contained
ounces.
|
|
9)
|
Mineral resources are not mineral reserves and do not have demonstrated
economic viability. This estimate of mineral resources may be
materially affected by environmental, permitting, legal, title,
taxation, sociopolitical, marketing, or other relevant issues.
|
|
10)
|
The quantities and grades of reported Inferred Mineral Resources are
uncertain in nature and further exploration may not result in their
upgrading to Indicated or Measured status.
|
Geological Potential
Loren Komperdo, President and CEO of Zephyr stated "In addition to the
above referenced inferred resource estimate, the Dawson segment is open
at depth and to the west, the Windy Gulch segment is open to the east
and at depth and the Windy Point segment, which is not included in this
resource estimate, is open along strike and at depth. Importantly, the
capped deposit gold grade of 10.50 g/t (and uncapped grade of
11.97g/t) gold is high compared to most gold deposits around the world
and is key advantage at a time of challenging gold prices. Our
objective now is to demonstrate the economic viability of the project
and move towards development."
Zephyr has posted a photo on its website www.zephyrminerals.com that
shows the location of the existing NI 43-101 Resource Estimate and the
peripheral targets.
Mineral Resource Estimate Methodology
The Dawson Segment and Windy Gulch Segment gold deposits were assessed
as part of a sedimentary-exhalative style setting. The mineralization
is stratabound, hosted by a sequence of amphibolite-grade Proterozoic
felsic gneisses and lesser sulphide-rich zones, and occurs in multiple
horizons. The gold can be nuggety and has been identified as grains up
to 3 millimeters in size. The gold mineralization is usually
accompanied by 1 - 5% disseminated pyrite +/- chalcopyrite.
The mineral resource estimate is based on 2 three-dimensional block
models developed using Gemcom Surpac® 6.1.4 modeling software and
validated results of 23,923 metres (78,487.6 ft) of diamond drilling
from 131 drill holes, and 58.6 metres (192.31 ft) of trench sampling in
3 road-cuts and 3 small pits carried-out between 1981 and 2013 on the
Dawson Segment and Windy Gulch Segment deposits. Block model grades
were interpolated using inverse distance squared (ID2) methodology. ID2
interpolations used 5 ft downhole gold assay composites that were
capped at 40 g/t gold. Block size for both models was 5 feet (y) by
16.5 feet * by 16.5 feet (z) with no sub-blocking.
All 2013 Zephyr drill core and channel samples from the Windy Gulch
Segment were analyzed by ALS Chemex and included both (1) screen
metallics (SM) analyses with atomic absorption finish (FA-AA) and (2)
regular fire assay analyses with an atomic absorption finish (FA-AA).
The average of 59 SM gold determinations from Zephyr samples falling
within the confines of the Windy Gulch Segment resource estimate is
approximately 9.4% higher than the average of corresponding regular
FA-AA values. Historic core samples from Dawson and Windy Gulch were
commonly analyzed by regular fire assay with a gravimetric finish
(FA-GRAV), and to a lesser extent FA-AA, although the reports to not
always specify which finish was used. A total of 10 historic SM gold
results were also used for the Dawson Segment resource estimate when
regular FA results were not available. The current Windy Gulch Segment
resource estimate incorporated the recent 2013 SM gold results.
The resource statement cut-off grade of 5.00 g/t gold reflects
reasonable potential for underground development based on a gold price
of $US 1,200/ounce.
A National Instrument 43-101 compliant technical report on the Dawson
Property that details, among other things, the resource estimate, QA/QC
results, database validation and geologic model will be forthcoming to
meet disclosure and SEDAR filing requirements.
CAUTIONARY STATEMENT:
Neither TSX Venture Exchange nor its Regulation Services Provider (as
that term is defined in policies of the TSX Venture Exchange) accepts
responsibility for the adequacy or accuracy of this release. This press
release contains forward-looking statements. More particularly, this
press release contains statements concerning the use of funds from the
private placement.
The forward-looking statements contained in this document are based on
certain key expectations and assumptions made by the Company,
including, with respect to the use of funds from the private placement,
expectations and assumptions concerning timing of receipt of required
regulatory approvals and third party consents and the satisfaction of
other conditions to the completion of the exploration work on the
Dawson Gold Property.
The forward-looking statements contained in this document are made as of
the date hereof and the Company undertakes no obligation to update
publicly or revise any forward-looking statements or information,
whether as a result of new information, future events or otherwise,
unless so required by applicable securities laws.
SOURCE: ZEPHYR MINERALS LTD.
