Trading Symbol: TSX-V: ZFR
Shares Outstanding: 19,347,295
HALIFAX, Sept. 6, 2013 /CNW/ - Zephyr Minerals Ltd. ("Zephyr" or the "Company") (TSXV: ZFR) is pleased to announce that a compliant technical report
(the "Report"), prepared in accordance with National Instrument - Standards of Disclosure for Mineral Projects ("NI 43-101") on the Dawson Gold Project (the "Project") will be filed on SEDAR (www.sedar.com). Zephyr holds a 100% interest in the Project. The Report highlights
an inferred mineral resource of 392,000 tonnes grading 10.50 g/t gold
and containing 132,300 ounces of gold using a 5 g/t gold cut-off and capped at 40 g/t gold.
President's Comments:
Loren Komperdo, President and CEO of Zephyr stated: "The results of this
independent report clearly demonstrate the Dawson Project hosts a
high-grade gold resource. Moreover, it validates the potential that
the Dawson Property mineral resource estimate could be increased
significantly by testing strike and dip extensions of the Dawson
Segment and the Windy Gulch Segment deposits, and by completing a
resource calculation for the adjacent Windy Point Segment. In the
fourth quarter Zephyr intends to commence base line environmental
studies as part of its efforts to advance the Dawson Project with the
ultimate goal of production, subject in part to a positive economic
study."
Summary:
Dawson Gold Project NI 43-101 Technical Report on Mineral Resources
The Report is titled Resource Estimate Technical Report for the Dawson
Property Fremont County, Colorado, USA, dated September 6, 2013, and
was prepared for Zephyr by Andrew Hilchey, P.Geo., Mercator Geological
Services Limited, Isobel Wolfson, M.Sc., P.Geo, and Mark Graves,
P.Geo..
The report describes a 100% owned NI 43-101 compliant mineral resource containing 132,300 ounces of gold in two zones located near the town of Canon City in Fremont County,
Colorado, USA. The Dawson Segment resource estimate consists of 343,000
tonnes with a grade of 10.55 g/t gold yielding 116,300 ounces of gold.
The Windy Gulch Segment resource estimate consists of 49,000 tonnes
with a grade of 10.17 g/t gold yielding 16,000 ounces of gold. The overall grade of the resource is 10.50 g/t gold.
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:
-
Tonnages have been rounded to the nearest 1,000 tonnes.
-
Ounces have been rounded to the nearest 100 ounces
-
Contributing assay composites were capped at 40 g/t Au for both the
Dawson Segment and Windy Gulch Segment deposits.
-
Uncapped values are provided for general information but are not part of
the statement of mineral resources.
-
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.
-
A density value of 2.63 g/cm3 was used for the Dawson Segment and 2.64 g/cm3 for the Windy Gulch Segment.
-
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.
-
The rounding of tonnes as required by NI 43-101 reporting guidelines may
result in apparent differences between tonnes, grade and contained
ounces.
-
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.
-
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.
Mineral Resource Estimate Methodology
The Dawson Segment and Windy Gulch Segment gold deposits were assessed
as part of a sedimentary-exhalative depositional 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 57.15 metres (187.5 ft) of trench sampling in
3 road-cuts and 2 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 chip samples from the Windy Gulch Segment
were analyzed by ALS Minerals using the screened metallics (SM) method.
A comparison of 2013 screened metallic values falling within the
confines of the Windy Gulch Segment resource solids shows that the
screened metallic head grade results are on average approximately 9%
higher than corresponding (-) fraction results. 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 do 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.
This press release was prepared under the supervision of Mr. Andrew
Hilchey, P.Geo., who is a Qualified Person as defined under National
Instrument 43-101. Mr. Andrew Hilchey has reviewed the scientific and
technical information in this news release.
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 News
Release includes certain "forward-looking statements". All statements
other than statements of historical fact included in this release,
including, without limitation, statements regarding potential
mineralization and reserves, exploration results, and future plans and
objectives of Zephyr, are forward-looking statements that involve
various risks and uncertainties. There can be no assurance that such
statements will prove to be accurate and actual results and future
events could differ materially from those anticipated in such
statements. Important factors that could cause actual results to
differ materially from Zephyr's expectations are exploration risks
detailed herein and from time to time in the filings made by Zephyr
with securities regulators. 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.