TSXV: ZON
HALIFAX, NS, Jan. 13, 2022 /CNW/ - Zonte Metals Inc. (TSXV: ZON) is pleased to provide shareholders with a 2021 review and outlook for 2022.
Terry Christopher, President and CEO comments "Through 2021 the Company has focused exploration activity on two claims in Newfoundland. The Company was active with surface exploration on the Cross Hills Copper property where to date eight targets have been identified along the 25km property. Several targets have been advanced to the drill stage. The Company now sees the Cross Hills Project as a potentially new copper belt in Canada. In addition, exploration of the Wings Point Gold project, within the newly developing Central Gold Belt in Newfoundland, resulted in the discovery of three intriguing targets that will be followed up."
2021 Highlights
Cross Hills Copper Project
- Discovered new targets including North Dunns, Nine Mile and K9.
- Targets now total eight, with exploration ongoing.
- North Dunns and Nine Mile are on the order of 3x3 km or larger, defined by strong magnetics, rock and soil geochemistry.
- K9 is defined by strong alteration with the highest copper-in-soil anomaly on the project, measuring about 1500 by 700m.
- Discovery of strong copper soil anomalies and new surface copper mineralization at Big K and K6. Both targets are drill ready.
Wing Point Gold Project
- Completed phase one first pass exploration on newly acquired claims.
- Discovery of three areas of interest including nickel in black shales, gold in quartz float and a possible buried near-surface sulphide target.
- One new claim contains an historic Noranda till sample which returned 59.2 g/t Au, which has yet to be followed up.
MJ Gold Project; Yukon
- Project is contiguous to Victoria Gold. Victoria Gold has been exploring its Raven Project which sits a few kilometres from Zonte's Claim border.
- The Company is engaged in completing exploration permit applications and waiting on the next steps.
- Numerous parties have expressed interest in the project over the past 12 months. The Company examines each opportunity for its potential return for current shareholders.
Project X; Colombia
- The Company holds a 25% carried interest to a production decision in an option agreement for Project X in Colombia with Southern Sky, a private company, in the process of completing a CPC transaction with Auston Capital Corp.
- Project X has non NI43-101 drill data including 80m @ 2.1 g/t Au and 451m @ 0.70 g/t Au.
Gramalote Application; Colombia
- With a partner, the company made application over open ground over the Gramalote Deposit, held by Anglo Gold and B2Gold.
- Through an eight year legal challenge the case is now waiting to be scheduled for trial.
- Through this process numerous attempts by various parties to have the application or case dismissed were initiated, however, the Company has provided counters to all attempts and displayed its application is valid according to the applicable mining code.
2022 Outlook
- The Company will continue to focus on the copper potential at the Cross Hills Project including additional geophysics, target generation and drilling.
- Follow-up exploration on its Wings Gold Project including soil and rock sampling and possibly geophysics.
- Finally, the Company looks forward to additional corporate developments from the listing of Southern Sky (Project X), MJ Gold Project permitting and the Gramalote application court trial.
Qualified Person
Donald Blake, 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 the Cross Hills IOCG project located in Newfoundland and Labrador. In Colombia; the company has a 25% carried interest in Project X where historic drilling intersected 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.
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