TSXV: ZON
HALIFAX, May 26, 2020 /CNW/ - Zonte Metals is pleased to
provide the following update on the Phase 2 drill program at its
Cross Hills Iron Oxide Copper Gold (IOCG) Project and the
commencement of Phase 1 drilling at the Wings Point Gold
Project.
Phase 2 drilling at the Cross Hills property is focusing on the
Dunns Mountain target, where the Company has previously intersected
copper, silver and gold in an IOCG system. Drilling was suspended
early April due to the spring thaw. The project experienced
significant snow accumulations this past winter and the snow melt
necessitated a suspension until the ground conditions improve. A
total of three drill holes were completed with the fourth in
progress when the drill operations were shut down. The drill rig
remains on site and will be restarted shortly when the ground
conditions allow. All cores have been sampled and sent to the lab.
Results will be released when the data has been received and
compiled.
In the interim, the Company has elected to commence a maiden
drill program at the Wings Point Gold project, which too, is
located on the island part of Newfoundland and Labrador, approximately 30 km north of
Gander. Drilling has commenced and will include 4 to 6 holes.
The targets at Wings Point are
characterized as a disseminated gold system in sediments and
analogous to the Touquoy Project of Atlantic Gold (taken over by
St. Barbra of Australia) in
Nova Scotia where commercial
production started in 2018. For additional background information
on the Atlantic Gold Project see
https://stbarbara.com.au/our-operations/atlantic-gold/.
The Wings Point project hosts
two large targets identified from the combination of rock and soil
geochemical sampling and an Induced Polarization (IP) geophysical
survey. The two targets include; the Western Anomaly which measures
1200m long by 75-150m wide and returned surface samples assaying
from anomalous to 6.95 g/t gold and the Eastern Anomaly which
measures 800m long by 225m wide and returned surface samples assaying
generally between 0.25 to 1.5 g/t gold. It should be noted
that these samples were collected and press released previously by
the Company and are select grab samples in nature and do not
represent the property as a whole. Bedrock gold mineralization is
coincident with the IP chargeability and resistivity anomalies. The
IP anomalies are partially located in an operating rock pit
providing excellent access. The initial drill program will test
various parts of both target areas.
Acknowledgment
The Company would like to acknowledge and thank the Province of
Newfoundland and Labrador for its financial support through the
junior exploration assistance program. The Company received a
$82,800.00 grant to subsidize the
exploration work performed on the Cross Hills Property.
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.
Rock and Protocol and Drill Sampling Protocol
All 2019 drill core samples were collected carried out in a careful
and diligent manner using scientifically established sampling
practices designed and tested to ensure that the results are
representative and reliable. All drill core was logged and prepared
for shipment on site and shipped to AGAT Laboratories in
St. John's by Zonte personnel.
QA/QC included the systematic insertion of certified standards and
blanks. Samples were described, photographed, tagged and sealed
prior to being transported to AGAT where the samples were analyzed
for the 201-070 package (44 element 4 acid leach, ICP-OES finish)
and the 202-551 package for gold (a 50 gram Fire Assay Au finish).
AGAT is an independent, reputable and accredited full-service
commercial laboratory; accredited to ISO/IEC 17025:2005. AGAT also
provides its own internal QA/QC protocol of blanks, duplicates and
standards in each work order, which is supplied to the Zonte with
the rock sample analysis.
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.