TSXV: ZON
HALIFAX,
NS, Oct. 4, 2022 /CNW/ - MJ Gold Project,
Yukon Territory
In the Yukon Territory, the
Company holds 100% interest in the MJ Gold Project. The MJ project
is adjacent to Victoria Gold
(VGCX-TSX) which operates the Eagle Mine with the aim
of producing 250,000 ounces of gold by 2024 (source; Victoria Gold's webpage). On September 15, 2022, Victoria Gold press released a maiden NI43-101
resource for its new Raven discovery which shows 1,070,000 gold
ounces at an average grade of 1.67 g/t at a 0.5 g/t cut-off (as
noted in the Victoria Gold's Sept 15,
2022 press release with that effective date, wherein the
maiden resource estimate was prepared by Victoria Gold and independent qualified person
Marc Jutras, PEng, MASc. Note, the
NI43-101 is to be filed on Sedar by Victoria Gold within 45 days of the Sept 15, 2022 press release) The Raven Deposit,
which is open along strike, appears to be about 2.3km on strike
from Zonte's claim. Importantly, it appears the intrusion
hosting the Raven deposit could be a part of a larger intrusive
system related to the intrusion on Zonte's property.
In 2017, Zonte completed a 3 month rock sample exploration program
at MJ with subsequent follow up drilling resulting in the discovery
of its 2-4 target. The Company has not completed any exploration
since that time. The MJ project hosts seven untested targets
defined by gold-in-bedrock and soil anomalies. Much of the
intrusion within the MJ project has not been explored. Additional
information including drill results from 2017, maps illustrating
targets and relationship to Victoria
Gold's Raven Deposit can be found on the MJ Project page at
www.zontemetals.com
Cross Hills Copper Project, Newfoundland and Labrador
The Cross Hills copper project is 100% owned by Zonte, where the
company has been focusing its exploration over the last few years.
After three years of extensive exploration involving fieldwork,
drilling, high-resolution ground magnetic and gravity surveys, rock
and soil sampling, alteration mapping and structural analysis, the
Company has discovered 10 significant targets. Cross Hills is a
district scale exploration project and a significant discovery
would elevate the Cross Hills project status, potentially
representing a new copper belt in Canada.
The ten targets discovered to date, range from partially defined
to drill ready. Recently, the Company completed additional sampling
at both the Big K and K6 targets, bringing them to drill ready
status. The Big K target measures 1500 by 500m and the K6 measures 600 by 400m and open along strike. These two targets are
to be drill tested next, while a number of other targets will be
advanced to the drill stage simultaneously. See the company's
webpage for project details.
Wings Point Gold Project, Newfoundland and Labrador
Zonte's Wings Point Gold Project sits at the northern end of the
newly developing gold belt in Central
Newfoundland. Recent exploration by the Company has
confirmed the discovery of a large quartz system. A large quartz
vein exhibiting hydrothermal character has been discovered and
traced for +100m at which point it
disappears under cover along strike in both directions. The width
of the vein, which is observed up to 3m, is unknown due to cover. A large area over
several kilometres near the vein discovery exhibits hydrothermal
quartz float rock similar to that in the outcropping vein. A
detailed exploration program is required to understand this new
vein discovery. In addition, in 2021 the Company completed
exploration over the Barry's Brook iron oxide showing. It is
believed the iron oxide is from a subsurface iron source wherein
ground waters have been leaching the iron and subsequently
depositing it at surface. Samples of the iron oxide have returned
zinc values up to 0.1% Zn (see November 21,
2021 press release). A soil sampling grid has just been
completed over this target area. See the company's webpage for
project details.
DATA ROOM
Recently, the Company has fielded inquiries on several of its
properties and hence, has established a data room to assist in due
diligence. The Company will review any proposals should it create
value for the shareholders.
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.
