Corporate Update
LEGAL*51519131.1
ZTR ACQUISITION CORP.
Suite 918, 1030 West Georgia Street
Vancouver, British Columbia, V6E 2Y3
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November 5, 2020
CORPORATE UPDATE
Vancouver, British Columbia, November 5, 2020 – ZTR Acquisition Corp . (TSXV:ZTR.H,
FRA:13L1) (“ZTR” or the “ Company”, to be renamed “Angold Resources Ltd.” ) is pleased to
provide an update of the Company’s transaction with Federal Gold Corp. (“Federal”) on the TSX
Venture Exchange (the “Exchange”). With closing of the over -subscribed subscription receipt
financing for total proceeds of $8,000,000, t he draft filing statement of ZTR for the reverse
takeover involving the acquisition by ZTR of Federal Gold Corp. (the “Transaction”) was filed
with the Exchange on October 19, 2020 . Subscription receipt funds remain in escrow, pending
approval of the Exchange and completion of the Transaction. The Company currently anticipates
that the closing will occur within the next 30 days.
Federal’s CEO, Mr. Adrian Rothwell stated: “Thanks to all of our supporters and early subscribers
in helping to ensure continued success of the Company. With funding completed and the listing
process well underway, the Company team has staked over 14,500 ha of new ground in
September and conducted fieldwork leading to the identification of new targets in October.
Reinterpretation of historic rock chip, soils, spectral data, geophysics and drilling on the Dorado,
Chile and Iron Butte, Nevada projects has led to a greater understanding of the potential for
expansion. We have commenced permitting and staffing for up to 10,000 m of drilling and look
forward to a strong presence in the market upon completion of the reverse-takeover.”
Technical reports for the Company’s two proposed material properties, Dorado and South Bay -
Uchi, have been prepared with updated claim boundaries in accordance with National Instrument
43-101 and been submitted for review by the Exchange . These reports will appear on the
Company’s new website (below) and on www.sedar.com concurrent with closing of the
Transaction.
Operating and Property Update:
Ontario, Canada
South Bay-Uchi
The Uchi Property, which covers an area of 6,868 ha, represents a regional exploration
opportunity in a greenstone belt with known zones of significant mineralization, but which remains
relatively underexplored. Federal staked the Uchi Property during the fall of 2019, and
subsequently staked an additional 70 claims contiguous to the north and west of the Uchi Property
covering an area of 1,410 ha in September 2020. The Uchi Property is located approximately 80
km east of Red Lake, Ontario, Canada in the Birch-Uchi greenstone belt. The western portion of
the Uchi Property is adjacent to the past -producing South Bay Cu -Zn-Ag mine. The eastern
portion of the Uchi Property is adjacent to the past -producing Uchi Au mine. The Company has
not been able to verify the information on the South Bay Mine and the Uchi M ine and the
information is not necessarily indicative of mineralization on the Uchi Property.
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Chile
Dorado
The Dorado Project comprises 14,770 ha of exploration and exploitation claims in the Maricunga
Belt of Chile, approximately 135 km east of Copiapo with good access to infrastructure . Dorado
is a gold bearing dioritic porphyry with a historic resource, and 9,333 m of historic confirmed
drilling demonstrating gold in oxides and sulphides at depth and multiple targets for exploration.
Drill planning and mobilization has commenced at Dorado.
Recently, the Federal staked a total of 13,170 ha of exploration claims (of which 1,370 ha overlap
third party concessions with preferential rights) which provide new targets for further exploration.
The Dorado project is situated in Chile’s Maricunga gold belt, a region of high -sulfidation
epithermal gold-silver deposits and porphyry gold-copper deposits. Mineralization and alteration
on the Dorado project are typical of Maricunga-style porphyry gold deposits. Veinlet-borne gold
mineralization occurs in an area of about 400 m x 400 m in two NNE trending tabular bodies
ranging up to 300 m in length and 125 m in width . The property hosts a historic resource of
approximately 35M tonnes grading 0.45 g/t Au for 515,000 ounces gold. A qualified person has
not done sufficient work to classify this historical estimate as a current mineral resource, and the
Company is not treating it as a current mineral resource. The Company’s claims hold potential
exploration targets, including a coincident ring-shaped magnetic, spectral, and induced -
polarization anomaly approximately 2 km wide that is essentially unexplored.
Cordillera
The Cordillera Property is located in the Maricunga region of Chile, approximately 100 km east of
Copiapo. The Cordillera Property, which covers an area of approximately 1,680 ha, is located
7 km south of the Maricunga Mine, formerly operated by Kinross, and 3 km north of the Caspiche
Deposit, now being developed by the Norte Abierto Joint Venture between Barrick and Newmont.
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The Company has not been able to verify the information on the Maricunga Mine or the Caspiche
Deposit and the information is not necessarily indicative of mineralization on the Cordill era
Property. The Cordillera Property is an early stage property prospective for porphyry gold and
epithermal gold style mineralization which has not been adequately explored. Initial results
confirm epithermal mineralization with surface sample grades up to 10.3 g/t Au , and 1.6 g/t Au
over 10 meters in reverse-circulation drilling (including 6.4 g/t Au over 2 m).
Nevada, USA
Iron Butte
The Iron Butte Project is located 60 km south of Battle Mountain, Nevada, USA, and comprises a
total of 1,539 ha of unpatented BLM claims. Upon completion of the Transaction, the Company
will own 100% of 1,344 ha and is entitled to earn a 100% interest in the balance of the claims that
include the historic resource for total payments of US$1,572,750 and the issuance of 187,500
shares. Previous exploration includes 31,614 m of drilling over 211 reverse circulation (RC) drill
holes, indicating broad zones of gold mineralization surrounding smaller pockets of higher-grade
mineralization. Drill planning is underway.
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The Iron Butte property is within 50 km of four major gold deposits in east-central Nevada: Cortez,
Battle Mountain, McCoy-Cove, and Fire Creek. Mineralization is characteristic of epithermal gold
deposits in the region, consisting of quartz-calcite veins, chalcedonic quartz, jasperoid, and
breccia accompanying clay and white mica alteration. Gold mineralization has been encountered
in drilling over an area of 1.3 x 2.9 km, and surface mineralization and alteration indicate additional
untested targets within the Company’s claims.
About Federal Gold Corp.
Federal is an exploration company targeting large -scale mineral systems in the proven districts
of the Maricunga, Nevada and Ontario . Upon completion of the Transaction, the Company will
own a 100% interest in the Dorado, Cordillera and South Bay Uchi projects, and certain claims
that append the optioned Iron Butte project.
Qualified Person
David Smith, CPG, the Exploration Manager for Federal and a Qualified Person in accordance
with National Instrument 43 -101, is responsible for supervising the exploration program s at
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Federal’s projects and has reviewed and approved the technical information contained in this
news release.
ON BEHALF OF THE BOARD
ZTR ACQUISITION CORP.
Martin Bajic, President, Chief Executive Officer and Chief Financial Officer
Phone: 604.628.5621
Fax: 604.662.7950
Further information on the Company can be found at www.sedar.com (under ZTR Acquisition
Corp.), or by contacting the Company by email at investors@ angoldresources.com or by
telephone at (866) 852 8719.
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 or accuracy of this release.
Completion of the Transaction is subject to a number of conditions, including TSX Venture Exchange acceptance.
There can be no assurance that the Transaction will be completed as proposed or at all.
Investors are cautioned that, except as disclosed in the filing statement to be prepared in connection with the
Transaction, any information released or received with respect to the Transaction may not be accurate or complete and
should not be relied upon. Trading in the securities of the Company should be considered highly speculative.
The TSX Venture Exchange has in no way passed upon the merits of the Transaction and has neither approved nor
disapproved the contents of this press release.
This news release may include forward -looking statements that are subject to risks and uncertainties. All statements
within, other than statements of historical fact, are to be considered forward looking. Although the Company believes
the expectations expressed in such forward -looking statements are based on reasonable assumptions, such
statements are not guarantees of future performance and actual results or developments may differ materially from
those i n forward -looking statements. There can be no assurances that such statements will prove accurate and,
therefore, readers are advised to rely on their own evaluation of such uncertainties. We do not assume any obligation
to update any forward-looking statements except as required under the applicable laws.