OF AMERICA / Trading Symbols: TSX-V: ZFR OTC-ZPHYF Shares Outstanding: 67,986,985
Zephyr Minerals Submits Mine Permit
Application
/NOT FOR DISTRIBUTION TO US WIRE SERVICES OR FOR DISSEMINATION IN
THE UNITED
STATES OF AMERICA
/
Trading Symbols: TSX-V: ZFR OTC-ZPHYF
Shares Outstanding: 67,986,985
HALIFAX, NS
,
July 5, 2021
/CNW/ -
Zephyr Minerals Ltd.
("
Zephyr
" or the "
Company
") (TSXV:
ZFR) (OTC: ZPHYF), is pleased to announce that it has submitted the application for a mining permit
for the Dawson gold deposit ("Dawson") with the Colorado Department of Reclamation and Mine
Safety. The application is for a proposed underground mine, mill, mine support facilities and a dry
stack tailings facility.
Success in obtaining a mining permit at Dawson will enable the implementation of an underground
development program which will include construction of drill stations to undertake infill drilling on the
current resource as well as further drilling at depth. The underground infrastructure is particularly
important at Dawson as the deposit is blind, with the top approximately 130 meters below surface
and dipping steeply underneath
Dawson Mountain
which results in inordinately long and expensive
drill holes to explore at depth from surface. An updated resource estimate is planned for the project
subsequent to completion of an underground drilling program. The scheduling of the underground
program will hinge on obtaining the mining permit and requisite funding.
A Preliminary Economic Assessment ("PEA") completed on the Dawson deposit in 2017
demonstrates robust economics at a gold price of
US$1,250
/oz. The PEA assumes 409,000 tonnes
of mined/milled material with a diluted grade of 9.2 g/t gold, for recovery of 111,000 oz. gold at an
all-in sustaining cost of
US$692
/oz (see news release of
February 7, 2017
). The PEA includes
inferred mineral resources that are too speculative geologically to have economic considerations
applied to them that would enable categorization as mineral reserves. There has been insufficient
drilling to define the inferred resources as Indicated or Measured mineral resources; however, it is
reasonable to expect that Inferred mineral resources could be upgraded to Indicated and Measured
resources with continued drilling. There is no guarantee that any part of the mineral resources
discussed herein will be converted into a mineral reserve in the future.
The PEA is based on a mineral resource estimate prepared in accordance with the CIM Standards
and previously disclosed in accordance with National Instrument 43-101 ("NI 43-101")*. Additional
surface drilling campaigns have been completed on the Dawson deposit and the adjacent Windy
Gulch deposit at various intervals between 2013 and 2021 the results of which will be incorporated in
a future resource update.
Loren Komperdo
, President & CEO stated, "Given the proposed mine is entirely on private lands and
with a very small environmental footprint, and the potential economic benefits to the community, we
are optimistic on being successful with the application. In this event, it will be an important milestone
for Zephyr, enabling the next step in the development of the Dawson gold deposit."
During the permitting process for Dawson, which is now largely in the hands of the regulators,
management will have the time to pursue additional projects for the Company. The Company's
current focus is on
Zimbabwe
where potential opportunities are being investigated due to recent
favourable changes in mineral claims ownership combined with underexplored Archean age, gold
mineralized greenstone belts.
Additional Information
* Details of the mineral resource as applied in the PEA can be found in the report titled National
Instrument 43-101 Technical Report for the Dawson Property,
Colorado, USA
, dated
March 21,
2017
, (the "Report") and was prepared for Zephyr by Golder and Associates Ltd. The Report is
available at sedar.com.
Mr.
Michael Cullen
, P.Geo., of Mercator Geological Services Ltd., an independent Qualified Person
as the term is defined under National Instrument 43-101 and a co-author of the PEA, has reviewed
and is responsible for the scientific and technical information in this news release.
Loren Komperdo
,
President & CEO, has reviewed and confirmed content of this news release and supervised its
preparation on behalf of Zephyr.
About Zephyr Minerals Ltd.
Zephyr Minerals Ltd. has applied for a mining permit at its 100% owned high grade Dawson-Green
Mountain property in
Colorado, USA
. After expanding it's land package to 1,385 hectares (3,574
acres) the Company now controls a 12.2 km long Dawson-Green Mountain mineralized trend. The
Company has also begun new project evaluation with focus on underexplored areas with the
potential to host world class mineral deposits. In addition to the Dawson-Green Mountain property,
the Company is assessing opportunities in
Zimbabwe
.
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. The forward-looking statements contained in this document are based on certain key
expectations and assumptions made by the Company, including, with respect to the use of funds
from the private placement, expectations and assumptions concerning timing of receipt of required
regulatory approvals and third party consents and the satisfaction of other conditions to the
completion of the exploration work on the Dawson-Green Mountain Property. 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.
View original content:
http://www.newswire.ca/en/releases/archive/July2021/05/c3943.html
%SEDAR: 00030509E
For further information:
Loren Komperdo, President & CEO or Will Felderhof, Executive Chairman,
T: 902 [email protected]
CO: Zephyr Minerals Ltd.
CNW 09:28e 05-JUL-21