Zephyr Acquires Key Mineral Claim
Zephyr Acquires Key Mineral Claim
Trading Symbol: TSX-V: ZFR OTC-ZPHYF
Shares Outstanding: 66,603,485
HALIFAX, NS
,
Oct. 13, 2020
/CNW/ - Zephyr Minerals Ltd. (TSXV: ZFR) (OTC: ZPHYF) ("
Zephyr
"
or the "
Company
") is pleased to announce that it has purchased a key mineral claim, the Judith
Placer Mining Claim ("Judith Claim"), in an arm's length transaction, at its Dawson gold project in
Colorado
. The Judith Claim, approximately 129 acres in size encompasses both mineral and surface
rights and is contiguous with the 141 acre Fremont Placer Mining Claim controlled 100% (50% direct
ownership / 50% by contract) by Zephyr. The acquisition of the Judith Claim greatly facilitates
Zephyr's plans for the potential development of the Dawson gold deposit. All private lands important
to the potential development of the Dawson gold deposit are now in Zephyr hands with the remaining
lands in the Dawson section of the project being federally owned which are controlled by Zephyr
through unpatented mining claims.
Loren Komperdo
, President & CEO stated "The extra 129 acres brings the total land position for our
proposed surface facilities to 270 acres, thus providing greater flexibility in our potential development
of the Dawson gold deposit."
The Dawson gold deposit is host to an *Inferred Mineral Resource prepared in accordance with
National Instrument 43-101 that totals 116,300 ounces gold (343,000 tonnes at 10.55 g/t defined at
a 5 g/t cutoff and 40 g/t topcut), (uncut: 133,500 ounces grading 12.11 g/t gold), and is open at
depth. This estimate has an effective date of
July 19, 2013
(see Company news release dated
July
23, 2013
). Average width of the gold mineralized zone is approximately
3.5 m
(11.5 ft.) and ranges
between approximately 1 and
15 m
(3.3 - 49.2 ft.). A **Preliminary Economic Assessment prepared
in accordance with National Instrument 43-101 and having an effective date of
March 21, 2017
was
subsequently completed and showed robust economics at a
$1,250
/oz gold price (see Company
news release dated
February 7, 2017
). Mineral Resources that are not Mineral Reserves do not
have demonstrated economic viability. Management feels that current and projected gold prices
support proceeding immediately with gold exploration at the Dawson and Green Mountain sections;
both of which boast excellent potential for resource discovery/growth. The combined length of the
gold prospective mineralized trend at Dawson and Green Mountain is approximately 9 km.
About Zephyr Minerals Ltd.
Zephyr Minerals Ltd. continues to advance its 100% owned high grade
Dawson-Green Mountain
property in
Colorado, USA
. After expanding it's land package to 1,385 hectares (3,430 acres) the
Company now controls a 12.2 km long
Dawson-Green Mountain
mineralized trend. The Dawson
section is currently host to a high grade inferred gold resource. The Company believes the combined
Dawson and Green Mountain sections encompassing approximately 9 km of mineralized trend
provide excellent resource expansion potential.
To be included in the Zephyr email database for Company updates please contact
.
Notes:
* The Report is titled Resource Estimate Technical Report for the Dawson Property
Fremont
County, Colorado
, USA, dated
September 6, 2013
, and was prepared for Zephyr by
Andrew
Hilchey
, P.Geo., Mercator Geological Services Limited,
Isobel Wolfson
, M.Sc., P.Geo, and
Mark
Graves
, P.Geo..
** The report is entitled "National Instrument 43-101 Technical Report for the Dawson Property,
Colorado, USA
", effective
March 21, 2017
(the "Technical Report"). The Technical Report was
prepared by independent engineering firm, Golder Associates Ltd., with input from a number of other
specialized and experienced consulting firms, and is in accordance with National Instrument 43-101 -
Standards of Disclosure for Mineral Projects.
This PEA is preliminary in nature and includes inferred mineral resources that are too speculative
geologically to have economic considerations applied to them that would enable them to be
categorized as mineral reserves. There has been insufficient drilling to define the inferred resources
as indicted or measured mineral resource; however, it is reasonable to expect that the inferred
mineral resources could be upgraded to indicated and possibly 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.
Mr.
Mark Graves
, P.Geo. registered with the Association of Professional Geoscientists of
Nova
Scotia
(APGNS), has prepared the scientific and technical information in this news release.
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.
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http://www.newswire.ca/en/releases/archive/October2020/13/c6149.html
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For further information:
Loren Komperdo, President & CEO or Will Felderhof, Executive Chairman,
Zephyr Minerals Ltd., T: 902 446-4189, F: 866 941-4715
CO: Zephyr Minerals Ltd.
CNW 10:47e 13-OCT-20