Zephyr Announces Zimbabwe Exploration Program & Private Placement
Suite 1301, 1959 Upper Water St. · Purdy’s Wharf Tower 1 · Halifax · Nova Scotia · B3J 3N2 · Canada
Trading Symbol: TSX-V: ZFR OTC-ZPHYF News Release No. 06-23
Shares Outstanding: 71,086,985 July 26, 2023
ZEPHYR ANNOUNCES ZIMBABWE EXPLORATION PROGRAM
& PRIVATE PLACEMENT
July 26, 2023 HALIFAX, NOVA SCOTIA – Zephyr Minerals Ltd. (TSXV: ZFR) ("Zephyr"
or the " Company") is pleased to announce it intends to conduct ground magnetic and
induced polarization (IP) geophysical surveys over three gold properties, MC, MC-2 and
Nyanga North; to be followed by a diamond drill program. The MC and MC-2 properties
are currently being mined for gold on a small scale by pits ten to twenty meters deep in
the easily mined weathered zones. Although there is no mining currently at Nyanga North,
there has been small scale gold mining directly to the west, which is on strike with a
postulated wide shear zone that trends onto Nyanga North and extends approximately 1.5
km across the property. To the best of the Company’s knowledge, the three properties
have never been exposed to mode rn exploration methods and have never been drill
tested.
Loren Komperdo, President and CEO stated, “ The MC and MC-2 properties have many
of the same geological characteristics as the Red Lake camp in Northern Ontario, making
these two properties excellent targets for high grade shear hosted gold deposits. The
Nyanga North prospect is on a shear zone where eluvial gold was discovered and mined
but little or no follow up exploration has ever been done. All three of these properties have
high discovery potential for significant gold deposits.”
Further details of the exploration activity will be provided as the program develops. For
additional information on MC, MC-2 and Nyanga, see Company news releases of January
12, 2023, April 20, 2023, and December 21, 2021, respectively. The planned exploration
program described above is contingent upon completion of the private placement
described below.
The Company announces it intends to issue, by way of a non-brokered private placement
financing, up to 4,000,000 units at a price of $0.0 9 per unit for gross proceeds of up to
$360,000 (the “Financing”). Each Unit consists of one common share and one whole
common share purchase warrant (a “Warrant”) of the Company (the “Units”). Each
Warrant will be exercisable to purchase one common share of the Company for $0.13 for
a period of twelve months from the closing date.
The expiry date of the Warrants may be accelerated by Zephyr at any time if the volume-
weighted average trading price of the common shares is greater than or equal to $0.26 for
any 20 consecutive trading days. If this occurs, the Company may accelerate the expiry
date of the warrants by issuing a press release announcing the reduced Warrant term
whereupon the Warrants will expire on the 30th calendar day after the date of such press
release.
Net proceeds from the funds raised will be used for mineral exploration programs in
Zimbabwe, and for general working capital purposes. In connection with the offering, a
finder’s fee may be paid consisting of a cash commission equal to 7% of the gross
proceeds raised under the offering and that number of nontransferable finder’s fee
warrants as is equal to 7% of the number of shares. Each finder’s fee warrant will be
exercisable into one common share of the Company at $0. 13 per share, for a period of
twelve months from the closing date. The expiry date of the finder’s warrants are also
subject to the same acceleration clause as the Unit warrants.
The Financing is subject to certain conditions including, but not limited to, the receipt of all
necessary approvals including the approval and acceptance by the TSX Venture
Exchange. All securities to be issued pursuant to the Financing will be subject to a four
month hold period.
Qualified Person
Mr. Arimon Ngilazi, an independent consultant to the Company, and a qualified person as
the term is defined under National Instrument 43 -101, has reviewed and approved the
scientific and technical information in this news release. Mr. Ngilazi has not visited the
properties.
About Zephyr Minerals Ltd.
Zephyr Minerals Ltd. is conducting ongoing evaluations of gold properties for potential
acquisition and/or joint venture throughout Zimbabwe. The Company is concentrating on
projects with obvious gold potential as demonstrated through active, shallow, small scale
mining operations or previous expl oration work and favorable geology. In addition, the
property should be of sufficient areal extent to host a target potential of at least one million
ounces of gold . To this extent, the Company has signed multiple property joint venture
agreements and has applied for two Exclusive Prospecting Orders covering 124,000
hectares. The Company is also actively reviewing lithium opportunities generated through
in house research and property submittals by third parties. Zimbabwe boasts favorable
foreign ownership r ules for mineral properties as well as prospective, underexplored
Archean greenstone belts.
In Colorado Zephyr has been focused on mine permitting activities at its 100% owned
Dawson gold property, which is presently in hiatus pending the collection and submission
of additional water well data and satisfying certain other environmental related questions.
The additional required water wells are still in the planning stage and will be drilled once
available funds are in hand. Upon collection of the additiona l data the Company plans to
reapply for a mining permit at Dawson.
For further information please contact:
Loren Komperdo, President & CEO
or
Will Felderhof, Executive Chairman
T: 902 706-0222
To be included in the Zephyr email database for Company updates please contact
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 . 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.