Zephyr Announces Zimbabwe Exploration Update
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. 10-23
Shares Outstanding: 75,086,985 November 14, 2023
ZEPHYR ANNOUNCES ZIMBABWE EXPLORATION UPDATE
November 14, 202 3 HALIFAX, NOVA SCOTIA – Zephyr Minerals Ltd. (TSXV: ZFR)
("Zephyr" or the "Company") is pleased to provide an update on exploration progress on
its three gold properties, MC, MC-2 and Nyanga North in Zimbabwe. Geological mapping
has been completed at MC and MC-2 properties and excavator trenching is underway on
promising targets. The MC and MC-2 properties are approximately 2 kilometers apart and
occur on the same east -west trending belt of greenstones ( mafic rocks ). Gold
mineralization at both properties is hosted in quartz vein s, stockworks and in some
instances, in adjacent wall rocks. The MC-2 property, in addition to gold, also hosts high
grade lead mineralization (galena), and silver at one of the sites examined. The lead-silver
mineralization was not previously documented and as such is a new discovery which
enhances the exploration potential at MC-2.
At MC gold grades of 3 to 6 g/t in grab samples are common where sheared greenstones
with quartz veining are found to occur. Of particular interest is a shear zone mapped on
the western side of the property where a grab sample from an in-situ quartz vein assayed
4.6 g/t gold and a wall rock grab sample from the greenstone waste pile assayed 5.8 g/t
gold. Widths of the gold mineralized zones are unknown at this time due to extensive
overburden.
There are two main targets currently defined on the MC-2 property. The first is the “Main
Reef” shear where a near vertical , 1 to 1.5 m eters wide quartz vein with galena and
arseno-pyrite within altered wall rock which is also gold mineralized. Grab samples from
the in-situ quartz-galena vein assayed up to 13.3 g/t gold, 176 g/t silver, 14.5% lead and
0.14% copper. The second target is a series of shallow westward dipping quartz veins
approximately 100 meters west of the Main Reef. Although the quartz veins are generally
less than a meter thick, grab samples have demonstrated that they can be quite high grade
with gold assays up to 36 g/t. The MC and MC-2 properties are currently being mined for
gold on a small scale by pits generally less than 10 meters deep.
Excavator trenching and drill pad construction is ongoing at both MC and MC-2 properties
in preparation for the scheduled diamond drilling of the selected drill targets . Diamond
drilling should enable the exploration team to expose a full stratigraphic section of the
greenstone host rocks, and determine true widths of the gold mineralized quartz veins and
shear zones as well as information pertinent to the character and distribution of the gold
mineralization. Diamond drilling on MC-2 is planned for mid-November to be followed by
drilling on MC subject to trenching results.
The Company has completed Ground Magnetics and Induced Polarization (IP) surveys at
its Nyanga North property. Results demonstrate that there are 3 shear zones trending east
west across the property of which one , the ‘Main Shear’, has had historical eluvial gold
mining on a steep hillside 400 meters to the west. Soil sampling on the property along the
Main Shear has returned analyses up to 0.64 g/t gold in the coarse fraction (up to 1,000
microns) of the soils and up to 140 ppb gold in the fraction finer than 125 microns. The
next exploration program for this property will entail trenching, mapping and sampling
across the 40 meter section encompassing the Main Shear.
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, although
recent geological work has shown that the alteration looks simpler at MC and MC-2 than
the Red Lake camp in Canada. Drilling selected targets below the weather ed zone will
give more insi ght into the size potential of the gold zones currently being mined by the
small scale miners. To the best of our knowledge these will be the first drill holes to be
drilled on these high po tential properties. The Nyanga North trenching program should
ascertain whether the Main Shear hosts gold mineralization of potential economic interest,
and if so, justify a subsequent follow up exploration program including diamond drilling.”
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.
Mr. Samuel Chimombe, P.Geo., 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.
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 exploration 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 rules 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
requirements. 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 additional 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 cert ain 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.