Zephyr Announces Zimbabwe Trenching Results
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. 11-23
Shares Outstanding: 75,086,985 December 28, 2023
ZEPHYR ANNOUNCES ZIMBABWE TRENCHING RESULTS
December 28, 202 3 HALIFAX, NOVA SCOTIA – Zephyr Minerals Ltd. (TSXV: ZFR)
("Zephyr" or the "Company") announced today trenching results on MC and MC-2 gold
properties in Zimbabwe. An excavator trenching program was completed on both
properties in late November. The object of the trenching was to provide insight into the
continuity of the mineralized zones prior to commencing a proposed diamond drilling
program, as well as to explore potential new parallel zones, which if discovered would
assist in determining total depths for the proposed drill holes . Unfortunately results
demonstrated the gold mineralization at MC to be discontinuous, generally occurring as
short high grade gold lenses and generally less than one meter in thickness. Previous
exploration work had demonstrated that wallrock had gold grades as good as and in some
cases, better than the gold mineralized quartz hosted in shear zones. Additional
exploration and sampling has demonstrated the wallrock gold mineralization is not
consistent. It was anticipated that wallrock mineralization would expand the thickness of
the indicated gold zones, however this has proven not to be the case. The search for
additional parallel gold zones in highly sheared greenstones encountered only minor gold
in quartz and sulphide mineralization, with no new zones of potential economic interest
being discovered. Based on these results it has been determined that the potential for a
large high grade gold deposit similar to those in the Red Lake camp in Ontario , Canada,
is remote on the MC property, and as such no diamond drilling will be conducted. Zephyr
will likely relinquish the option on the MC property at the end of the option term unless the
current small scale miner uncovers new gold zones of potential interest to Zephyr’s
attention during his currently active mining and prospecting activities.
On the MC-2 property, the gold mineralized quartz veining in the shear zones have better
continuity and stronger gold mineralization than at the MC property. The Main Reef is
presently limited to a maximum length of 70 meters as defined by trenching. Widths at the
Main Zone are 1 to 1.5 meters with gold grades up to 13.3 g/t and silver grades up to 176
g/t. The recent trenching program has discovered a new gold bearing quartz vein grading
5.7 g/t gold over 0. 10 meters. This new discovery is located 200 meters south east the
Main Reef. This maybe a faulted extension of the Main Reef but additional surface
exploration will need to be done to confirm this. The Company has determined that
additional exploration work needs to be done before embarking on a diamond drill
program. This w ork will includ e additional trenching of the new discovery as well as
additional exploration along trend of the Main Reef to see if there is a continuation based
on a pinch and swell model. Additional exploration work is proposed to start after the rainy
season’s end in April or May, 2024.
Reviewing the Magnetic and Induced Polarization (IP) survey at its Nyanga North property
suggests that the main shear zone hosts minimal sulphides. The Company was exploring
for a strong conductor since the gossan hosting eluvial mining 400 meters west of the
Company property boundary suggests that the gold in that area is associated with
sulphides. Soil sample results across 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. After review of the data it was decided that the shear zone
is a low priority target and as such the Company has decided to let the two Special Block
claims expiry as they come due for renewal. Zephyr still has an Exclusive Prospectin g
Order (EPO) application over this area and as such this area is not open for staking by
others. If Zephyr is successful in receiving an EPO over this area the Nyanga North
property would be included in the EPO.
Loren Komperdo, President and CEO stated, “Exploration results at the MC property have
been disappointing but exploration potential is still demonstrated at MC-2. It is noteworthy
that exploration costs are very reasonable in Zimbabwe and as such the costs for
exploration on both M C and MC -2 have been low. Mineral exploration is a high-risk
business and exploration projects that exhibit exceptionally positive potential don’t always
deliver on expected results in follow up programs . A key aspect of a successful mineral
exploration company is the ability to quickly, and for minimal amount of capital outlay ,
decide if a project warrants additional exploration including diamond drilling or not. This
allows maximum project review for minimum expenditure; ensuring maximum chance of
potential success in discovering a large, economically viable deposit and maximum value
for our shareholders.”
Zephyr continues to evaluate additional projects currently being mined by small scale
miners for potential acquisition or joint venture as we await the approval of our two EPO
applications. These two EPO ’s combined cover a total of approximately 1,240 square
kilometers, and are host to multiple areas with favourable discovery potential for large gold
deposits.
Qualified Person
Mr. Samual Chim ombe, 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. Chimombe has
visited the property.
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 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 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
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.