Zephyr expands footprint in Colorado - Acquires Green Mountain copper-gold property
Zephyr expands footprint in Colorado -
Acquires Green Mountain copper-gold
property
Trading Symbol: TSX-V: ZFR OTC:ZPHYF
Shares Outstanding: 46,332,620
HALIFAX
,
July 25, 2018
/CNW/ - Zephyr Minerals Ltd. ("Zephyr" or the "Company") (TSXV: ZFR)
(OTC: ZPHYF) is pleased to announce the addition of the Green Mountain copper-gold property
("Green Mountain") to its holdings in west-central
Colorado
. Green Mountain is approximately 10 km
southwest of the Dawson Gold Property ("Dawson"), and comprises one patented and 33
unpatented lode mining claims totaling 276 hectares (682 acres). The one patented claim of the
Green Mountain project was purchased for
US$25,000
in an arm-length transaction and the 33
unpatented lode-mining claims were acquired through staking. Assay results of 17 grab samples
collected on a reconnaissance traverse on the patented claim were very encouraging with five
exceeding 1 g/t gold including one sample of malachitic garnetiferous biotite aplite which assayed
13.6 g/t gold. This rocktype is one of the principal gold hosts at
Dawson
and points to the high gold
prospectivity of Green Mountain. Grab samples are selected samples and are not representative of
the mineralization hosted on the property.
Green Mountain occupies a shear zone which is interpreted to be the faulted offset extension of the
Dawson Shear Zone and exhibits similar geochemistry and rock types to
Dawson
, thus is considered
to be highly prospective for gold. Discovered in ca. 1882, Green Mountain was mined on a small
scale from shallow shafts (maximum depth
76.2 m
(250 ft.) on a massive sulphide horizon. Historical
records indicate a small tonnage (1187 t) of high grade material (12.6% copper, 3.8g/t (0.11 oz/ton)
gold and 47.6 g/t (1.39 oz/ton) silver, was shipped direct to a smelter early in the last century.
Modern exploration programs targeting base metals were carried out by
Phelps Dodge
between
1979 and 1984 and by Inco Ltd. between 1992 and 1994. A drill hole below the old workings by
Phelps Dodge
intersected 18% copper, 4.3% zinc and 181.6 g/t (5.3 oz/ton) silver at a drill hole
depth of
123.5 m
(405 feet) and remains open at depth*. Zephyr's studies suggest this sulphide
horizon is analogous to that at the southern contact of the shear zone at
Dawson
.
Geological studies by United States Geological Service (USGS)** at Green Mountain report at least
seven old shafts over a distance of
328 m
(1,000 ft.) along the Main Trend of the shear zone; rock
types identical to those hosting gold mineralization at
Dawson
, including the garnetiferous biotite
gneiss (aplite); and gold values from dump samples ranging from < 1 g/t to 9.24 g/t. The inferred
strike length of the shear zone at Green Mountain is
2,440 m
(8,000 ft.).
In addition to the Main Trend marked by historic shafts,
Phelps Dodge
reports a mineralized
"Western Trend", located northwest of the Main Trend. Two drill holes targeting Electromagnetic
(EM) geophysical anomalies on the Western Trend intersected disseminated sulphides (no assays
reported) with the second hole (
317.7 m
total depth), believed to be 15-
30 m
(50-100 ft.) short of
the target horizon.
In total,
Phelps Dodge
drilled 13 diamond core holes totaling
2,172.6 m
(7,126 ft.), targeting the
copper gold sulphide zone and geophysical anomalies. With the exception of the two drill holes on
the Western Trend, seven of the remaining holes were drilled to the southeast, two to the northeast
and one vertical. Both the Main Trend and Western Trend at Green Mountain dip 65° - 85° to the
southeast, similar to the 60° - 70° southeast dip at
Dawson
, which means that the footwall zone to
the massive sulphide horizon remains largely untested. It is the footwall zone that is the host to gold
resources at
Dawson
. Future drilling by Zephyr on these trends at Green Mountain will be on a
northwest bearing.
Loren Komperdo
, President and CEO stated, "Green Mountain shows high potential for
Dawson
style gold mineralization and the inferred strike length of approximately 2.5 km represents a 58%
increase over the 4.28 km length of the Dawson Property. With a new expanded total of 6.78 km of
potential gold mineralized shear zone to explore, the scope of Zephyr's gold project in
Colorado
has
become considerably more robust. "
* Exploration Report, Green Mountain Mine; J.M. Swallow, 1994.
** USGS Open File Report 80-833, Raymond & Sheriden, 1980.
Mr.
Mark Graves
, P.Geo. registered with the Association of Professional Geoscientists of
Nova
Scotia
(APGNS), and vice president of exploration of the Company, has reviewed and approved the
scientific and technical information in this news release.
About Zephyr Minerals Ltd.
Zephyr Minerals Ltd. continues to advance it's 100% owned high grade Dawson Gold Project in
Colorado, USA
. After completing a positive PEA, Zephyr is continuing with permitting and additional
engineering, with a near term focus on exploration and resource expansion.
To be included in the Zephyr email database for Company updates please contact
, or visit our website
www.zephyrminerals.com
for more information.
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. This press release contains forward-looking statements. More particularly, this press
release contains statements concerning the use of funds from a private placement.
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 Gold 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/July2018/25/c8485.html
%SEDAR: 00030509E
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 08:30e 25-JUL-18