Zephyr Options a Shear Hosted GOLD Property IN Zimbabwe

ZEPHYR OPTIONS A SHEAR HOSTED GOLD

PROPERTY IN ZIMBABWE

Trading Symbol: TSX-V: ZFR OTC-ZPHYF

Shares Outstanding: 71,086,985

HALIFAX, NS

,

Jan. 12, 2023

/CNW/ - Zephyr Minerals Ltd. (TSXV: ZFR) ("

Zephyr

" or the

"

Company

") is pleased to announce that on

January 12, 2022

, the Company entered into an option

agreement to acquire up to 75% of a shear hosted gold property in Mashonaland Central,

Zimbabwe

(the "MC Property") from an arm's length citizen (the "Owner") of

Zimbabwe

. The property is

approximately 100 hectares in size.

The MC Property is currently being mined on a small scale from several shafts and adits, along a

sheared greenstone (low grade metamorphosed volcanics) primarily composed of metabasalt. Grab

samples collected by Zephyr from the main gold mineralized shear zone in the shafts and adits, as

well as outcrops, returned assays ranging from trace to 11.5 g/t gold. The highest gold assay, 40.1

g/t, was obtained from a sample comprising crushed metabasalt and quartz collected from an

unprocessed ore stockpile. The small-scale miner is processing the gold mineralization by gravity

separation onsite. A sample taken from the tailings, being the waste material after gravity

separation, assayed 4.4 g/t gold. The high gravity recovery may indicate the gold is in native form.

The main shear trends northeast/southwest and has a strike length of at least 375 meters as

demonstrated by the current mine workings. Thickness of the shear zone is not known due to poor

rock exposure. Of particular interest are assay results from two metabasalt wall rock samples both

barren of quartz; one sheared and one unsheared that assayed 10.3 g/t gold and 4.4 g/t gold

respectively.

The property lies within Archean aged greenstones and was mapped on a 1:100,000 scale by the

Rhodesia Geological Survey between 1968 and 1972. The local area was mapped as metabasalt

with minor interbedded schist. A major north-south trending regional fault obliquely crosses the

eastern boundary of the MC Property.

Loren Komperdo

, President and CEO stated; "We are very excited about the potential of the MC

Property. The small scale gold mining underway, the favourable rock types, structure and attractive

gold grades in both the shear zone and adjacent wall rocks point to exploration potential for a large

scale, shear hosted gold deposit. To the best of our knowledge, this property has never been drill

tested. Many of the larger gold deposits in

Zimbabwe

occur within secondary shear zones adjacent

to major regional faults*. The MC Property fits well with this model given the apparent association of

the gold mineralized shear zone with a major regional fault directly to the east."

Under the terms of the option agreement, Zephyr through its wholly own Zimbabwean subsidiary,

Sutter Mining (Private) Limited ("Sutter") can acquire 75% of the Property by paying

US$75,000

over four years. In addition, in the event a mine is built, Sutter will pay the Owner

US$250,000

upon

a declaration by Sutter of commercial production. The Owner is permitted to continue small-scale

mining within prescribed parameters from areas currently being mined until Sutter makes a decision

to transfer the Claims into a new operating company (Newco), owned as to Sutter 75% and the

Owner 25%.

QUALITY ASSURANCE/QUALITY CONTROL ("QA/QC")

Grab samples were bagged, sealed and sent to the facility of Zimlabs in

Harare, Zimbabwe

, where

each sample was dried, crushed, and pulverized before being fire-assayed (Lab Method Code

G703). Gold analyses were obtained via 30 g fire assay, lead collection and AAS finish. As part of

its QA/QC program, the Company inserted blank and duplicate samples into its sample batch.

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 property.

References

* Bulletin No. 101 Structural Controls of Gold

Mineralization

in the

Zimbabwe

Craton

– Exploration

Guidelines; 1994; S D G Campbell and

P E J Pitfield

.

About Zephyr Minerals Ltd.

Zephyr Minerals Ltd. is active in mineral exploration in

Colorado, USA

and

Zimbabwe

. 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.

In

Zimbabwe

the Company is working to build a mineral property portfolio and to this end has

applied for two Exclusive Prospecting Orders covering 124,000 hectares. Zephyr is actively

assessing additional mineral opportunities in

Zimbabwe

on an ongoing basis.

Zimbabwe

boasts

favourable foreign ownership rules for mineral properties as well as prospective, underexplored

Archean greenstone belts.

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 may include estimates, plans,

expectations, opinions, forecasts, projections, guidance or other statements that are not statements

of fact. 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/January2023/12/c9186.html

%SEDAR: 00030509E

For further information:

Zephyr Contact Information: Loren Komperdo, President & CEO, or Will

Felderhof, Executive Chairman; T: 902 706-0222, [email protected]

CO: Zephyr Minerals Ltd.

CNW 11:53e 12-JAN-23