Zephyr Options Chikonga MINE Property IN Zimbabwe
ZEPHYR OPTIONS CHIKONGA MINE
PROPERTY IN ZIMBABWE
Trading Symbol: TSX-V: ZFR OTC-ZPHYF
Shares Outstanding: 67,086,985
HALIFAX, NS
,
May 9, 2022
/CNW/ - Zephyr Minerals Ltd. (TSXV: ZFR) ("
Zephyr
" or the
"
Company
") is pleased to announce that it has entered into an option agreement to acquire 75% of
the 40 hectare Chikonga gold mine property ("Chikonga Mine") in Manicaland,
Zimbabwe
from
Hilltouch Investments (Pvt.) Ltd. ("Hilltouch") a privately owned arms length
Zimbabwe
company. The
agreement is subject to satisfactory due diligence which is expected to take approximately two
weeks.
The Chikonga Mine is a small scale mine with 12 to 14 small, shallow shafts on multiple en echelon,
east-west trending, steeply dipping shear zones (reefs) comprised of siliceous mica schist and
silicified andesite typically hosting bands of fine grained grey and black quartz with disseminated
pyrrhotite, pyrite, arsenopyrite, chalcopyrite and gold. The shear zones occur within an approximate
350 meter wide (across strike, north-south) structural corridor which crosses the property for
approximately 800 meters east-west. The deepest shaft is the No.1, Main Shaft estimated to be 70
meters with the remainder up to 30 meters in depth. Hilltouch historical yearly production records
indicate recovered average gold grades of 7.2 g/t in 2019, 11.0 g/t in 2020 and 4.4 g/t in 2021 as
recorded at the Mutare Ministry of Mines and Mining Development office.
Current information indicates the Chikonga Mine, with the exception of a single 41.4 meter hole, has
not been previously core drilled which presents an excellent discovery opportunity beneath current
mine workings. The property will be assessed for both its open pit and scaled up underground
potential of the multiple shear zones. In addition, historical reports suggest potential for gold
mineralization in the shear zone wall rocks. An underground winze developed in 1974 intersected "…
a strong wide band of pale grey rock … it contained no quartz or visible sulphides and assayed only
1.0 g/t."* At the time, only one reef was being mined at the No.1 Shaft versus the multiple reefs at
present.
The property lies within the Archean aged Mutare Greenstone Belt; a prolific gold producing area
which hosts the Penalonga and Redwing gold mines on trend to the east. It is predominantly
composed of greenstones (metamorphosed mafic to ultramafic volcanic rocks), with minor banded
iron formation and tremolite schist. Chikonga Mine is currently being mined on a small scale from
several shear zones. Current mine production is approximately four tonnes per day. Milling is by
means of a three stamp mill and gold recovery by cyanidation. Tailings average approximately 0.5
g/t gold.
Loren Komperdo
, President and CEO stated; "We are very excited about the potential of the
Chikonga Mine property. This proven gold producer with over eight years of small scale mining has
never been drilled except for one 41.4 meter core hole drilled in 1975. The current shallow mine
workings have barely scratched the surface of this property. Zephyr sees Chikonga as a low risk
exploration prospect. We know the gold is there. The questions are: how rich is it; will the gold
distribution support potential open pitting; and how big is it?"
Under the terms of the option agreement, Zephyr though its wholly own Zimbabwean subsidiary,
Sutter Mining (Private) Limited ("Sutter") can acquire 75% of the Chikonga Mine by paying
US$80,000
over four years and spending
US$1.175 million
on exploration over five years. After
earning 75%, further expenditures by Sutter on exploration and/or mine development will be paid
back to Sutter prior to Hilltouch participating in mine profits. Hilltouch is permitted to continue small
scale mining from areas currently being mined until Zephyr makes a decision to build a mine.
Chikonga Mine is located approximately 20 kilometers east-northeast of the town of Mutare and
three kilometers by road north of the A3 highway. The area has excellent infrastructure including high
voltage power nearby as well as one of the main highways in the country. Manpower and services
are available in Mutare.
Qualified Person
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.
References:
*
Pg
.2, Report on the
Chikonga
Mine,
Chikanga
Farm South,
Umtali
District;
22 September, 1972
;
N
M
Harrison, Regional Geologist, Geological Survey Office,
Salisbury
, Rhodesia
About Zephyr Minerals Ltd.
Zephyr Minerals Ltd. has applied for a mining permit at its 100% owned high grade Dawson-Green
Mountain property in
Colorado, USA
. After expanding its land package to 1,385 hectares (3,574
acres) the Company now controls a 12.2 kilometer long
Dawson Green Mountain
mineralized trend.
In addition to the Dawson-Green Mountain property, the Company has acquired two Special Blocks
in
Zimbabwe
and is assessing additional opportunities in
Zimbabwe
.
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.
SOURCE
Zephyr Minerals Ltd.
View original content:
http://www.newswire.ca/en/releases/archive/May2022/09/c2471.html
%SEDAR: 00030509E
For further information:
Loren Komperdo, President & CEO or Will Felderhof, Executive Chairman,
T: 902 706-0222, [email protected]
CO: Zephyr Minerals Ltd.
CNW 08:50e 09-MAY-22