Zephyr Reports El Plomo Drilling
Zephyr Reports El Plomo Drilling
Trading Symbol: TSX-V: ZFR OTC-ZPHYF
Shares Outstanding: 66,107,910
HALIFAX, NS
,
Aug. 28, 2020
/CNW/ - Zephyr Minerals Ltd. (TSXV: ZFR) (OTC: ZPHYF) ("
Zephyr
"
or the "
Company
") announces that drill hole EP-20-01 was terminated on
August 27, 2020
at a
depth of
416.5 m
(1,366 ft.) and was not successful in intercepting significant sulphide mineralization.
The targeted mineralized zone which measured
30.5 m
(100 ft) (drill intercept length) in historic drill
hole GC-9 and hosted magnetic silver-lead-zinc mineralization was largely absent in EP-20-01, which
intersected a magnetic sulphide mineralized zone of
2.9 m
(9.5 ft.) (drill intercept length) from 220.0
to
222.9 m
(721.5 to 731.0 ft). Initial observations of the drill core suggest either a pinched section
of the mineralized zone occurs at this depth and/or destruction of the zone has occurred as a result
of younger age silica and pegmatite flooding. Pinch and swell is not an uncommon feature in
mineralized zones thus discovery potential, although diminished, remains. Below this zone discrete
bands of mafic rocks with disseminated sulphides occur within quartz-biotite-feldspar gneiss over an
interval of
122.0 m
from 228.6 to
350.6 m
(750.0 to 1,150.0 ft.). In addition to samples from the
mineralized zone, composite samples collected from the mafic rocks over lengths of
15.2 m
(50 ft.)
from 228.6 to
350.6 m
were collected for gold assaying. Assay results for this drill hole are not yet
available.
Loren Komperdo
, President and CEO, stated "At this stage it is prudent to postpone any further drill
testing of the Broken Hill Type silver-lead-zinc targets in the El Plomo area until assays are received
and all data is further evaluated by Zephyr's geologists and Technical Advisor, Dr.
Paul Spry
. In the
meantime, Zephyr will recommence its activities centered on the
Dawson
gold deposit by working to
build additional gold resources on the
Dawson
and Green Mountain sections of the property where
multiple drill targets have been identified. The property is characterised by high grade gold which is
particularly attractive in the current bull market in gold which shows every sign of continuing to grow
in the medium term. The Company is well funded to continue its exploration program."
The Company will focus exploration on the
Dawson
gold deposit and on the mineralized trend along
strike to the east and west. The
Dawson
gold deposit is located on the eastern side of the
Dawson
-
Green Mountain property and is fully permitted for drilling. The gold deposit is host to an *Inferred
Mineral Resource prepared in accordance with National Instrument 43-101 that totals 116,300
ounces gold (343,000 tonnes at 10.55 g/t defined at a 5 g/t cutoff and 40 g/t topcut), (uncut:
133,500 ounces grading 12.11 g/t gold), and is open at depth. This estimate has an effective date of
July 19, 2013
(see Company news release dated
July 23, 2013
). Average width of the gold
mineralized zone is approximately
3.5 m
(11.5 ft.) and ranges between approximately 1 and
15 m
(3.3 to 49.2 ft.). A **Preliminary Economic Assessment prepared in accordance with National
Instrument 43-101 and having an effective date of
March 21, 2017
was subsequently completed and
showed robust economics at a
$1,250
/oz gold price (see Company news release dated
February 7,
2017
). Mineral Resources that are not Mineral Reserves do not have demonstrated economic
viability. Management feels that current and projected gold prices support proceeding immediately
with gold exploration at the
Dawson
and Green Mountain sections; both of which boast excellent
potential for resource discovery/growth. The combined length of the gold prospective mineralized
trend at
Dawson
and Green Mountain is approximately 8 km (5 mi).
About Zephyr Minerals Ltd.
Zephyr Minerals Ltd. continues to advance its 100% owned high grade
Dawson
-Green Mountain
property in
Colorado, USA
. After expanding it's land package to 1,385 hectares (3,430 acres) the
Company now controls a 12.2 km long
Dawson
-Green Mountain mineralized trend. The
Dawson
section is currently host to a high grade Inferred category gold Mineral Resource. The Company
believes the combined
Dawson
and Green Mountain sections encompassing approximately 5 km of
potentially mineralized trend provide excellent resource expansion and new discovery potential.
To be included in the Zephyr email database for Company updates please contact
.
Notes:
* The Report is titled Resource Estimate Technical Report for the Dawson Property
Fremont
County, Colorado
, USA, dated
September 6, 2013
, and was prepared for Zephyr by
Andrew
Hilchey
, P.Geo., Mercator Geological Services Limited,
Isobel Wolfson
, M.Sc., P.Geo, and
Mark
Graves
, P.Geo..
** The report is entitled "National Instrument 43-101 Technical Report for the Dawson Property,
Colorado, USA
", effective
March 21, 2017
(the "Technical Report"). The Technical Report was
prepared by independent engineering firm, Golder Associates Ltd., with input from a number of other
specialized and experienced consulting firms, and is in accordance with National Instrument 43-101 -
Standards of Disclosure for Mineral Projects.
This PEA is preliminary in nature and includes inferred mineral resources that are too speculative
geologically to have economic considerations applied to them that would enable them to be
categorized as mineral reserves. There has been insufficient drilling to define the inferred resources
as indicted or measured mineral resource; however, it is reasonable to expect that the inferred
mineral resources could be upgraded to indicated and possibly measured resources with continued
drilling. There is no guarantee that any part of the mineral resources discussed herein will be
converted into a mineral reserve in the future.
Mr.
Scott Parks
, P.Geo., is a qualified person as defined by National Instrument 43-101 and has
reviewed and is responsible for the technical information in this news release pertaining to the El
Plomo drill program.
Mr.
Michael Cullen
, P.Geo., is a qualified person as defined by National Instrument 43-101 and has
reviewed and is responsible for the 2013 Mineral Resource Estimate information presented in this
press release.
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, including, readiness of contractors and
equipment, 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-Green Mountain 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.
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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 11:30e 28-AUG-20