Zonte Metals announces a 25% carried interest in an advanced Colombian gold property opportunity
Zonte Metals announces a 25% carried interest
in an advanced Colombian gold property
opportunity
TSXV: ZON
HALIFAX, NS
,
Sept. 15, 2020
/CNW/ - Zonte Metals Inc. is pleased to announce it has retained a
25% carried interest in an option agreement for a gold property in western
Colombia
. Zonte
permitted Southern Sky Resources Corp. a private company, to enter into a five-year option
agreement for the Project X property, which sits in the Cordillera Occidental of
Colombia
, in return
for its retained interest.
Project X, is an advanced gold exploration property, wherein a total of 14 historic drill holes were
completed during 1997 - 1998. A summary of the significant data is located in the following table.
Note, none of the drill core was located for independent verification and the drill hole assay data was
taken from publicly disclosed press releases pre-National Instrument 43-101 standards and hence
the data is historic in nature.
Drill Hole
From
(m)
To
(m)
Interval
(m)
Gold
(g/t)
DH - 1
0.0
18.9
18.9
3.56
DH - 2
0.0
80.0
80.0
2.1
including
0.0
22.5
22.5
4.5
DH - 4
0.0
451.0
451.0
0.7
including
303.0
325.5
22.5
3.72
DH - 5
0.0
29.0
29.0
2.61
DH - 6
40.5
42.0
1.5
3.64
DH - 7
0.0
157.0
157.0
0.95
including
5.5
14.5
9.0
2.9
DH - 8
37.5
45.0
7.5
0.75
And
103.5
159.0
55.5
0.4
And
171.0
180.0
9.0
0.89
DH - 9
17.0
104.0
87.0
0.41
DH - 10
129.0
136.5
7.5
3.9
And
292.5
307.5
15.0
1.72
DH - 11
196.5
216.0
19.5
1.13
DH - 13
0.0
6.0
6.0
0.55
And
79.5
109.5
30.0
0.8
DH - 14
55.5
106.0
51.0
0.71
and
216.0
220.5
4.5
0.68
Both companies have been working together to secure the rights to the property over the last year
with Southern Sky securing the five-year option agreement with a Colombian private company.
Going forward, Southern Sky will be the operator and Zonte retains a 25% carried interest to a
production decision in the option agreement. Zonte personnel have completed a number of due
diligence visits to the property over the last 7 years. This included sampling known mineralized
structures, confirming drill pads locations and confirming with the local association the previous
drilling program. Geologically, the property appears to be a porphyry system with numerous breccia
and vein structures. Southern Sky is in the process of mapping and sampling the property with local
geological consultants and planning a geophysical survey. Southern Sky is completing a NI 43-101
document with the intention of listing on the TSXV.
Qualified Person
Jack King
, P.Geo. is the qualified person as defined by NI 43-101 and has reviewed and approved
the contents and technical disclosures in this press release.
About Zonte
Zonte Metals Inc. is a junior explorer focused on gold and copper. The Company has signed Option
Agreements to acquire 100% of the McConnells Jest project, in the Tintina Gold Belt, located in the
Yukon Territory
and the Cross Hills IOCG project located in
Newfoundland
and holds a 100%
interest in the drill ready Wings Point Gold Project also located in Newfoundland. In addition, the
Company and partner have an application over open areas sitting on top of the open pit outline of the
Gramalote Deposit in
Colombia
, which is held by AngloGold Ashanti (NYSE:AU) and B2Gold
(TSX:BTO, NYSE:BTG). The title issuance is being contested by the state governing the application
and the Company has started legal action to protect its rights.
Forward-Looking Information
This news release contains forward-looking statements which include statements regarding the
Corporation's future plans, as well as statements regarding financial and business prospects and the
Corporation's future plans, objectives or economic performance and financial outlooks. The
Corporation believes that the expectations reflected in this news release are reasonable but actual
results may be affected by a variety of variables and may be materially different from the results or
events predicted in the forward-looking statements. Readers are therefore cautioned not to place
undue reliance on these forward-looking statements. In evaluating forward-looking statements
readers should consider the risk factors which could cause actual results or events to differ
materially from those indicated by such forward-looking statements. These forward-looking
statements are made as of the date hereof, and unless otherwise required by applicable securities
laws, the Corporation does not intend nor does it undertake any obligation to update or revise any
forward-looking statements. Neither the TSX Venture Exchange nor its Regulation Services Provider
(as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the
adequacy of accuracy of this release.
SOURCE
Zonte Metals Inc.
View original content:
http://www.newswire.ca/en/releases/archive/September2020/15/c1523.html
%SEDAR: 00029601E
For further information:
Terry Christopher, CEO and President, 902-405-3520,
[email protected], www.zontemetals.com
CO: Zonte Metals Inc.
CNW 08:30e 15-SEP-20