Zonte Metals discovers large coincident Induced Polarization target at Dunns Mountain and appoints John Hayes to the Advisory Board
Zonte Metals discovers large coincident
Induced Polarization target at Dunns Mountain
and appoints John Hayes to the Advisory
Board
TSXV: ZON
HALIFAX
,
Oct. 11, 2018
/CNW/ - Zonte Metals Inc. (TSXV: ZON) ("Zonte" or the "Company") is
pleased to provide an update on the recent Induced Polarization (IP) survey at the Cross Hills Iron
Oxide Copper Gold (IOCG) Project.
Highlights
:
Discovery of a large IP anomaly coincident with surface copper mineralization and geophysical
magnetic anomaly at Dunns Mountain.
IP anomaly extends past the depth of penetration of 150 meters and remains open along strike
and to depth.
Company appoints
John Hayes
to the Advisory Board.
A four-line, 5.2km survey, spaced
100m
apart, has been completed over the Dunns Mountain target.
The survey has successfully delineated a large IP target that correlates directly with the recently
discovered copper-silver-gold mineralization. The Dunns IP anomaly is characterized by a moderate
to strong chargeability response that can be traced across
400m
of strike length with widths up to
200m
. The zone remains open along strike in both directions and extends past the survey
penetration depth of
150m
. 2D and 3D geophysical inversion models have been performed on the
data and compiled with the high-resolution ground magnetometer surveys. The geophysical
surveying illustrates that the mineralization correlates directly with not only a well-defined
chargeability response, but also with a strong magnetic response. Modelling of the magnetic data
suggests that the magnetic susceptibilities increase significantly with depth. A second IP target just
north of the main target at Dunns has also been delineated and will require follow-up investigation to
determine its source.
As part of the on-going geophysical surveying, additional infill high-resolution ground magnetometer
surveying was carried out at Dunns Mountain to better define the magnetic target prior to drilling.
With the higher density line-spacing, the survey shows the magnetic anomaly extending to the
northeast to include what was previously an isolated anomaly. The magnetic anomaly now measures
800m
by
600m
and extends at its deepest to approximately
450m
below surface.
Images depicting the results can be found at
http://www.zontemetals.com/projects/cross-hill-project
.
Zonte also wishes to announce that
John Hayes
, of TerraStrat Consulting Inc, has joined the
Company as an advisor and will provide Capital Markets advisory and consultation services to the
Company. Mr. Hayes recently served as Senior Vice President of Corporate Development at Osisko
Mining Inc. upon his retirement from capital markets in
April 2014
. Mr. Hayes was a Managing
Director and mining analyst at BMO Capital Markets, which he joined in 2003. Mr. Hayes has been
granted 250,000 stock options in the Company in connection with his advisory role.
Terry Christopher
, President and CEO states "The recent discovery of the mineralized corridor at
Dunns has been followed up with the identification of a significant and coincident IP anomaly. The IP
anomaly, specifically the chargeability component, has identified the known surface copper sulphide
mineralization and suggests that the mineralization extends past the effective survey penetration
depth of 150 metres. The chargeability anomaly, which most likely represents sulphide content,
remains open along strike and at depth. We are very pleased that all systematic exploration
program results suggests that a robust target exists at Dunns Mountain. The geophysical data will
be used, in combination with the geological and geochemical data, to select drilling locations for
Phase 1 drilling."
Qualified Person
Dean Fraser
, 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, a junior explorer focused on gold and copper, has signed option agreements to
acquire 100% of the McConnells Jest project in the
Yukon Territory
and the Cross Hills IOCG
project in
Newfoundland
and
Labrador
. It holds a 100% interest in the drill ready Wings Point Gold
Project. In addition, the Company and partner have an application over open areas sitting over 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, statements regarding financial and business prospects, 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.
www.zontemetals.com
SOURCE
Zonte Metals Inc.
View original content:
http://www.newswire.ca/en/releases/archive/October2018/11/c3204.html
%SEDAR: 00029601E
For further information:
Terry Christopher, CEO and President, 902-405-3520,
CO: Zonte Metals Inc.
CNW 08:30e 11-OCT-18