Zonte Metals Identifies Possible Sedex Targets at the Wings Point Project
Zonte Metals Identifies Possible Sedex Targets at the Wings Point Project
TSXV: ZON
HALIFAX
,
March 1, 2017
/CNW/ - Zonte Metals Inc. ("Zonte" or the "Company") 100% owned Wings Point Project, located on the island portion of
Newfoundland
and
Labrador
, hosts a bulk tonnage gold target defined by geophysics (Induced Polarization and Resistivity) and bedrock gold mineralization which has yet to be
drill tested. The target has been identified in two areas; the Western Target Area which is 1200 metres "m" in length and 75-150 m in width and the Eastern Target
Area which is 700 – 800 m in length and up to 225 m in width. Both targets have geophysical signatures down to 150 m depth. Bedrock sample coincident with
the targets have assayed from 0.25 to 6.92 g/t Au.
During
September 2016
, Zonte re-staked several claims adjacent to the Wings Point Project that the Company had allowed to lapse during the years ended
January 31, 2016
and 2015. These re-acquired claims are contiguous to the
Wings Point
claim which hosts the Western and Eastern Target Areas. The recently
re-staked claims were previously explored for gold with widely spaced geophysical surveys which upon further review have revealed possible Sedex style
mineralization which is characterized by high chargeabilities and a significant corresponding decrease in resistivities. Several of these targets are spatially
coincident with elevated Zn-in-soils and Zn-Pb in stream sediments. The company is presently assessing its exploration strategy for these targets.
Zonte also reports that participation in the Company's non-brokered private placement offering of units (the "Offering") which closed on
February 1, 2017
, (see
press release dated
February 1, 2017
) included two insiders subscribing for 450,000 Units for gross proceeds of
$45,000
. The Company also advises that the
corrected cash finders' fees paid in connection with the Offering was
$67,060
.
About Zonte
Zonte Metals Inc. is a junior explorer focused on gold and copper. The Company holds the Wings Point Gold Project which is a drill ready project in
Newfoundland
and
Labrador
and has signed an Option Agreement to acquire 100% of the McConnell's Jest project, in the Tintina Gold Belt, located in the
Yukon Territory
, which
is composed of 172 claims totaling approximately 3371 hectares. In addition, the Company and a Colombian partner have an application over open areas sitting
on top 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.
Qualified Person
This news release has been reviewed and approved by
Dean Fraser
, P.Geol, and a "qualified person" under National Instrument 43-101.
Forward-Looking Information
This news release contains forward-looking statements which include statements regarding the Company's future plans, as well as statements regarding financial
and business prospects and the Company's future plans, objectives or economic performance and financial outlooks. The Company 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 Company 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 or accuracy of this release.
SOURCE
Zonte Metals Inc.
To view this news release in HTML formatting, please use the following URL: http://www.newswire.ca/en/releases/archive/March2017/01/c6019.html
%SEDAR: 00029601E
For further information:
Terry Christopher, CEO and President, 902-405-3520, [email protected], www.zontemetals.com
CO: Zonte Metals Inc.
CNW 09:24e 01-MAR-17