Zonte Metals Provides Project Updates
Zonte Metals Provides Project Updates
TSXV: ZON, OTC: EREPF
HALIFAX
,
Oct. 26, 2017
Zonte Metals Inc. ("Zonte" or the "Company") is pleased to provide the following update on the
Wings Point
and
McConnells Jest Gold Projects.
The Wings Point Gold Project, in
Newfoundland
and
Labrador
, is host to drill ready bulk tonnage gold targets. The project is located adjacent to
the town of
Wings Point
, approximately 30 km north of
Gander, NL
. The project is contiguous to TORQ Resources (TORQ-V) where that
company recently announced the discovery numerous targets in a regional till survey. The targets at
Wings Point
are characterized as a
disseminated gold system in sediments and analogous to the Touquoy Project of Atlantic Gold (AGB-V) in
Nova Scotia
where that company
recently poured its first gold.
The Wings Point Gold Project hosts two large distinct targets which were identified from rock and soil sampling and an Induced Polarization (IP)
survey. The IP survey consisted of both chargeability and resistivity surveys. The two targets include; the Western Anomaly which measures
1200m long by 75-150m wide and the Eastern Anomaly which measures 800m long by 225m. The IP anomalies are partially located in an
operating rock pit providing excellent access. Bedrock mineralization identified within the rock pit is coincident and above the IP anomalies, which
lie about 5 to 15m below surface. The observed surface mineralization is believed to represent fluid flow along fracture zones from the source
target below represented in the IP anomalies.
Zonte has applied for drill permits at the Wings Point Gold Project and presently has three of the four required for drilling. Phase 1 will consist of
testing both targets from within the rock pit area and total about 750m in five to six drill holes. The Company is well funded for Phase 1 drilling at
Wings Point
. An update will be provided once the final permit is in hand and the Company has finalized its drilling plans. The Company has also
recently acquired through staking a further 33 claims to bring
Wings Point
total to 101 claims, covering 2525 hectares.
At the McConnells Jest Project in the
Yukon Territory
, a short five hole Phase 1 drill program was completed in July, 2017. The results showed a
discovery at the Two-Four target where drill hole MJ-04 interested mineralization in two distinct zones, at the top and bottom of the core
including; 20.44 m of 0.72 g/t Au and 20.28m of 0.69 g/t Au, respectively (see
October 6, 2017
press release). Mineralization is characterized by
parallel quartz veining hosting arsenopyrite +/- pyrite within a granodorite.
The target type at McConnells Jest is an Intrusion Related Gold System (IRGS) where mineralization is characterized by vertically parallel gold
bearing veins which form a low-grade, high-tonnage target. The project is adjacent to the Dublin Gulch Project of
Victoria Gold
(VIT-V) where
construction of the Eagle Mine is in progress. The Eagle Deposit hosts a mineral reserve of 2.66M ounces of gold at 0.67 g/t Au and is
characterized as an IRG System (
Victoria Gold's
webpage). Zonte's McConnells Jest Project is similar in age, geology, structural profile and
geochemistry to
Victoria Gold's
Dublin Gulch project. A well known IRGS is being mined at the Fort Knox deposit in
Alaska
which is owned by
Kinross Gold
(K-TSX) and has been in production since 1996. As of
December 31, 2014
it still contained a Proven and Probable Mineral
Reserve of 2.398M ounces contained within 163.8 Mt at 0.46 g/t Au with cut off grades between 0.19 and 0.35 g/t Au (Kinross's webpage). The
McConnell's Jest project is an early stage exploration project and currently there's insufficient evidence to indicate mineralization hosted on the
Company's property is similar to that hosted by either the Dublin Gulch or Fort Knox deposits.
The 2018 exploration program at McConnells Jest will focus on expanding the drill discovery at the Two Four Target and field exploration on a
number of known targets which include the J Zone,
Tea Zone
and Big Quartz Targets. Much of the intrusion has not been explored to date and
further reconnaissance exploration will focus on those areas. The Company will provide further details on the upcoming program once they have
been finalized.
For further information please see the Company's webpage at
www.zontemetal.com
.
Dean Fraser
, P.Geo is the qualified person as defined by NI 43-101 and is responsible for the preparation of the technical disclosures in this press
release.
About Zonte
Zonte Metals Inc. is a junior explorer focused on gold and copper. The Company has signed an Option Agreement to acquire 100% of the
McConnells Jest project, in the Tintina Gold Belt, located in the
Yukon Territory
, which is composed of 172 claims totaling approximately 3371
hectares, and holds the drill ready Wings Point Gold Project located in
Newfoundland
and
Labrador
. 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.
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/October2017/26/c1071.html
%SEDAR: 00029601E
For further information:
Terry Christopher, CEO and President, 902-405-3520, [email protected], www.zontemetals.com
CO: Zonte Metals Inc.
CNW 13:11e 26-OCT-17