Zonte Metals provides update on its three Canadian projects.
Zonte Metals provides update on its three
Canadian projects.
TSXV: ZON
HALIFAX, NS
,
Oct. 4, 2022
/CNW/ -
MJ Gold Project,
Yukon Territory
In the
Yukon Territory
, the Company holds 100% interest in the MJ Gold Project. The MJ project is
adjacent to
Victoria Gold
(
VGCX-TSX
) which operates the Eagle Mine with the aim of producing
250,000 ounces of gold by 2024 (source;
Victoria Gold's
webpage). On
September 15, 2022
,
Victoria Gold
press released a maiden NI43-101 resource for its new Raven discovery which shows
1,070,000 gold ounces at an average grade of 1.67 g/t at a 0.5 g/t cut-off (as noted in the Victoria
Gold's
Sept 15, 2022
press release with that effective date, wherein the maiden resource estimate
was prepared by
Victoria Gold
and independent qualified person
Marc Jutras
, PEng, MASc. Note,
the NI43-101 is to be filed on Sedar by
Victoria Gold
within 45 days of the
Sept 15, 2022
press
release) The Raven Deposit, which is open along strike, appears to be about 2.3km on strike from
Zonte's claim.
Importantly, it appears the intrusion hosting the Raven deposit could be a part
of a larger intrusive system related to the intrusion on Zonte's property
.
In 2017, Zonte
completed a 3 month rock sample exploration program at MJ with subsequent follow up drilling
resulting in the discovery of its 2-4 target. The Company has not completed any exploration since
that time. The MJ project hosts seven untested targets defined by gold-in-bedrock and soil
anomalies. Much of the intrusion within the MJ project has not been explored. Additional information
including drill results from 2017, maps illustrating targets and relationship to
Victoria Gold's
Raven
Deposit can be found on the MJ Project page at
www.zontemetals.com
Cross Hills Copper Project,
Newfoundland
and
Labrador
The Cross Hills copper project is 100% owned by Zonte, where the company has been focusing its
exploration over the last few years. After three years of extensive exploration involving fieldwork,
drilling, high-resolution ground magnetic and gravity surveys, rock and soil sampling, alteration
mapping and structural analysis, the Company has discovered 10 significant targets. Cross Hills is a
district scale exploration project and a significant discovery would elevate the Cross Hills project
status, potentially representing a new copper belt in
Canada
.
The ten targets discovered to date, range from partially defined to drill ready. Recently, the
Company completed additional sampling at both the Big K and K6 targets, bringing them to drill
ready status. The Big K target measures 1500 by
500m
and the K6 measures 600 by
400m
and
open along strike. These two targets are to be drill tested next, while a number of other targets will
be advanced to the drill stage simultaneously. See the company's webpage for project details.
Wings Point Gold Project,
Newfoundland
and
Labrador
Zonte's Wings Point Gold Project sits at the northern end of the newly developing gold belt in
Central
Newfoundland
. Recent exploration by the Company has confirmed the discovery of a large quartz
system. A large quartz vein exhibiting hydrothermal character has been discovered and traced for
+100m
at which point it disappears under cover along strike in both directions. The width of the vein,
which is observed up to
3m
, is unknown due to cover. A large area over several kilometres near the
vein discovery exhibits hydrothermal quartz float rock similar to that in the outcropping vein. A
detailed exploration program is required to understand this new vein discovery. In addition, in 2021
the Company completed exploration over the Barry's Brook iron oxide showing. It is believed the iron
oxide is from a subsurface iron source wherein ground waters have been leaching the iron and
subsequently depositing it at surface. Samples of the iron oxide have returned zinc values up to
0.1% Zn (see
November 21, 2021
press release). A soil sampling grid has just been completed over
this target area. See the company's webpage for project details.
DATA ROOM
Recently, the Company has fielded inquiries on several of its properties and hence, has established
a data room to assist in due diligence. The Company will review any proposals should it create value
for the shareholders.
Qualified Person
Donald Blake
, 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 owns 100% of the
McConnells Jest project, in the Tintina Gold Belt, located in the
Yukon Territory
, the
Wings Point
project in the new Central Newfoundland Gold Belt, and the Cross Hills IOCG project located in
Newfoundland
and
Labrador
. In
Colombia
; the company has a 25% carried interest in Project X
where historic drilling intersected significant gold mineralization and 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/October2022/04/c5252.html
%SEDAR: 00029601E
For further information:
Terry Christopher, CEO and President, 902-405-3520,
[email protected], www.zontemetals.com
CO: Zonte Metals Inc.
CNW 08:35e 04-OCT-22