Zonte provides update on Gramalote Mineral Rights Application, Colombia
Zonte provides update on Gramalote Mineral
Rights Application, Colombia
TSXV: ZON
HALIFAX, NS
,
Feb. 4, 2021
/CNW/ - The Company wishes to provide the following update on the
Gramalote Mineral Rights Application.
As previously announced, in a press release dated
November 19, 2015
, Zonte Metals Inc. along
with a Colombian Partner (the "Partners") made application for open ground sitting over the
Gramalote Deposit. Gramalote is host to a gold deposit located in
Colombia
and subject to a joint
venture between AngloGold Ashanti (NYSE:AU) and B2Gold (TSX:BTO, NYSE:BTG) (collectively
"Gramalote Colombia Limited"). The application was subject to review by the Secretaria de Minas
("Secretary of Mines"), Department of Antioquia,
Colombia
, which acknowledged that the area under
application has open ground, but to date has denied issuing the title to the Partners which has
required the Partners to pursue the matter through the Colombian Courts with the objective of
having the application processed in accordance with the mining code. The mining code in
Colombia
was modified in 2019, however, the issue remains grandfathered by the original mining code in effect
at the time of the application. The case is active and ongoing.
The open areas under application made by the Partners, according to a technical study generated
by the Secretariat of Mine of Antioquia, covers 29.8 hectares of which portions are above the pit
outline of two resources. An image of the application over the outline of the Gramalote Deposit is
illustrated below.
Among the conditions of the case, the area under application is considered to be open ground and
hence no exploration or mining activity is to be carried out by any party until the Court has ruled. The
Partners continue to be active with the case and are waiting for a Court date for the trial. Updates
will be provided as appropriate.
Gramalote Mineral Rights Application, Colombia (CNW Group/Zonte Metals Inc.)
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. 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 has an option to earn 100% in the Cross
Hills IOCG project located in
Newfoundland
. In
Colombia
the company has a 25% carried interest in
Project X where historic drilling interested 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.
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%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 04-FEB-21