Zonte Metals Identifies New Targets at Wings Point Gold Project and Re-Prices Warrants
BEDFORD, NS, March 15, 2013 /CNW/ - The company is pleased to announce partial results from a 52.5-line kilometre induced polarization survey carried out during the fall of 2012. The survey was completed on 8 different areas throughout the property, of which 7 areas were new targets selected based on exploration results. Interpretation for two of the eight grids has been completed, while the remaining interpretations are in progress.
The two grids, labelled F and G, were completed on the Wings Point South Project, which is part of the larger Wings Point Project composed of 12,375 hectares. Grids F and G are located about 15-20 kilometres south of the Pit Target, which is an advance disseminated gold target that has yet to be drilled.
Grid F was completed where numerous float samples assayed anomalous gold and significant glacial till and bogs restrict outcrop exposure. The survey was successful in identifying several high-priority targets that require further investigation. These targets include;
|a.||Target (F1) extending over two lines for a strike length of 650 metres, approximately 150 to 200 metres wide and interpreted as pyritic sediments in an area where no exploration has been conducted. The target is defined by a strong chargeability high and corresponding resistivity low.|
|b.||Target (F2) extending over all three lines for a length of 1150 metres and is 100 to 150 metres wide. This target is in an area where numerous float samples including boulders up to several tons carrying anomalous gold up to 1 g/t Au have been sampled. The target is interpreted to be a contact zone and is defined by a well-defined strong chargeability high and a distinct change in the resistivity signature.|
|c.||Target (F4) was identified on one line, along the eastern side of the grid, and is open ended. The target is defined by a strong chargeability response and correlating low resistivity. The zone is similar in characteristics to Target F1 and may be interpreted to be the result of pyritic sediments known to exist in the area.|
Grid G, a 1,725 km survey composed of two parallel lines 350 metres apart, was completed over an area where gold mineralization in outcrop was discovered along a forest access road. Gold mineralization occurs in two gossanous zones, each about 3 to 4 metres wide, about 20 metres apart and partially enveloped in chloritic altered rocks containing anomalous gold. Sampling through these zones returned values up to 4.1 g/t gold. Mineralization is characterized by disseminated pyrite and arsenopyrite similar to the undrilled Pit Target. The survey identified a number of targets including two high priority targets noted below;
|d.||Target (G1) occurs on both grid lines having a strike length of 350 meters and width between 50 and 125 meters. The zone is interpreted as being contact related and is characterised by a well-defined moderate chargeability response and associated decrease in resistivity to a resistivity low on the northern line.|
|e.||Target (G3) occurs on both grid lines having a strike length of 350 metres and a width up to 175 metres. This zone is interpreted as being contact or structurally related and is directly coincident with known bedrock gold mineralization. It is characterized by a strong chargeability response and an associated break in the resistivity.|
Historic exploration highlighted this general area for gold potential, however, limited bedrock exposure and sporadic exploration failed to previously identify any significant targets. Among the historic data, a stream sediment sample between grids G and F recorded a high value of 2120 ppb Au. This data in combination with Zonte's geophysical and geochemical results point to a number of targets that need follow up.
The Company is also pleased to also announce that it is amending the exercise price of its outstanding common share purchase warrants issued with the private placement announced October 3, 2011. A total of 1,240,000 warrants with an expiry date of November 9, 2013 are being re-priced to $0.18 from the original $0.35 exercise price. Under section 4.3 (b) of Policy 4.1, if for any ten consecutive trading days during the unexpired term of the warrant, the Company's share price closes above $0.225 per share, the warrants will expire following a 30 day exercise period which will begin seven calendar days after the tenth day in which the closing price exceeds $0.225.
This release was reviewed and approved by Dean Fraser, P.Geo, a Qualified Person as defined by instrument NI 43-101.
Zonte Metals Inc. is a junior explorer focused on gold and copper. The Corporation is actively reviewing and completing field due diligence on projects in South America.
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.
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