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;
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
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.
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;
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.
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
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.
For further information:
CEO and President