Trading Symbol: TSX-V: ZFR OTC:ZPHYF
Shares Outstanding: 46,332,620
HALIFAX, July 25, 2018 /CNW/ - Zephyr Minerals Ltd. ("Zephyr" or the "Company") (TSXV: ZFR) (OTC: ZPHYF) is pleased to announce the addition of the Green Mountain copper-gold property ("Green Mountain") to its holdings in west-central Colorado. Green Mountain is approximately 10 km southwest of the Dawson Gold Property ("Dawson"), and comprises one patented and 33 unpatented lode mining claims totaling 276 hectares (682 acres). The one patented claim of the Green Mountain project was purchased for US$25,000 in an arm-length transaction and the 33 unpatented lode-mining claims were acquired through staking. Assay results of 17 grab samples collected on a reconnaissance traverse on the patented claim were very encouraging with five exceeding 1 g/t gold including one sample of malachitic garnetiferous biotite aplite which assayed 13.6 g/t gold. This rocktype is one of the principal gold hosts at Dawson and points to the high gold prospectivity of Green Mountain. Grab samples are selected samples and are not representative of the mineralization hosted on the property.
Green Mountain occupies a shear zone which is interpreted to be the faulted offset extension of the Dawson Shear Zone and exhibits similar geochemistry and rock types to Dawson, thus is considered to be highly prospective for gold. Discovered in ca. 1882, Green Mountain was mined on a small scale from shallow shafts (maximum depth 76.2 m (250 ft.) on a massive sulphide horizon. Historical records indicate a small tonnage (1187 t) of high grade material (12.6% copper, 3.8g/t (0.11 oz/ton) gold and 47.6 g/t (1.39 oz/ton) silver, was shipped direct to a smelter early in the last century. Modern exploration programs targeting base metals were carried out by Phelps Dodge between 1979 and 1984 and by Inco Ltd. between 1992 and 1994. A drill hole below the old workings by Phelps Dodge intersected 18% copper, 4.3% zinc and 181.6 g/t (5.3 oz/ton) silver at a drill hole depth of 123.5 m (405 feet) and remains open at depth*. Zephyr's studies suggest this sulphide horizon is analogous to that at the southern contact of the shear zone at Dawson.
Geological studies by United States Geological Service (USGS)** at Green Mountain report at least seven old shafts over a distance of 328 m (1,000 ft.) along the Main Trend of the shear zone; rock types identical to those hosting gold mineralization at Dawson, including the garnetiferous biotite gneiss (aplite); and gold values from dump samples ranging from < 1 g/t to 9.24 g/t. The inferred strike length of the shear zone at Green Mountain is 2,440 m (8,000 ft.).
In addition to the Main Trend marked by historic shafts, Phelps Dodge reports a mineralized "Western Trend", located northwest of the Main Trend. Two drill holes targeting Electromagnetic (EM) geophysical anomalies on the Western Trend intersected disseminated sulphides (no assays reported) with the second hole (317.7 m total depth), believed to be 15-30 m (50-100 ft.) short of the target horizon.
In total, Phelps Dodge drilled 13 diamond core holes totaling 2,172.6 m (7,126 ft.), targeting the copper gold sulphide zone and geophysical anomalies. With the exception of the two drill holes on the Western Trend, seven of the remaining holes were drilled to the southeast, two to the northeast and one vertical. Both the Main Trend and Western Trend at Green Mountain dip 65° - 85° to the southeast, similar to the 60° - 70° southeast dip at Dawson, which means that the footwall zone to the massive sulphide horizon remains largely untested. It is the footwall zone that is the host to gold resources at Dawson. Future drilling by Zephyr on these trends at Green Mountain will be on a northwest bearing.
Loren Komperdo, President and CEO stated, "Green Mountain shows high potential for Dawson style gold mineralization and the inferred strike length of approximately 2.5 km represents a 58% increase over the 4.28 km length of the Dawson Property. With a new expanded total of 6.78 km of potential gold mineralized shear zone to explore, the scope of Zephyr's gold project in Colorado has become considerably more robust. "
* Exploration Report, Green Mountain Mine; J.M. Swallow, 1994.
** USGS Open File Report 80-833, Raymond & Sheriden, 1980.
Mr. Mark Graves, P.Geo. registered with the Association of Professional Geoscientists of Nova Scotia (APGNS), and vice president of exploration of the Company, has reviewed and approved the scientific and technical information in this news release.
About Zephyr Minerals Ltd.
Zephyr Minerals Ltd. continues to advance it's 100% owned high grade Dawson Gold Project in Colorado, USA. After completing a positive PEA, Zephyr is continuing with permitting and additional engineering, with a near term focus on exploration and resource expansion.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. This press release contains forward-looking statements. More particularly, this press release contains statements concerning the use of funds from a private placement.
The forward-looking statements contained in this document are based on certain key expectations and assumptions made by the Company, including, with respect to the use of funds from the private placement, expectations and assumptions concerning timing of receipt of required regulatory approvals and third party consents and the satisfaction of other conditions to the completion of the exploration work on the Dawson Gold Property.
The forward-looking statements contained in this document are made as of the date hereof and the Company undertakes no obligation to update publicly or revise any forward-looking statements or information, whether as a result of new information, future events or otherwise, unless so required by applicable securities laws.
SOURCE Zephyr Minerals Ltd.
For further information: Loren Komperdo, President & CEO or Will Felderhof, Executive Chairman, Zephyr Minerals Ltd., T: 902 446-4189, F: 866 941-4715