Trading Symbol: TSX-V: ZFR OTC: ZPHYF
Shares Outstanding: 46,332,620
HALIFAX, June 13, 2018 /CNW/ - Zephyr Minerals Ltd. ("Zephyr" or the "Corporation") (TSXV: ZFR) is pleased to report that initial reconnaissance work on the newly acquired Sentinel East Zone has resulted in the discovery of two gossanous outcrops characteristic of the surface expression of the quartz sulphide unit of the gold host rocks on the Dawson Property. The gossans are located 350 and 700 meters east of the Dawson Zone which is host to the current gold resource. The gossan at 350 meters east assayed 276 ppb gold, 0.18% copper and 6 ppm silver which is typical for grades of gossan in the Dawson Zone and as such points to the high gold prospectivity of this new area. These gossans support the high potential for the gold bearing Dawson Shear Zone to continue for the entire 1,600 meters east of the Dawson Zone. By comparison, the strike length of the combined Dawson, Copper King, Windy Gulch and Windy Point Zones is 1,100 meters. See photos on the Company's website at www.zephyrminerals.com.
The new Sentinel East Zone is currently the focus of an exploration program designed to generate drill targets for a planned Phase 2 drill program in Q4 2018 or Q1, 2019. The program includes geological mapping, sampling and a magnetic geophysical survey to continue east from the previous Zephyr magnetic survey which ended just east of the Dawson Zone. Previous magnetic surveys demonstrated excellent correlation between strong magnetic low anomalies and the gold host rocks. A historic magnetic survey has a strong magnetic low anomaly continuing approximately 300 meters east of the Dawson Zone. Zephyr's goal is to extend that magnetic low anomaly further east and use the data along with the geological mapping to plan a drilling program.
The current Phase 1 drill program is focused on building gold resources on the Dawson, Copper King, Windy Gulch and Windy Point Zones and is expected to continue through July with initial assay results becoming available in mid July (see news release 18 April, 2018).
Loren Komperdo, President & CEO stated, "The discovery of these gossans on the new Sentinel East Zone is an exciting development, significantly increasing the gold resource expansion potential on the Dawson Property. This new area has never been explored by modern day explorers, with the last work appearing to date to circa 1900 as evidenced by an old shaft near the 700 meter east gossan. Given the 4.3 km length of the Dawson Property, the 2 km depth potential and the 3.5 – 4 meter average widths of the current gold resource, there is ample room to visualize a potential million ounce resource."
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.
Mr. Mark Graves, P.Geo. registered with the Association of Professional Geoscientists of Nova Scotia (APGNS), has prepared the scientific and technical information in this news release.
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.
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 Sean Tufford, VP, Corporate Development, Zephyr Minerals Ltd., T: 902 446-4189, F: 866 941-4715