Trading Symbol: TSX-V: ZFR OTC:ZPHYF
Shares Outstanding: 46,332,620
HALIFAX, June 27, 2018 /CNW Telbec/ - Zephyr Minerals Ltd. ("Zephyr" or the "Corporation") (TSX-V: ZFR) (OTC: ZPHYF) is pleased to report that a recently completed magnetic geophysical survey east of the Dawson Zone has outlined a strong magnetic low anomaly that extends for 1,100 meters (3,600 feet). This magnetic low anomaly is similar in strength to the magnetic low anomaly over the gold resource at the Dawson Zone but is over double the size. The magnetic anomaly found at the Dawson Zone has excellent correlation with the gold bearing rocks (biotite aplite) which hosts the gold deposit at Dawson. See the geophysical map at the Corporation's website, www.zephyrminerals.com.
Inversion modeling of the magnetic geophysical data has indicated that the magnetic low structure found at the Sentinel Zone is steeply dipping to the south. This structure is the same as in the Dawson Zone where computer modeling of the magnetic low anomaly indicates a steeply dipping structure to the south. At Dawson the computer geophysical model has been confirmed by drilling where the gold bearing structure dips to the south at approximately 60-70 degrees.
The discovery of gossans located 350 and 700 meters east of the Dawson Zone (see press release #07-18, June 13, 2018) adds further evidence of the magnetic low anomaly correlation with the gold bearing rocks found at the Dawson Zone. The gossan at 350 meters east assayed 276 ppb gold, 0.18% copper and 6 ppm silver which is typical for grades of the gossan in the Dawson Zone and as such points to the high gold prospectivity of this undrilled area.
Loren Komperdo, President & CEO stated, "The continuation of the magnetic low anomaly coupled with the gossan discoveries is an exciting development at the Dawson Project and significantly enhances the gold discovery potential in this large section of the property. There is no question that high quality drill targets will be generated from these successful programs."
The next phase of exploration at the Sentinel Zone includes detailed geological mapping and sampling. This new geological information along with the magnetic geophysical data will be used to generate drill targets for the planned phase two drill program in Q4-2018 or Q1-2019. The phase one drill program continues and initial assay results are expected mid July.
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. Dean Fraser, P.Geo., a qualified person for the purpose of National Instrument 43-101, Standards of Disclosure for Mineral projects of the Canadian securities administrators, has reviewed and approved 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 Will Felderhof, Executive Chairman, Zephyr Minerals Ltd., T: 902 446-4189, F: 866 941-4715