Trading Symbol: TSX-V: ZFR
Shares Outstanding: 24,295,961
HALIFAX, April 7, 2015 /CNW/ - Zephyr Minerals Ltd. ("Zephyr" or the "Company") (TSX-V: ZFR); is pleased to announce that it has engaged MineTech International Limited to complete a mine plan for the Dawson Gold Project ("Dawson") in Colorado, USA. The Dawson deposit is comprised of three mineralized areas; the main Dawson segment, the Windy Gulch segment and the Windy Point segment.
At a preliminary economic assessment level, the work will consist of an open pit mine plan and production schedule at the Windy Gulch segment, and an underground mine plan and production schedule at the main Dawson segment. The decline design, capital requirements and operating costs will be carried out to a preliminary feasibility level (+/-15-20%) of accuracy.
David Felderhof, Executive Vice President of Zephyr stated, "We are very pleased to have commenced this next step in advancing the Dawson gold project. Despite unfavourable market conditions for junior mining companies, Zephyr has been effective to date in methodically carrying out its strategy, with the ultimate goal of production. Since acquiring Dawson the Company has completed a successful drill program,, completed an independent resource estimate in accordance with NI 43-101, commenced baseline environmental studies and finalized necessary metallurgical test work. The Company has been able to do this through a combination of successful private placements, and prudent use of proceeds."
Together, the main Dawson segment and the Windy Gulch segment host an inferred mineral resource of 392,000 tonnes grading 10.50 g/t gold; containing 132,300 ounces of gold using a 5 g/t gold cut-off and a cap of 40 g/t gold (uncapped: 392,000 tonnes grading 11.97 g/t gold and containing 150,800 ounces of gold). The main Dawson segment is open down-plunge to the southwest and up-plunge to the northeast, and the Windy Gulch segment is open to the east and at depth. The Windy Point segment, which was not included in the resource estimate, is open along strike and at depth.
Permitting activities continue at Dawson, and the mine plan will be used to further this initiative.
About Zephyr Minerals Ltd.
Zephyr Minerals Ltd. is a gold exploration and development company focused on advancing its flagship Dawson Gold Project in Colorado, USA. Dawson is an advanced stage high-grade gold property with excellent blue sky potential. In the fall of 2013, Zephyr announced filing on SEDAR a technical report, prepared in accordance with National Instrument -- Standards of Disclosure for Mineral Projects ("NI 43-101") on Dawson. Zephyr has commenced base line environmental studies as part of its efforts to advance the Dawson Project with the ultimate goal of production, subject in part to a positive economic study.
Mr. Andrew Hilchey, P.Geo., with Mercator Geological Services Limited, is a Qualified Person as defined under National Instrument 43-101 and has reviewed 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.
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, 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 Project.
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: David H. Felderhof, Executive Vice President, Zephyr Minerals Ltd., T: 902 446-4189 , F: 866 941-4715, E: [email protected], www.zephyrminerals.com