VANCOUVER, Aug. 25, 2015 /CNW/ - Zimtu Capital Corp. (TSXv: ZC) (FSE: ZCT1) ("Zimtu" or the "Company") is pleased to announce the commencement of field work on the Munn Lake Property ("Property") located in the Slave Craton, Northwest Territories. The field work will consist of Kimberlite Indicator Mineral ("KIM") sampling in order to validate the historic sampling work and provide additional insight into the diamondiferous potential of each area.
The Munn Lake Diamond Property is situated in the midst of the Southern Slave kimberlite field, approximately 35 km east of the producing De Beers Snap Lake Diamond Mine and 40 km northwest of the De Beers Gahcho Kué Project scheduled to commence diamond production in 2016.
Historic exploration included the collection of over 2,500 samples and has identified at least five distinct mineral trains. The diamondiferous Munn Lake Sill has been identified as the source of only one of the five KIM trains. The four remaining KIM trains on the Property have seen substantially little follow up work by the previous operator, and there is believed to be a high potential for the discovery of up to four new kimberlites.
Historic Exploration Highlights:
- Between 1996 and 2007, SouthernEra Resources Ltd. acted as the operator of the diamond exploration program at Munn Lake. The bulk of the historic work was conducted between 1996 and 1999.
- Diamondiferous "Yuryi" Boulder Field**
- 226 diamonds, including 62 macro-diamonds returned from 581 Kg sample
- Boulders up to 25 m in diameter
- Diamondiferous Munn Lake Sill***
- 14 diamonds including 2 macro-diamonds and 12 micro-diamonds returned from 42 kg sample
- Drill-indicated total length of 1.3 km
- True thickness between 12 m - 0.25 m
- Four additional Kimberlite Indicator Mineral (KIM) trains on the property, sources yet to be identified.
** SouthernEra news release, February 18th, 1999
*** SouthernEra news release, June 8th, 1999.
Additionally the project benefits from existing infrastructure with the Gahcho Kué seasonal supply road transecting the Property.
Prima Diamond Corp. (Prima) had previously entered into an option agreement to acquire 100% of the Munn Lake Diamond Property from Zimtu and one of its staking partners. Prima has not received TSX Venture Exchange approval of the option agreement. Zimtu and its staking partner have decided to commence the above outlined field work program at the property. The exploration work is intended to advance the knowledge of the project. The results of the program may result in a renegotiation of the option agreement. Without regulatory approval, Zimtu and its staking partner will continue to look at the best alternative opportunities to advance the project.
NI 43-101 Disclosure
Mr. Neil McCallum, P.Geo., a Qualified Person as defined by National Instrument 43-101, read and approved the disclosure of the technical information in this news release.
About Zimtu Capital Corp.
Zimtu Capital Corp. is a public investment issuer that invests in, creates and grows natural resource companies thereby providing a way for shareholders to indirectly participate and profit in the public company building process. The Company also provides mineral property project generation and advisory services helping to connect companies to properties of interest.
Zimtu Capital trades on the TSX Venture Exchange under the symbol "ZC" and the Frankfurt Stock Exchange under the symbol "ZCT1". For more information please visit the corporate website at http://www.zimtu.com.
On Behalf of the Board of Directors
ZIMTU CAPITAL CORP.
President & Director
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 or accuracy of this release.
Disclaimer for Forward-Looking Information
This press release contains projections and forward-looking information that involve various risks and uncertainties regarding future events. Forward looking statements in this new release include but are not limited to the commencement of field work; that sampling will validate historic work and provide insight into the diamondiferous potential of each area; Zimtu has not independently analyzed the historical results and therefore they should not be relied upon although Zimtu believes these historical results provide an indication of the potential of the property and the results may be relevant to commencement of the planned field work. No assurance can be given that any of the events anticipated by the forward-looking statements will occur or, if they do occur, what benefits the Company will obtain from them. These forward-looking statements reflect management's current views and are based on certain expectations, estimates and assumptions which may prove to be incorrect. A number of risks and uncertainties could cause the Company's actual results to differ materially from those expressed or implied by the forward-looking statements, including: a downturn in general economic conditions in North America and internationally and other factors beyond the Company's control. These and all subsequent written and oral forward-looking information are based on estimates and opinions of management on the dates they are made and expressly qualified in their entirety by this notice. Except as required by law, the Company assumes no obligation to update forward-looking information should circumstances or management's estimates or opinions change.
SOURCE Zimtu Capital Corp.
For further information: David Hodge, President & Director, Phone: 604.681.1568