BEDFORD, NS, June 25, 2012 /CNW/ - Zonte Metals Inc (TSXV: ZON) (the "Corporation" or "Zonte") is pleased to provide an update on the Wings Point project. A National Instrument 43-101 Report has been filed and accepted by the Toronto Venture Stock Exchange.
The Report is entitled "Technical Report on the Wings Point Property, Newfoundland, Canada, Licence 016270M", and was completed by D.R. Duncan & Associates Ltd ("DRDAL"). The purpose of the report was to review the results of the historical and Zonte's exploration work up to this point, confirm the project is of significant merit and provide recommendations for a Phase II program. The report will be filed on SEDAR within the next 45 days.
The Wings Point Project is located about 35 kilometres north of Gander, Newfoundland and Labrador, and accessible by paved and dirt roads. The NI 43-101 report was completed on the main target area within the Wings Point project and covers 30 claims totaling 750 hectares, and is part of the larger project collectively called the Wings Point Project.
Zonte has completed Phase I of exploration over the main target area, called the Pit Target. The program consisted of rock grab sampling, soil sampling including conventional and mobile metal ion media, induced polarization (IP) and magnetic geophysical surveys and trenching. The work confirmed the presence of gold mineralization that has been known in the sheared and altered sediments since the late 1980's.
Gold mineralization is exposed in an operating gravel pit and appears to strike with the local geology. Mineralization can been seen in two main areas, being parallel and exposed intermittently throughout the gravel pit area. The mineralization identified on the property to date is characterized as being associated with disseminated pyrite and arsenopyrite in altered shales, siltstones and greywacke. The primary alteration associated with gold mineralization includes carbonate, sericite and silicification.
The IP survey identified two large geophysical anomalies coincident with known gold in bedrock gold mineralization, named the Eastern and Western Geophysical Anomalies. The Western Geophysical Anomaly signature is 1200 metres in length and up to 150 metres wide and the Eastern Geophysical Anomaly is 600 - 700 metres in length and 70 - 100 metres wide. Based on the geophysical profiles both anomalies are near surface with Eastern Geophysical Anomaly siting between 25 to 30 metres below the surface, while the Western Geophysical Anomaly subcrops. An arsenic-in-soil anomaly with a length of 600 metres and a width about 100 metres sits on the shoulder and is adjacent to the Eastern Geophysical Anomaly. Gold-in-rocks, where mineralized, has been identified coincident with all three anomalies and ranges from 0.25 to 6.72 g/t.
The exploration model the Corporation is working with based on the interpreted data thus far is; gold mineralization exposed at surface is a result of mineralizing fluids migrating up from below, along zones of higher porosity, with the main target in the subsurface possibly associated with geophysical anomalies. The author of the NI 43-101 recommends the drill testing of these geophysical anomalies, after additional geophysical surveying. The additional geophysics is recommended to infill the present grid within the Pit Target area where presently the line spacing is 200 metres. The necessary permits for the geophysical program have been submitted and once all in hand, the additional survey lines will be carried out. Zonte will provide and update on the geophysical survey and the exploration plan through the greater Wings Point project once the permits have been issued and the program has started.
David R. Duncan, P.Geo. is the qualified person as defined by NI 43-101 and is responsible for the preparation of the Technical Report and the technical disclosures in this press release.
Zonte Metals Inc. is a junior explorer focused on gold. Our model is to find projects with large scale potential and to that end the Corporation is actively reviewing and completing field due diligence on projects in the USA, Africa and South America.
This news release contains forward-looking statements which include statements regarding the Corporation's future plans, as well as statements regarding financial and business prospects and the Corporation's future plans, objectives or economic performance and financial outlooks. The Corporation believes that the expectations reflected in this news release are reasonable but actual results may be affected by a variety of variables and may be materially different from the results or events predicted in the forward-looking statements. Readers are therefore cautioned not to place undue reliance on these forward-looking statements.
There can be no assurance that the exploration program will identify any priority targets. The actual results and future events could differ materially from those anticipated in this news release. The time frames identified to work programs and other activities may vary significantly from actual completion of the proposed work programs.
In evaluating forward-looking statements readers should consider the risk factors which could cause actual results or events to differ materially from those indicated by such forward-looking statements. These forward-looking statements are made as of the date hereof, and unless otherwise required by applicable securities laws, the Corporation does not intend nor does it undertake any obligation to update or revise any forward-looking statements.
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 of accuracy of this release.
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