HALIFAX, Nov. 21, 2019 /CNW/ - Zonte Metals is pleased to announce the discovery of two large gravity anomalies and the commencement of drilling at the Dunns Mountain target on its Cross Hills IOCG project.
- Discovery of a large gravity high anomaly sitting under Dunns Mountain.
- 3D Inversion modelling indicates the target measures 750m long, 400m wide and up to 1000m deep
- Gravity anomaly extends under the magnetic anomaly and drill holes from Phase 1 did not test the area.
- The combined data sets show a series of distinct geological and geophysical signatures that will be tested in the present Phase 2 drill program, which has commenced.
The ground gravity survey identified large anomalies at both Dunns Mountain and the Big K targets. The Dunns Mountain 3D gravity anomaly appears structurally controlled and extends under the 3D modelled magnetic high zone. This new gravity data compliments the other data sets from Dunns Mountain including; high-resolution ground magnetics, Induced Polarization, mapping (structural, alteration and geological), rock and soil sampling and five drill holes completed in Phase 1. Analysis of the combined data shows a series of geological and geophysical signatures that will be tested in the current Phase 2 drill program. It is noteworthy that drilling in Phase 1 focused on the 3D magnetic model at Dunns and hence none of the holes tested the gravity anomaly.
During Phase 1 drilling, mineralization was intersected in a number of drill holes with the best single intersection discovered in CH-19-004. This drill hole intersected a number of mineralized intervals with a high-grade intersection returning 14.0% Cu, 15.8 g/t Au and 352 g/t Ag over 0.43m. This drill hole sits peripheral and above the gravity anomaly and it is postulated the mineralization intersected might be sourced along structural zones from within the gravity anomaly. Subsequent to Phase 1 drilling, a deep penetrating IP line was completed in the area where mineralization was discovered in CH-19-004. This survey identified a number of signatures that will be drill tested in Phase 2 drilling. Drilling in this area will occur after freeze up. Drilling has commenced on the most western side of the mountain and will then be followed up with a drill hole on the southern-most part of the 3D gravity anomaly. An image illustrating the gravity anomaly in cross section can be found at:
A second large gravity was discovered within the northern surveyed area and sits approximately 1.2km south of Dunns Mountain. It is spatially associated with a large magnetic anomaly named the Big K target, which was discovered in the Carols Hat area in 2018 along with two other magnetic anomalies. The gravity survey did not cover the Carols Hat magnetic target during this program. The gravity anomaly at the Big K target sits approximately 120 – 140 m below the surface and appears to be adjacent and inter-fingered with the magnetic anomaly. Outcrop in the area is limited compared to Dunns Mountain, however, iron oxide alteration and IOCG geochemical signatures were identified in 2018 sampling.
Terry Christopher, president and CEO states "The gravity anomaly discovered at the Dunns Mountain target is significant in size. The combined data sets, including magnetic, gravity and IP anomalies, allows Zonte to target priority areas for copper, gold and silver mineralization with a focus on structural breaks. The drill program at Dunns will systematically test these areas over the next few months. The Company now has four significant target areas that will be tested including Dunns Mountain, Big K, K6 and K7 targets.
The Company would like to acknowledge the Province of Newfoundland and Labrador for its financial support through the junior exploration assistance program exploration for work performed on the Cross Hills Property.
Dean Fraser, P.Geo. is the qualified person as defined by NI 43-101 and has reviewed and approved the contents and technical disclosures in this press release.
Zonte Metals Inc. is a junior explorer focused on gold and copper. The Company owns 100% of the McConnells Jest project, in the Tintina Gold Belt, in the Yukon Territory and the drill ready Wings Point Gold Project in Newfoundland. It also has an option to acquire 100% of the Cross Hills IOCG project in Newfoundland. In addition, the Company and partner have an application over open areas sitting on top of the open pit outline of the Gramalote Deposit in Colombia, which is held by AngloGold Ashanti (NYSE:AU) and B2Gold (TSX:BTO, NYSE:BTG). The title issuance is being contested by the state governing the application and the Company has started legal action to protect its rights.
This news release contains forward-looking statements which include statements regarding the Corporation's future plans, statements regarding financial and business prospects and the Corporation's future plans, objectives and financial outlooks. The Corporation believes 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. In evaluating forward-looking statements readers should consider 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.
SOURCE Zonte Metals Inc.
For further information: Terry Christopher, CEO and President, 902-405-3520, [email protected], www.zontemetals.com