HALIFAX, Aug. 6, 2019 /CNW/ - Zonte Metals is pleased to announce the discovery of a new IOCG target, called K8, and the start of the detailed ground gravity survey at its Cross Hills Iron Oxide Copper Gold.
The K8 target, which sits about 2km south of the K6 target, was discovered with high resolution ground magnetics. The target is defined by moderate to strong magnetics and is about 1200m by 600m in area. 3D inversion processing of the magnetic data shows the strongest part of the magnetic profile having significant depth up to 600m. One surface rock grab sample collected from the target area assayed 0.3% copper and 0.18 g/t gold. The Company cautions that grab samples are selective by nature and the result may not be representative of mineralization in the target area. Subsequent to that result, follow-up prospecting identified intermittent disseminated and stringer chalcopyrite mineralization with surface copper mineralization traced for over 600m strike length. Ground magnetics between the K6 and K8 targets suggest one continuous system with the variable magnetics wherein both magnetite and hematite, including specular hematite have been noted.
The Company is also pleased to note that a detailed ground gravity survey is well underway. The survey will first cover the K6-K8 area followed by the Dunns Mountain target. The Dunns Mountain target was drill tested in a small winter program this year, which resulted in the discovery of IOCG mineralization. Drill hole CH-004 at Dunns Mountain intersected multiple intervals of IOCG mineralization within a 70m interval, including a high-grade 0.43m interval assaying 14.0% Cu, 15.8 g/t Au and 352 g/t Ag (see April 29, 2019 press release). Once the gravity survey is completed the company will mobilize a drill to possibly test viable targets at K6 and K8, and follow up on the discovery at Dunns Mountain.
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.
Rock and Protocol and Drill Sampling Protocol
Rock samples were collected in a careful and diligent manner using scientifically established sampling practices designed and tested to ensure that the results are representative and reliable. Samples are described, photographed, tagged and sealed prior to being shipped by Zonte personnel to AGAT Laboratories Ltd. The sample was analyzed for the 201-070 package (44 element 4 acid leach, ICP-OES finish) and the 202-551 package for gold (a 50 gram Fire Assay Au finish). AGAT is an independent, reputable and accredited full-service commercial laboratory accredited to ISO/IEC 17025:2005.
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]