HALIFAX, June 18, 2019 /CNW/ - Zonte Metals Inc (TSXV: ZON) ("Zonte" or the "Company") is pleased to provide the following update on an amendment to the McConnells Jest, Yukon Territory, option agreement.
The Company has amended the terms of the the McConnells Jest property option agreement wherein it has agreed to pay $25,000 and issue 83,333 shares upon TSXV approval in lieu of the scheduled $50,000 property payment due January 20, 2020.
The McConnells Jest property is an Intrusion Related Gold System and borders to the east of Victoria Gold (VIT-TSX) where the Eagle Mine construction is 95% completed and expected to pour its first gold in September, 2019. The Eagle Mine is an Intrusion Related Gold System which hosts proven and probable 2.46 M ounces of gold at an average diluted grade of 0.66 g/t Au (Sept 2016 Victoria Gold). The mine is expected to produce approximately 200,000 ounces of gold for 10 – 11 years (this information is from Victoria Gold's website).
Zonte completed a short exploration program during the summer of 2017 which included prospecting and drilling of five drill holes in three targets. Drilling made a discovery on the Two-Four target where the company intersected 20.28 m of 0.69 g/t Au and 20.45m of 0.72 g/t in drill hole MJ-04. MJ-03 also intersected long intervals of anomalous gold including 81.81m of 0.20 g/t Au. These results have not yet been followed up with additional exploration. Prospecting identified numerous other areas of interest and the property is remains largely underexplored. Additional information on the McConnells Jest can be found at www.zontemetals.com
Andy Randell, 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 and copper. The Company has signed Option Agreements to acquire 100% of the McConnells Jest project, in the Tintina Gold Belt, located in the Yukon Territory and the Cross Hills IOCG project located in Newfoundland and holds a 100% interest in the drill ready Wings Point Gold Project also located 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, 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. 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.
SOURCE Zonte Metals Inc.
For further information: Terry Christopher, CEO and President, 902-405-3520, [email protected]