HALIFAX, March 1, 2017 /CNW/ - Zonte Metals Inc. ("Zonte" or the "Company") 100% owned Wings Point Project, located on the island portion of Newfoundland and Labrador, hosts a bulk tonnage gold target defined by geophysics (Induced Polarization and Resistivity) and bedrock gold mineralization which has yet to be drill tested. The target has been identified in two areas; the Western Target Area which is 1200 metres "m" in length and 75-150 m in width and the Eastern Target Area which is 700 – 800 m in length and up to 225 m in width. Both targets have geophysical signatures down to 150 m depth. Bedrock sample coincident with the targets have assayed from 0.25 to 6.92 g/t Au.
During September 2016, Zonte re-staked several claims adjacent to the Wings Point Project that the Company had allowed to lapse during the years ended January 31, 2016 and 2015. These re-acquired claims are contiguous to the Wings Point claim which hosts the Western and Eastern Target Areas. The recently re-staked claims were previously explored for gold with widely spaced geophysical surveys which upon further review have revealed possible Sedex style mineralization which is characterized by high chargeabilities and a significant corresponding decrease in resistivities. Several of these targets are spatially coincident with elevated Zn-in-soils and Zn-Pb in stream sediments. The company is presently assessing its exploration strategy for these targets.
Zonte also reports that participation in the Company's non-brokered private placement offering of units (the "Offering") which closed on February 1, 2017, (see press release dated February 1, 2017) included two insiders subscribing for 450,000 Units for gross proceeds of $45,000. The Company also advises that the corrected cash finders' fees paid in connection with the Offering was $67,060.
Zonte Metals Inc. is a junior explorer focused on gold and copper. The Company holds the Wings Point Gold Project which is a drill ready project in Newfoundland and Labrador and has signed an Option Agreement to acquire 100% of the McConnell's Jest project, in the Tintina Gold Belt, located in the Yukon Territory, which is composed of 172 claims totaling approximately 3371 hectares. In addition, the Company and a Colombian partner have an application over open areas sitting on top 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 has been reviewed and approved by Dean Fraser, P.Geol, and a "qualified person" under National Instrument 43-101.
This news release contains forward-looking statements which include statements regarding the Company's future plans, as well as statements regarding financial and business prospects and the Company's future plans, objectives or economic performance and financial outlooks. The Company 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 Company 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 or accuracy of this release.
SOURCE Zonte Metals Inc.
For further information: Terry Christopher, CEO and President, 902-405-3520, [email protected], www.zontemetals.com