HALIFAX, June 12, 2018 /CNW/ - Zonte Metals Inc. (TSXV: ZON) ("Zonte" or the "Company") is pleased to provide an update related to its ongoing exploration program at the Cross Hills Iron Oxide Copper-Gold Project.
Over the past several months, and as part of a larger program, Zonte has been carrying out high-resolution ground magnetometer surveys on select portions of the Cross Hills Project. The most recent area of focus has been about 12 kilometres south of Dunns Mountain, where the Company has previously identified a high-priority target. The newly discovered target, named K6, is characterized by a large strong magnetic anomaly with a surface projection measuring up to 1200m x 700m. The top of the strongest portion of the anomaly sits 100 to 150m below the surface and extends over 800m deep. Prospecting in the area has identified numerous copper showings and indications, all coincident with the anomaly at surface. One newly discovered mineral showing was assayed and returned 0.28% copper, 3.1 g/t silver and trace amounts of gold.
Terry Christopher, President and CEO states "The newly discovered K6 target is very large with considerable thickness and sits at the junction of two major faults. Despite the target sitting below surface, numerous locations with copper mineralization have been discovered above the anomaly at surface. This in combination with the alteration that has been identified suggests this is a high-priority IOCG drill target. Exploration along the Cross Hills trend, of which Zonte controls 25 kilometres of strike length, continues to provide targets. A significant advantage of the property is the high percentage of bedrock exposure which allows targets to be fully explored to decide whether or not they warrant further work; bringing them well beyond just a geophysical anomaly".
The K6 target discovery resulted from follow-up exploration after the discovery of a new albitite breccia. Subsequent geophysical work in that area identified the K6 target which at surface is coincident with rocks showing iron oxide, calcic, sodic and potassic alteration. The mag survey also identified a number of magnetic intrusive plugs which can be seen at surface and on the magnetic profiles as smaller anomalies in and around the K6 anomaly. The newly discovered coincident copper mineralization in all cases is associated with iron oxide alteration. The K6 anomaly sits at the structural intersection of two large faults, one of which is the Cross Hills Fault, which is a deep seated regional fault in the area, and where most of the known IOCG type of mineralization has been associated with in this area. The Cross Hills Property covers 25 kilometres of the Cross Hills Fault system and much of the property still remains unexplored.
Images of the K6 geophysical target including plan view and 3D inversion geophysical model can be viewed at http://www.zontemetals.com/projects/cross-hill-project.
Exploration is continuing and updates will be provided by the Company once the final data and interpretations have been received.
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 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. 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 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]