HALIFAX, Sept. 10, 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 (IOCG) Project.
Over the summer the Company completed additional exploration on the Cross Hills IOCG Project, including prospecting, mapping and additional high resolution ground magnetic surveys. Surface grab samples are presently in the laboratory and the Company is awaiting the results, which will be released once received and interpreted.
In addition and based on field observations, the Company has increased its land position from the initial 327 claims to 493 claims (or 81.75 to 123.25 sq. km). Although much of the initial property has not yet been explored, the increased land position was acquired as a result of identifying the possible controls for mineralization at the Dunns Mountain and K6 targets. Exploration is continuing with the immediate focus on bringing the known targets to the drill stage, if warranted. An update of the drilling plans will be announced once all data are in hand and the program has been set.
Terry Christopher, President and CEO states "Exploration at the Cross Hills IOCG project has been successful identifying iron oxide alteration coincident magnetic anomalies with surface copper mineralization, as seen at the K6 and Dunns Mountain targets. At this point the Company has elected to build on recent exploration and advance the targets through additional exploration in preparation for drilling. Work is presently underway and expected to be concluded within a month or so."
Addition information on the Cross Hills Project can be viewed at http://www.zontemetals.com/projects/cross-hill-project.
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]