TSXV: ZON, OTC: EREPF
HALIFAX, Oct. 26, 2017 Zonte Metals Inc. ("Zonte" or the "Company") is pleased to provide the following update on the Wings Point and McConnells Jest Gold Projects.
The Wings Point Gold Project, in Newfoundland and Labrador, is host to drill ready bulk tonnage gold targets. The project is located adjacent to the town of Wings Point, approximately 30 km north of Gander, NL. The project is contiguous to TORQ Resources (TORQ-V) where that company recently announced the discovery numerous targets in a regional till survey. The targets at Wings Point are characterized as a disseminated gold system in sediments and analogous to the Touquoy Project of Atlantic Gold (AGB-V) in Nova Scotia where that company recently poured its first gold.
The Wings Point Gold Project hosts two large distinct targets which were identified from rock and soil sampling and an Induced Polarization (IP) survey. The IP survey consisted of both chargeability and resistivity surveys. The two targets include; the Western Anomaly which measures 1200m long by 75-150m wide and the Eastern Anomaly which measures 800m long by 225m. The IP anomalies are partially located in an operating rock pit providing excellent access. Bedrock mineralization identified within the rock pit is coincident and above the IP anomalies, which lie about 5 to 15m below surface. The observed surface mineralization is believed to represent fluid flow along fracture zones from the source target below represented in the IP anomalies.
Zonte has applied for drill permits at the Wings Point Gold Project and presently has three of the four required for drilling. Phase 1 will consist of testing both targets from within the rock pit area and total about 750m in five to six drill holes. The Company is well funded for Phase 1 drilling at Wings Point. An update will be provided once the final permit is in hand and the Company has finalized its drilling plans. The Company has also recently acquired through staking a further 33 claims to bring Wings Point total to 101 claims, covering 2525 hectares.
At the McConnells Jest Project in the Yukon Territory, a short five hole Phase 1 drill program was completed in July, 2017. The results showed a discovery at the Two-Four target where drill hole MJ-04 interested mineralization in two distinct zones, at the top and bottom of the core including; 20.44 m of 0.72 g/t Au and 20.28m of 0.69 g/t Au, respectively (see October 6, 2017 press release). Mineralization is characterized by parallel quartz veining hosting arsenopyrite +/- pyrite within a granodorite.
The target type at McConnells Jest is an Intrusion Related Gold System (IRGS) where mineralization is characterized by vertically parallel gold bearing veins which form a low-grade, high-tonnage target. The project is adjacent to the Dublin Gulch Project of Victoria Gold (VIT-V) where construction of the Eagle Mine is in progress. The Eagle Deposit hosts a mineral reserve of 2.66M ounces of gold at 0.67 g/t Au and is characterized as an IRG System (Victoria Gold's webpage). Zonte's McConnells Jest Project is similar in age, geology, structural profile and geochemistry to Victoria Gold's Dublin Gulch project. A well known IRGS is being mined at the Fort Knox deposit in Alaska which is owned by Kinross Gold (K-TSX) and has been in production since 1996. As of December 31, 2014 it still contained a Proven and Probable Mineral Reserve of 2.398M ounces contained within 163.8 Mt at 0.46 g/t Au with cut off grades between 0.19 and 0.35 g/t Au (Kinross's webpage). The McConnell's Jest project is an early stage exploration project and currently there's insufficient evidence to indicate mineralization hosted on the Company's property is similar to that hosted by either the Dublin Gulch or Fort Knox deposits.
The 2018 exploration program at McConnells Jest will focus on expanding the drill discovery at the Two Four Target and field exploration on a number of known targets which include the J Zone, Tea Zone and Big Quartz Targets. Much of the intrusion has not been explored to date and further reconnaissance exploration will focus on those areas. The Company will provide further details on the upcoming program once they have been finalized.
For further information please see the Company's webpage at www.zontemetal.com.
Dean Fraser, P.Geo is the qualified person as defined by NI 43-101 and is responsible for the preparation of the technical disclosures in this press release.
Zonte Metals Inc. is a junior explorer focused on gold and copper. The Company has signed an Option Agreement to acquire 100% of the McConnells Jest project, in the Tintina Gold Belt, located in the Yukon Territory, which is composed of 172 claims totaling approximately 3371 hectares, and holds the drill ready Wings Point Gold Project located in Newfoundland and Labrador. 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 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], www.zontemetals.com