Zonte Metals provides update on Cross Hills Project and issues stock options
Jan 17, 2018, 08:00 ET
TSXV: ZON
HALIFAX, Jan. 17, 2018 /CNW/ - Zonte Metals Inc (TSXV: ZON) ("Zonte") is pleased to provide additional rock sample assay data and an exploration update for its Cross Hills Iron Oxide Copper Gold Project.
Previously released data on November 15, 2017 for the Cross Hills Project highlighted a number of areas where sampling by the Company identified surface copper mineralization. Two target areas referred to as the Dunns Mountain and Carols Hat targets, both at the northern end of the property, returned copper values at the limit of the analytical method selected which was 2.5% copper. These two samples have been re-assayed for their over limit values and have returned values of 5.76% and 2.82% copper at Dunns Mountain and Carols Hat, respectively. These samples are select grab samples and not representative of mineralization on the property. Both target areas are considered high priority targets for the Company and will be the focus of initial exploration efforts. Permits for ground geophysical surveying have been filed with the Newfoundland and Labrador Department of Natural Resources and a high resolution magnetometer survey will commence immediately upon permit approval. Once a review of the magnetometer data has been completed and depending on results, a followed up Induced Polarization survey will be undertaken on favourable targets. Maps and additional information related to the Cross Hills IOCG Project can be found on the Company's website at www.zontemetals.com.
The Company also announces it has, pursuant to the company's rolling stock option plan, granted incentive stock options to its directors, officers, employees and consultants to purchase an aggregate of up to 1,105,000 common shares. The stock options have a five year term, subject to an 18-month vesting period and have an exercise price of $0.205 per share.
Qualified Person
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.
Rock Sampling Protocol
Rock samples were carried out in a careful and diligent manner using scientifically established sampling practices designed and tested to ensure that the results are representative and reliable. QA/QC includes the random insertion of blanks and duplicate samples. Samples are described, photographed, tagged and sealed prior to being shipped by Zonte personnel to ALS Global facility in Thunder Bay, ON. ALS Global is an independent, reputable and accredited full-service commercial laboratory accredited to ISO/IEC 17025:2005. ALS Global also provides its own internal QA/QC protocol of blanks, duplicates and standards in each work order, which is supplied to the Zonte with the rock sample analysis.
Forward-Looking Information
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