October 4, 2018 TSXV: ZON
Zonte Metals Inc. (TSXV: ZON) (“Zonte” or the “Company”) is pleased to provide an update on its ongoing exploration program at the Cross Hills Iron Oxide Copper Gold (IOCG) Project.
Highlights:
- Discovery of a mineralized corridor spatially above the large magnetic target at Dunns Mountain.
- The mineralized corridor is approximately 390m long and 125m wide, and open.
- Twenty six samples averaged 1.37% Cu, 16.2 g/t Ag and 0.17 g/t Au.
- Copper as high as 9.1%.
Continued surface exploration at the Dunns Mountain target has discovered and delineated an extensive zone of copper, silver and gold mineralization. Twenty-six grab samples were collected from the mineralized area over a strike length of 390 meters and a width of 125 meters. The results of the recent sampling averaged 1.37% Cu, 16.2 g/t Ag and 0.17 g/t Au, with the one sample returning 9.10% Cu, 81.5 g/t Ag and 0.09 g/t Au. The best gold assay from the sampling returned 0.93g/t. A table illustrating the data for each sample within the newly discovered corridor is included below. Note that these are select grab samples and do not represent the property as a whole.
Sample #
Cu
(%)
Ag
(g/t)
Au
(g/t)
Sample #
Cu
(%)
Ag
(g/t)
Au
(g/t)
E58571994.1620.50.06 E58572160.582.10.10E58572002.5013.50.16 E58572180.603.90.07E58572010.09 5.50.10 E58572190.425.30.06E58572025.7549.10.07 E58572230.211.40.08E58572030.786.40.10 E58572240.072.10.03E58572040.595.20.22 E58572261.8022.00.17E58572080.525.30.25 E58572270.654.40.02E58572090.386.10.09 E58572301.2112.20.07E58572101.7538.00.51 E58572320.091.40.02E58572120.7867.60.16 E58572330.399.50.93E58572130.5213.50.04 E58572340.469.90.21E58572140.7410.10.08 E58572351.2016.40.59E58572159.1081.50.09 E58572360.248.00.08
The newly discovered mineralized corridor, characterized as a series of IOCG veins, sits along and above the northern portion of an extensive magnetic anomaly at Dunns Mountain. The anomaly measures 650 x 400 metres and was defined by recent high resolution ground magnetometer surveys on select portions of the Cross Hills Project (see press release dated February 27, 2018). Inversion modeling of the data suggests that the magnetic susceptibilities increase significantly below 50 metres depth. A map illustrating copper in rock samples and the coincident magnetic anomaly can be found at http://www.zontemetals.com/projects/cross-hill-project . (inserted here)
The majority of the mineralized veins strike east-west and dip steeply, however, at least two other mineralized vein sets with different orientations were discovered. Mineralization is characterized by bornite, chalcocite, malachite, azurite and minor chalcopyrite. It is worth noting that surface outcrop is extensive on parts of the Dunns Mountain target, however, lichen cover obscures mineralization.
The Company had contracted additional high-resolution ground magnetic and Induced Polarization (IP) geophysical surveys to better define sub-surface mineralization over the Dunns target. These surveys are now completed and the results will be released once processing and interpretation have been finalized. This data will serve to further guide the initial drilling which is expected to begin in November.
Terry Christopher, President and CEO states “The discovery of the mineralized corridor is an exciting development for the Cross Hills IOCG property. This mineralized corridor, which carries significant copper, silver and gold mineralization, sits above the large mag anomaly at Dunns Mountain. These grades are within the expected range for IOCG systems and with the spatial relationship to the large mag anomaly it makes Dunns Mountain a first priority drill target. The recently completed IP survey should provide additional insight into the target and we are eagerly waiting those results as we move into the upcoming drill program.”
Qualified Person
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.
QA/QC
Rock samples were collected in a careful and diligent manner using scientifically established sampling practices designed and tested to ensure that the results are reliable. Most 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.
About Zonte
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.
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 tatements 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.
For further information contact:
Terry Christopher
CEO and President
902-405-3520
info@zontemetals.com