February 27, 2018 TSXV: ZON
Zonte Metals Inc. (TSXV: ZON) (“Zonte” or the “Company) is pleased to provide an update on the ongoing winter exploration program on the Cross Hills Iron Oxide Copper Gold Project.
Zonte’s geophysical contractor has carried out a high-resolution ground magnetometer survey on select portions of the Cross Hills Project. The Company is currently in receipt of the final results of the work over the Dunn’s Mountain target.
Terry Christopher, President and CEO states “We are very excited to discover a significant anomaly on our first exploration phase. Magnetic surveys are one of the key tools for identifying targets in IOCG systems; and the coincident nature of the large magnetic anomaly and surface copper mineralization at the Dunn’s Mountain target is our first priority drill target on the Cross Hills Project. The project allows year round exploration and we are looking forward to further exploration work with the objective of identifying additional priority targets as it is moved towards the drilling phase.”
As previously press released, sampling by the Company with historic sampling has identified widespread and intermittent surface copper mineralization with grades from nil to 5.76% at the Dunn’s Mountain target. The copper mineralization occurs as bornite, chalococite and malachite. The recent magnetometer survey has identified a large magnetic anomaly, which is coincident with copper bearing magnetite veining and measures 650m long by 400m wide. The magnetic data has been processed using 3D inversion modeling and suggests the anomaly strengthens from 50m below surface extending to a depth of over 400m. Images of the Dunn’s Mountain geophysical target in the plan view and in 3D can be viewed at http://www.zontemetals.com/projects/cross-hill-project/ (inserted below).
Although much of the projected surface area of the anomaly is covered by trees, bog or a thin veneer of glacial till, mineralized rock samples collected from the surface are coincident in space with the magnetic anomaly. The magnetic anomaly and much of the trend of surface mineralization has a NW-SE strike, and may represent the surface representation of a subsurface structural control. Two other smaller anomalies were identified on either side of the main anomaly along strike and have yet to be explored.
The magnetometer surveying has been completed over three other priority targets on the Cross Hills Property. Further updates will be provided by the Company once the final data and interpretations have been received.
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.
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 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.
For further information contact:
Terry Christopher
CEO and President
902-405-3520
info@zontemetals.com