January 29, 2025 TSXV: ZON
Zonte Metals Inc. (TSXV:ZON)(XOTC:EREPF) (“Zonte” or the “Company”) is pleased to announce the advancement of the K7 target to drill stage.
· Identification of a large gravity anomaly, with dimensions of 1300 metres by 1250 metres and 1000metres deep, measured along the longest axes.
· The anomaly sits in a structural zone with spatially coincident magnetics and copper-in- soil anomaly.
· Sits just 400 metres south of the K6 target, where the company discovered copper mineralization in drill core.
The Company has compiled all datasets over the K7 target area (formally called K6S-K7) including newly reprocessed 3D inversion gravity and magnetic data, geochemical and geological data. The 3D inversion gravity anomaly sits in a structural corridor, which hosts the K6 target to the north and the K9 target to the south. Along the longest axes, the gravity anomaly measures 1300 metres by 1250 metres, and 1000 metres depth. The highest point of the anomaly sits about 100m below surface. The target area is mainly under soil cover, however, the area shows a large coincident elevated copper-in-soils anomaly.
Terry Christopher, President and CEO, comments: “The K7gravity anomaly sits coincident with magnetics, copper-in-soils, structural zones and alteration also is spatially close to the K6 target. The K6 target isjust 400 metres to the north where the Company discovered copper in drill core. Combined, the data makes the K7 target a high-priority drill target. The Company now has four large targets, each at drill-stage. Additional field workin ongoing and an update will be issued in due course as we continue to advance targets to drill-stage.”
Processing of the K8 area identified a small gravity anomaly. At this point, this target will not be subject to further exploration.
Additional information on the project can be found at the following link https://www.zontemetals.com/projects/cross-hills-copper-property
Zonte also wishes to report a reduction in the Finders Fees paid in connection with the non-brokered private placement (the “Offering”) announced in a press release dated December 30, 2024. Pursuant to the Offering, the Company issued 3,991,924shares including 715,000 common share units at a price of $0.06 per Common Share Unit (“CS Unit”) and 3,276,924 flow through shares at a price of $0.065per Flow-through Share (“FT Shares”), for total proceeds of $255,900.06. Each CS Unit consisted of one common share and one-half common share purchase warrant. Each full warrant is exercisable until December 20, 2026, to purchase one common share of the Company at a price of$0.10 per share. Following completion of the Offering, the Company has80,904,105 shares issued and outstanding.
In connection with securities sold pursuant to the Offering, the Company paid $14,000 in cash and issued 215,385 Finder’s Warrants to an Eligible Finder, who is at arm’s length to the Company. Each Finder’s Warrant is exercisable until June 20, 2026, to purchase one common share of the Company at a price of $0.12 per share. Finder’s Fees paid in connection with the Offering are subject to and in accordance with Exchange and regulatory policies.
An insider of the Company acquired 150,000 CS Units of the Offering for proceeds to the Company of $9,000. Any participation by insiders in the Offering constituted a “related party transaction” as defined under Multilateral Instrument 61-101 Protection of Minority Security Holders in Special Transactions (“MI 61-101“). However, as insider participation represented less than 25% of the proceeds of the Offering, the Company relied on the exemptions available under the instrument and such participation was exempt from the formal valuation and minority shareholder approval requirements of MI 61-101.
All securities issued pursuant to the Offering will be subject to a four-month and one day statutory hold period ending April 21, 2025.
The Company intends to use the net proceeds of the Offering for working capital purposes and exploration at the Cross Hills Iron Oxide Copper Gold Property, in Newfoundland and Labrador.
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.
Donald Blake, PGeo, is the qualified person as defined by National Instrument 43-101and has reviewed and approved the contents and technical disclosures in this press release. Mr. Blake is a non-independent consultant to Zonte Metals.
About Zonte
Zonte Metals Inc. is a junior explorer focused on gold and copper. The Company owns100% of the MJ project, in the Tintina Gold Belt, located in the Yukon Territory, the Wings Point project in the new Central Newfoundland Gold Belt, and the Cross Hills Copper project located in Newfoundland and Labrador. In Colombia, the company has a 25% carried interest in Project X where historic drilling intersected significant gold mineralization and 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) andB2Gold (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