November 24, 2020 TSXV: ZON

Zonte has completed a total of seven drill holes, including five at Dunns Mountain and two at the K7 target. The K7 holes are being assayed and will be released once the data has been received and interpreted.

At Dunns Mountain the holes were designed to test various aspects from the geophysical and geochemical dataset. In summary, drilling intersected a significant hydrothermal system, with copper mineralization being intersected in most holes and a 1.75m interval with 268.8 g/t silver. A summary of the drill data is below with the drill hole coordinate table at the bottom of the release.

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Notes; *the 268.6 g/t silver assay is the average of the initial assay and subsequent re-assay which includes 251.1 and 286.0 g/t, respectively.

Drill holes CH-20-06 and 07 were collared to test under the high-grade interval discovered in CH-19-04 which intersected 0.43m of 14% copper, 15.0 g/t gold and 352 g/t silver within a wider mineralized zone (see June 3, 2019 press release). CH-20-06 intersected a number of mineralized intervals between 76 and 81m showing copper, gold and silver mineralization, with the highest copper recorded between 76.5 and 76.82m (0.32m) returning 0.91% copper, 17.1 g/t silver and 0.73 g/t gold. The interval between 168.73 and 169.32m (0.54m) returned 0.45% copper, 12.7 g/t silver and 0.15 g/t Au. CH-20-07 was collared to test the possible depth extensions of the mineralization in CH-20-06 and possibly any extension of the high-grade in CH-19-04. This hole, however, deviated significantly off the collar and missed the intended target. This hole did intersect several narrow intervals of anomalous copper. Neither drill hole appears to have conclusively intersected a zone of mineralization similar to the high-grade interval in CH-19-04, hence the orientation of any possible high-grade shoot remains unexplained.

CH-20-08 was drilled to test the core of the gravity anomaly sitting over the Dunns Mountain target, which sits under the magnetic anomaly on the eastern side of Dunns. The drill hole intersected several mineralized intervals above the core of the gravity anomaly including between 78.0-80.4m (2.40m) of 0.30% copper and 1.4 g/t silver and trace gold and between 96.35-97.50m (1.50m) of 0.49% copper, 2.5 g/t silver and trace gold. The core of the gravity anomaly was identified as a less fractured more competent rock containing classic IOCG alteration.

CH-20-09 was set up north of the gravity core and drilled. This hole did not intersect any notable mineralization, however, hydrothermal alteration was significant. This is the north northerly hole and this portion of the anomaly needs further exploration.

CH-20-10 was drilled on the southern side of the magnetic and gravity anomalies, coincident with an Induced Polarization anomaly. The drill hole was successful in intersecting a hydrothermal system characterized by local and widely spaced disseminated and stringer copper mineralization through several intervals including the top 60m and between 118 and 140m. Select samples through these intervals showed anomalous copper, with a 1.75m interval between 119 and 120.75m returning 268.6 g/t silver with trace copper. The high-grade silver appears to be associated with magnetite, which is similar to the high-grade silver intersected in CH-20-03 (0.12m of 2054 g/t silver) (see press release dated June 18, 2020). This hole shows potential on the southern side of the coincident magnetic and gravity anomalies and the area will be followed up with more exploration.

The Company is pleased to announce it has contracted and completed a high-resolution magnetic airborne survey over three large areas of the mineral concession. The airborne survey has identified numerous areas of interest and the Company has started a systematic ground checking program of the anomalies. Additional information will be released as the targets are examined and determined to warrant further exploration. In addition, the Company has initiated a large soil sampling program which will cover numerous targets to assist in drilling.

Terry Christopher, President and CEO comments “Drilling continues to intersect copper mineralization at Dunns. Drilling on the south end of the target shows a large area between CH-19-09 and CH-20-10 where drilling intersected either wide zones of localized or widely spaced fracture controlled mineralization, including high-grade silver in CH-20-10 where 268.6 g/t over 1.75m was recorded. This area will be followed up with drilling and a recently completed soil sampling program there will assist the drill program. CH-20-10 is just 350m north of the Big K target and both targets appear to sit in a common structural corridor. The Big K target, which is defined by large coincident magnetic and gravity anomalies and surface mineralization, is being permitted for drilling. The company has carried out a large soil sampling program over the K6, K7, K8 and Big K targets to help define drill testing locations. In addition, the airborne magnetic survey has identified numerous anomalies and field checking each to determine which ones are IOCG targets for further work is ongoing”.

Drill hole coordinate table.

Drill HoleEastingNorthingAzimuthdipElevation (m)Depth (m)CH-20-066684545303579134-47304280CH-20-076684315303600135.1-50295300CH-20-086683075303518161.1-66285730CH-20-096680875303572125.1-52256290CH-20-106686745302745331.1-51220300

The Company acknowledges the Province of Newfoundland and Labrador for its financial support through the junior exploration assistance program for exploration work performed on the Cross Hills Property.

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.

Rock and Protocol and Drill Sampling Protocol
All drill core was logged and prepared for shipment on site and shipped to Eastern Analytical in Springdale, NL under chain of custody. QA/QC included the systematic insertion of certified standards and blanks. Samples were described, tagged and sealed prior to being transported to the lab where the samples were analyzed for the ICP-34 package (34 element 4 acid leach, ICP-OES finish) and the Fire Assay (30g) with AA finish. Eastern Analytical 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.

About Zonte
Zonte Metals Inc. is a junior explorer focused on gold and copper. The Company owns 100% of the McConnells Jest project, in the Tintina Gold Belt, located in the Yukon Territory, the Wings Point project in the new Central Newfoundland Gold Belt, and has an option to earn 100% in the Cross Hills IOCG project located in Newfoundland. In Colombia the company has a 25% carried interest in Project X where historic drilling interested 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) 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
www.zontemetals.com

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