ZonteMetals announces a 25% carried interest in an advanced Colombian gold property opportunity.
September 15, 2020 TSXV: ZON
Zonte Metals Inc. is pleased to announce it has retained a 25% carriedinterest in an option agreement for a gold property in western Colombia. Zontepermitted Southern Sky Resources Corp. a private company, to enter into a five-yearoption agreement for the Project X property, which sits in the CordilleraOccidental of Colombia, in return for its retained interest.
Project X, is an advanced gold exploration property, wherein a total of14 historic drill holes were completed during 1997 - 1998. A summary of the significant data is locatedin the following table. Note, none of the drill core was locatedfor independent verification and the drill hole assay data was taken frompublicly disclosed press releases pre-National Instrument 43-101 standards andhence the data is historic in nature.
Both companies have been working together to secure the rights to theproperty over the last year with Southern Sky securing the five-year optionagreement with a Colombian private company. Going forward, Southern Sky will bethe operator and Zonte retains a 25% carried interest to a production decision inthe option agreement. Zonte personnel have completed a number ofdue diligence visits to the property over the last 7 years. This includedsampling known mineralized structures, confirming drill pads locations andconfirming with the local association the previous drilling program. Geologically,the property appears to be a porphyry system with numerous breccia and veinstructures. Southern Sky is in the process of mapping and sampling the propertywith local geological consultants and planning a geophysical survey. SouthernSky is completing a NI 43-101 document with the intention of listing on theTSXV.
Jack King, P.Geo.is the qualified person as defined by NI 43-101 and has reviewed and approvedthe contents and technical disclosures in this press release.
ZonteMetals Inc. is a junior explorer focused on gold and copper. The Company hassigned Option Agreements to acquire 100% of the McConnells Jest project, in theTintina Gold Belt, located in the Yukon Territory and the Cross Hills IOCGproject located in Newfoundland and holds a 100% interest in the drill readyWings Point Gold Project also located in Newfoundland. In addition, the Company and partner have anapplication over open areas sitting on top of the open pit outline of theGramalote Deposit in Colombia, which is held by AngloGold Ashanti (NYSE:AU) andB2Gold (TSX:BTO, NYSE:BTG). The title issuance is being contested by the stategoverning the application and the Company has started legal action to protectits rights.
This newsrelease contains forward-looking statements which include statements regardingthe Corporation’s future plans, as well as statements regarding financial andbusiness prospects and the Corporation’s future plans, objectives or economic performanceand financial outlooks. The Corporation believes that the expectationsreflected in this news release are reasonable but actual results may beaffected by a variety of variables and may be materially different from theresults or events predicted in the forward-looking statements. Readers aretherefore cautioned not to place undue reliance on these forward-lookingstatements. In evaluating forward-looking statements readers should considerthe risk factors which could cause actual results or events to differmaterially from those indicated by such forward-looking statements. Theseforward-looking statements are made as of the date hereof, and unless otherwiserequired by applicable securities laws, the Corporation does not intend nordoes it undertake any obligation to update or revise any forward-lookingstatements. Neither the TSX Venture Exchange nor its Regulation ServicesProvider (as that term is defined in the policies of the TSX Venture Exchange)accepts responsibility for the adequacy of accuracy of this release.
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A mineral exploration company with an attractive capital structure and solid management.
Zonte is focusing on three Canadian projects; one copper and two gold projects. Drilling on the copper and one gold project has identified two discoveries.
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