May 26, 2020 TSXV: ZON
Zonte Metals is pleased to provide the following update on the Phase 2 drill program at its Cross Hills Iron Oxide Copper Gold (IOCG) Project and the commencement of Phase 1 drilling at the Wings Point Gold Project.
Phase 2 drilling at the Cross Hills property is focusing on the Dunns Mountain target, where the Company has previously intersected copper, silver and gold in an IOCG system. Drilling was suspended early April due to the spring thaw. The project experienced significant snow accumulations this past winter and the snow melt necessitated a suspension until the ground conditions improve. A total of three drill holes were completed with the fourth in progress when the drill operations were shut down. The drill rig remains on site and will be restarted shortly when the ground conditions allow. All cores have been sampled and sent to the lab. Results will be released when the data has been received and compiled.
In the interim, the Company has elected to commence a maiden drill program at the Wings Point Gold project, which too, is located on the island part of Newfoundland and Labrador, approximately 30 km north of Gander. Drilling has commenced and will include 4 to 6 holes. The targets at Wings Point are characterized as a disseminated gold system in sediments and analogous to the Touquoy Project of Atlantic Gold (taken over by St. Barbra of Australia) in Nova Scotia where commercial production started in 2018. For additional background information on the Atlantic Gold Project see https://stbarbara.com.au/our-operations/atlantic-gold/.
The Wings Point project hosts two large targets identified from the combination of rock and soil geochemical sampling and an Induced Polarization (IP) geophysical survey. The two targets include; the Western Anomaly which measures 1200m long by 75-150m wide and returned surface samples assaying from anomalous to 6.95 g/t gold and the Eastern Anomaly which measures 800m long by 225m wide and returned surface samples assaying generally between 0.25 to 1.5 g/t gold. It should be noted that these samples were collected and press released previously by the Company and are select grab samples in nature and do not represent the property as a whole. Bedrock gold mineralization is coincident with the IP chargeability and resistivity anomalies. The IP anomalies are partially located in an operating rock pit providing excellent access. The initial drill program will test various parts of both target areas.
The Company would like to acknowledge and thank the Province of Newfoundland and Labrador for its financial support through the junior exploration assistance program. The Company received a $82,800.00 grant to subsidize the exploration work performed on the Cross Hills Property.
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 2019 drill core samples were collected carried out in a careful and diligent manner using scientifically established sampling practices designed and tested to ensure that the results are representative and reliable. All drill core was logged and prepared for shipment on site and shipped to AGAT Laboratories in St. John’s by Zonte personnel. QA/QC included the systematic insertion of certified standards and blanks. Samples were described, photographed, tagged and sealed prior to being transported to AGAT where the samples were analyzed for the 201-070 package (44 element 4 acid leach, ICP-OES finish) and the 202-551 package for gold (a 50 gram Fire Assay Au finish). AGAT is an independent, reputable and accredited full-service commercial laboratory; accredited to ISO/IEC 17025:2005. AGAT 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.
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.
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.
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CEO and President
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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