Zonte Metals is pleased to provide the following update on the Wings Point Gold Project.
The Wings Point project is composed of 144 contiguous claims (36 sq km) at the northern end of the central Newfoundland gold belt, where New Found Gold (NFG-TSXV) discovered 92.9 g/t over 19m in drill core (see www.newfoundgold.com). This belt has become a significant exploration play with numerous companies acquiring properties and commencing exploration.
Drilling at Wings Point was conducted in a short six hole program testing portions of several targets. Two drill holes tested an arsenic-in-soil anomaly, one hole tested the eastern anomaly, two holes tested a portion of the western anomaly and the intervening interval between the eastern and western anomalies, and one hole tested a pyrite-in-black-shale discovery. (see www.zontemetals.com for a drill hole map and the table below for the location and drill hole coordiantes) The holes showed a large quartz-carbonate-pyrite system with individual units containing arsenopyrite. The assay results, displayed below, show anomalous gold in four of the six drill holes within several narrow intervals. The drill program was confined to a small section of the targets and both the eastern and western anomalies remain open along strike and to depth, particularly for the western target, which is 1.6 km long.
The Company is also pleased to announce it has acquired through staking an additional 43 claims contiguous and south of Wings Point. A search of historic work shows these claims have not seen much exploration, however, a till sampling program carried out by Noranda in the late 1980’s discovered two till samples containing high gold values. The tills, collected are approximately 250 m apart, recorded 59.2 g/t and 5.3 g/t gold, with the 59.2 g/t gold till being the highest value Noranda discovered in their 831 sample till program. These samples appear to define a possible high-priority exploration target. Note, the till data was taken from a Noranda assessment report (NFLD 1890) and is not 43-101 compliant, historic in nature and cannot be relied upon.
Over the years Zonte has carried out numerous exploration programs at the Wings Point project. These include four IP surveys, including the Pit Grid, where the above mentioned drilling was completed, soil (conventional and mobile metal ion) sampling, prospecting and mapping. Numerous targets have been identified in the programs that remain unexplored. Within the Pit Grid, for example, prospecting discovered anomalous bedrock gold (0.3 – 0.9 g/t) spaced 200 m apart and coincident with a chargeability anomaly. Outside of in Pit Grid, three additional IP grids exhibit numerous IP anomalies possibly defining sulphides, both disseminated and massive, and sedex targets. None of these targets have been tested. A number of soil sampling programs have discovered gold and base metal anomalies all of which require follow up exploration.
The Company is continuing exploration at its Cross Hills IOCG project where drilling is ongoing.
The Company would like to acknowledge and thank the Province of Newfoundland and Labrador for its financial support through the junior exploration assistance program.
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.
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. 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 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.
For further information contact:
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.
Copyright © 2020 - ZONTE METALS INC.