Zonte reports results from initial K7 drilling and discovers large magnetic anomaly north of Dunns Mountain.
January 19, 2021 TSXV: ZON
Zonte Metals is pleased to provide the following an update on the initial two drill holes at the K7 target and the discovery of a large magnetic anomaly north of Dunns Mountain.
The K7 target is a coincident gravity/magnetic anomaly sitting approximately 13km south of Dunns Mountain and between the K6 and K8 targets. The K7 target was discovered during a gravity survey which identified a large target sitting 130-150m below the surface. Geologically, the target is hosted by an altered porphyritic unit displaying potassic, sodic and calcic alteration.
Two drill holes were completed from the same drill pad (668425E, 5290828N) on the eastern end of the target. Both holes interested anomalous copper and silver as well as anomalous rare earth mineralization. CH-20-11 was drilled towards the gravity anomaly, testing the portion of the target closest to surface. This drill hole intersected a 1.05m zone of 0.27% Cu with trace silver as well as two intervals (7.8 and 7.25m) with elevated Zr, Y, Ce and Nd. CH-20-12 intersected a 24m wide pyrite rich zone with anomalous Cu and Ag with the single highest Cu grade at 0.43% Cu and 14.1 g/t Ag over 0.3m. This hole also intersected a 4.8m interval with elevated Zr, Y, Ce and Nd. Both drill holes showed elevated IOCG geochemical signatures, such as Bi as well as abundant fluorite throughout the drill core. A table of the results is found below.
Subsequent to the drilling at K7, the company completed a MMI soil sampling survey in the area which identified two Cu anomalies; the first located on the south flank of the gravity anomaly and the second on the western side of the anomaly. Both are of significant size with the larger one up to 750m in length. Of note, soil sampling was hampered by limited quality sampling sites in the area and the anomalies remain open along strike where sampling could not be conducted. A map illustrating the gravity and soil anomalies with drill holes is found on the Company’s webpage at link http://zontemetals.com/projects/cross-hill-project/ (inserted here)
In addition, the Company is pleased to announce the discovery of a large magnetic anomaly, sitting 2km north of Dunns Mountain. Last fall the company complete a large airborne magnetic survey over portions of the property. Field checking through the fall was carried out on a number of anomalies for IOCG signatures. A large 3km by 2.5km magnetic anomaly was discovered about 2km north of the Dunns Mountain target. Time constraints resulted in a very limited prospecting program at the new anomaly, however, on the northern flank of the anomaly two copper showings were discovered. It was also noted that much of the anomaly is under cover and a program of additional prospecting, soil geochem and possible additional geophysics will be conducted. A map illustrating the new anomaly is found at the above noted link. (Inserted here)
Terry Christopher, President comments ‘The initial two drill holes at K7 tested just the eastern edge of the target area. Data shows the target carries copper, silver and rare earth metals. The target remains open, including to depth where the gravity anomaly has significant vertical thickness. The recent soil geochem will focus the next stage of drilling at K7, where the anomalies identified, sit on the flank of the gravity anomaly. The deeper parts and centre of the gravity anomaly has yet to be tested and will require a drill test as well. The newly discovered large magnetic anomaly north of Dunns Mountain is exciting as it’s in an area not previously explored. The anomaly is large, being multiple times larger than the Dunns Mountain target, and although mostly covered, copper has been discovered on the northern flank. This anomaly will be a focus of significant exploration to advance the target for drilling, if warranted. “
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.
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 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 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 Zonte with the rock sample analysis. Eastern Analytical provided a third party rare earth analysis from ACME laboratories. MMI soil samples were collected in a careful and diligent manner. Samples are tagged and sealed prior to being shipped by SGS Laboratories, which is an independent and accredited full-service commercial laboratory accredited to ISO/IEC 17025.
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.
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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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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