The Wings Point Gold Property is located on the island portion of Newfoundland and Labrador, about 30 kms north of Gander, within the newly developing gold belt in Central Newfoundland. New Found Gold (NFG-TSXV) has recently discovered high-grade gold and interpreted the mineralization to be similar to the Fosterville system in Australia, giving the belt a new model of mineralization to search for.
Zonte drilled six holes in its pit target in 2020. Drilling interested narrow zones of disseminated gold and quartz veins. The pit target, pictured below, is defined by gold in soils and bedrock and IP anomalies. The targets, which remain open either along strike or to depth, re additional exploration as the host rock and quartz veins resemble that of Newfound Gold to the south.
The picture below illustrates quartz in drill core interested at the pit target.
South of the pit area, the company holds a claim where historic sampling by Noranda discovered a high-grade gold till sample returning 59.2 g/t. A second till about 250m away recorded 5.3 g/t gold. The 59.2 g/t gold till sample was the highest Noranda discovered in a 831 sample program throughout a large area. Note, this data is historic in nature and not 43-101 compliant, hence not to be relied upon.
To the east the company holds a 200 claim block. Exploration on this block has identified a new hydrothermal quartz vein, gold in float and a large secondary iron oxide zone.
The new hydrothermal quartz vein discovery was located in 2021 and further exploration in 2022 confirmed its hydrothermal character. The vein has been traced for just over 100m where is disappears under cover in both directions. A considerable amount of similar looking quartz float can be found up to 2 km from this location. Additional exploration is required to ascertain the potential in this new discovery. Several pictures of the vein are illustrated below.
A large iron oxide zone, known for +40 years, was visited and sampled. The iron appears to be a chemical precipitate, not a sulphide derived gossan. The iron is exposed on surface for over 200m. The source of the iron is believed to be a subsurface iron body, where ground waters are leaching the iron and depositing it at surface, as illustrated below.
Sampling of the iron oxide material at surface had identified elevated zinc in a number of samples. If the model is correct, the target may be a near surface zinc target. Additional exploration including soil sampling (completed) and possibly geophysics to identify a target is required. A picture of the iron zone is illustrated below.
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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