The Wings Point Gold Property is located on the island portion of Newfoundland and Labrador, about 30 kilometres north of Gander. The project, composed of 144 mineral claims covering 3600 hectares, is accessible by a network of paved and logging roads throughout the project. The project sits a the northern end of the central gold belt in Newfoundland where 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 acquired the property based on disseminated bulk tonnage mineralization exposed in an operating rock quarry in the Pit Grid area of the image above. This project sits in a belt of rocks explored by Barrick Gold for Carlin style gold deposits back in 2002-2003. The belt is host to numerous known gold and mineral prospects and the past operating Beaver Brook Antimony Mine owned by Hunan Nonferrous Metals Corporation and which is located about 50 km south of the property. This belt has been explored for the last 20 years, mostly for narrow high-grade gold structures, however, Zonte will be targeting the sediment hosted bulk tonnage potential.
The initial target discovered in the Pit Grid area of the above image is exposed in an operating rock quarry, where rock removal over the last 15 years has uncovered mineralized bedrock. Of note, is the frequency of the mineralized zones has been increasing with rock removal over the last 10 years. There are two centre targets exposed in the quarry and have coincident bedrock mineralization, soil geochemistry and IP signatures. The two targets are generally referred to as the Western and Eastern Targets. Note a third target called As-in-soil is part of the Eastern, but differentiated by the strong arsenic-in-soil values. Drilling during May/June 2020 discovered mineralization in four of the six drill holes. The mineralization was confined to narrow intervals of arsenopyrite and quartz-carbonate-sulphide zones. The drill hole map below shows the location of Phase 1 drill holes.
The targets remain open either along strike or to depth and require additional exploration and drilling.
Throughout the project area the Company has completed four IP grids. These surveys have identified a series of IP anomalies that require follow-up. The targets have been interpreted as possible disseminated or massive sulphide targets and sedex targets. In addition, the Company has completed additional completed a number of small soil and rock sampling programs which have discovered gold and base metals anomalies that need follow-up exploration as well.
The Company recently acquired through staking additional claims contiguous and south, which is exhibited in the top image. Within that claim historic exploration by Noranada discovered a high-grade gold till sample where 59.2 g/t was recorded. 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.
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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