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 302 mineral claims covering 7550 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. 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 a sedex target. 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.
At the southern end of the western claim historic sampling by Noranda discovered a high-grade gold till sample where 59.2 g/t was reported. 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.
The 200 claim on the eastern side was acquire by staking in 2020 with the staking rush through the Central Gold Belt. Historically, the area under this claim block has not been explored to any extent. Zonte has completed the first phase of prospecting on the claim and have discovered several targets of interest. These include Ni in black shales, gold in quartz float and a possible subsurface sulphide target.
The nickel mineralization was discovered in a rock quarry along one wall. One sample returned 0.23% Ni with 0.21% Cr and 103 ppm Co. The mineralization was discovered in a quartz/carbonate altered zone of black shales and siltstones containing pyrrhotite mineralization. The zone extends into tree covered area and will require prospecting and soil sampling to determine its dimensions.
The gold in float was discovered in the central portion of the claim and defined by anomalous values up to 482 ppb gold in quartz float. During sampling it was noted other similar looking float was observed in the area.
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 gossan is exposed on surface for over 200m. In an attempt to identify its source as series of hand dug pits were completed and the 'head' of the zone. These holes identified a water seep and this likely is the source of the iron, where the water is leaching the iron in some sort of iron body at depth, then precipitates the iron as it hits the surface with the change in redox conditions. Sampling on of the gossan also returned elevated Zn and this in combination with the other factors possibly suggests a hidden sulphide target in the area.
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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