HALIFAX, NS, July 14, 2021 /CNW/ – Zonte Metals is pleased to provide the following update on the Cross Hills Iron Oxide Copper -Gold Project.
A new zone of surface copper mineralization has been discovered at the K6 target during routine follow up of a soil geochemical anomaly. A number of bedrock and float samples over a 35m wide zone returned copper values between 0.18% and 0.89% Cu with trace silver. Mineralization in the new zone is characterized by chalcopyrite with pyrite and minor bornite. The extent of the copper zone is unknown as it strikes into vegetation covered areas. The Company intends on completing an IP geophysical survey over the area to better define this target prior to drilling. A recently commissioned satellite imagery structural analysis of the Cross Hills property shows this new discovery sits along a fault structure. A map showing the K6 target with the newly discovered copper zone can be found at https://www.zontemetals.com/projects/cross-hills-copper-property
The K6 target, located about 12km south of Dunns Mountain, was discovered in 2019 after completion of overlapping high-resolution ground magnetic and gravity surveys. 3D modelling of this data identified a large coincident anomaly that was drilled with two holes in 2019. The two drill holes tested the strongest portions of the near surface gravity and magnetic anomalies and returned anomalous copper values over narrow intervals (see March 3, 2020 press release). The 2019 drill holes sit greater than 200m to the north of the new copper zone which is located on the southern periphery of the geophysical anomalies.
At the Cross Hills property, the Company is continuing to follow up on soil anomalies at a number of areas to further define areas for IP surveys in anticipation of developing priority drill targets. Currently, exploration efforts are focused on the K6, K9, Big K and Nine Mile anomalies.
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
Rock samples were assayed at Eastern Analytical in Springdale, NL using the ICP-34 package (34 element 4 acid leach, ICP-OES finish) and the Fire Assay (30g) with AA finish. Samples were collected, tagged and sealed and delivered to the lab by Company personnel.
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 the Cross Hills IOCG project located in Newfoundland and Labrador. 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.