HALIFAX, Jan. 22, 2021 - Zonte Metals is pleased to provide the following an update on discovery of a large magnetic airborne anomaly.
During the fall of 2020 the Company contracted a high-resolution magnetic airborne survey over three areas on its Cross Hills Property. The areas covered in the survey were generally where no exploration has been conducted, and included a northern, central and southern block, spanning nearly 25km along strike. The survey was flown on a 100m line spacing.
The survey over the central block, which lies between the Big K and K6 targets, discovered a 4 by 2.5km magnetic anomaly, named Nine Mile. The anomaly sits at the juncture of the deep seated Cross Hills Fault and a second truncating fault. Field checking of the anomaly discovered disseminated chalcopyrite in a number of locations, most notably along anomaly periphery. The central portion of the anomaly is composed of intermingled albitites and iron oxide altered units, while the periphery is mainly iron oxide altered units.
The Company completed a widely spaced MMI soil survey (300m spaced lines with 100m sample spacing) over the new target to identify areas of anomalous copper, as portions of the anomaly are covered. The soil sampling program was successful in identifying a number of anomalies which require further infill sampling. A map illustrating the Nine Mile anomaly with known areas of sulphide mineralization can be found at http://zontemetals.com/projects/cross-hill-project/
All anomalies identified to date on the Cross Hills IOCG property are spatially associated with the Cross Hills Fault system. The property covers a 25km strike length of the fault system along which IOCG signatures are known. To date, seven targets have been identified and the Company is waiting on additional data from other anomalies. A number of anomalies remain to be field checked.
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
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.
SOURCE Zonte Metals Inc.
Terry Christopher, CEO and President, 902-405-3520, email@example.com, www.zontemetals.com