VANCOUVER, June 4, 2015 /CNW/ - Zimtu Capital Corp.
(TSXv: ZC; FSE: ZCT1) (the "Company" or "Zimtu") is pleased to
announce that the Company and one of its prospecting partners have
signed an agreement with GTA Resources and Mining Inc. (TSXv: GTA)
("GTA Resources") whereby GTA Resources can earn a 100%-interest in
two licenses (47 claim units) located in central
Newfoundland. These claims units as well as an additional 56
units make up the Burnt Pond Zn-Cu Property.
For its participation in the transaction, Zimtu will receive
cash and a share payment from GTA Resources as follows: (i)
$3,055 on signing; (ii) 1,200,000
common shares within 7 days of acceptance by the TSX Venture
Exchange ("TSXv"). The transaction is subject to acceptance
by the TSXv.
Burnt Pond Zn-Cu Project
The Burnt Pond Zn-Cu Project
consists of six separate claim licences (103 units), located in the
Tally Pond volcanic belt which hosts Teck Resources Ltd's Duck Pond
Mine and a number of other Cu-Zn-Ag-Au massive sulphide
deposits.
The Duck Pond Mine is classified as a VMS (volcanogenic massive
sulphide) deposit and achieved commercial production in 2007 with
an initial resource of 6 million tonnes grading approximately 3%
Cu, 6% Zn, 60 g/t Ag and 0.9 g/t Au. The Burnt Pond Project claims
are underlain by the same geological package of altered felsic
volcanic rocks as are common to the Duck Pond Mine. The area has
extensive geophysical and geochemical coverage and historic
drilling by third parties was quite limited. A number of
untested EM (electro-magnetic) targets, coincident with anomalous
base metals (Zn, Cu, Pb, Au and Ag) in both rock and soils remain
to be evaluated. Anomalous base metal values associated with the
VMS style alteration, includes the Wim Showing (1.9% Zn, 1.5% Pb)
and drill intersections of 1.0%Zn/2.9m.
The claims were acquired by Zimtu Capital Corp. through staking.
Zimtu, along with its prospecting partners, continues to
evaluate and acquire prospective resource properties for sale or
joint venture. As part of the Company's business, Zimtu provides
mineral property project generation and advisory services and helps
to connect companies with mineral properties of interest.
The technical information in this news release has been prepared
and reviewed on behalf of the Company by Robert Duess, P.Geo, a Qualified Person pursuant
to National Instrument 43-101.
About GTA Resources and Mining Inc.
GTA Resources and
Mining Inc. is a well-funded mineral exploration company led by an
experienced management team focused on exploring for gold and
graphite in Canada. GTA
Resources currently has three projects located in northern
Ontario: the 51%-owned Northshore
Project, near Schreiber; the
100%-owned Auden Project near Hearst; and, the Ivanhoe Project near Folyet,
in which it has an option to acquire a 100% interest. The
Company shares trade on the TSX Venture Exchange under the symbol
"GTA".
About Zimtu Capital Corp.
Zimtu Capital Corp. is a
public investment issuer that invests in, creates and grows natural
resource companies thereby providing a way for shareholders to
indirectly participate and profit in the public company building
process. The Company also provides mineral property project
generation and advisory services helping to connect companies to
properties of interest.
Zimtu Capital trades on the TSX Venture Exchange under the
symbol "ZC" and the Frankfurt Stock Exchange under the symbol
"ZCT1." For more information please visit the corporate website at
http://www.zimtu.com.
On Behalf of the Board of Directors
ZIMTU CAPITAL CORP.
"David Hodge"
David
Hodge
President & Director
Phone: 604.681.1568
Neither 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 or accuracy of this release.
Statements in this document which are not purely historical are
forward-looking statements, including any statements regarding
beliefs, plans, expectations or intentions regarding the
future.
Forward-looking statements in this news release include that
GTA Resources can earn a 100%-interest in the Burnt Pond claims
located in Newfoundland, Canada;
that in consideration for its interest, Zimtu will receive cash and
share payments from GTA Resources, and that Zimtu, along with its
prospecting partners, continue to evaluate and acquire prospective
resource properties to make available for sale or joint
venture.
It is important to note that actual outcomes and the
Company's actual results could differ materially from those in such
forward-looking statements. Risks and uncertainties include, but
are not limited to, economic, competitive, governmental,
environmental and technological factors that may affect the
Company's operations, markets, products and prices. Readers should
refer to the risk disclosures outlined in the Company's Management
Discussion and Analysis of its audited financial statements filed
with the British Columbia Securities Commission.
SOURCE Zimtu Capital Corp.
