Trading Symbol: TSX-V: ZFR
OTC-ZPHYF
Shares Outstanding: 67,986,985
HALIFAX,
NS, March 9, 2022 /CNW/ - Zephyr
Minerals Ltd. (TSXV: ZFR) ("Zephyr" or the "Company")
is pleased to update shareholders on the Company's Zimbabwe project development activities. Over
the past seven months Zephyr senior management has field
investigated 12 potential gold projects throughout Zimbabwe. Management has concentrated on
projects with proven gold potential as demonstrated through active,
shallow, small scale mining operations or previous exploration
work, and based on property size, the ability to host a target
potential of at least one million ounces of gold. Based on these
parameters, of the 12 properties evaluated, four high priority gold
properties are being aggressively pursued for acquisition/joint
venture. Upon success in this regard a news release will be
issued.
Loren Komperdo, President an CEO
stated; "Our investigations to date confirm the merits of our
strategy to pursue gold opportunities in Zimbabwe. We remain firm in our view that
success in project generation in Zimbabwe will provide our shareholders with
exposure to gold projects with company transformative
potential."
As stated in a press release on December
21, 2021 the Company staked and registered two Special
Blocks totaling 201 hectares prospective for gold and base metals
in the northeastern part of the Umkondo Basin of Zimbabwe. The Special Blocks cover an area
encompassing a postulated two kilometer long shear zone which is
interpreted from satellite imagery to be the eastern extension of a
gossanous gold bearing eluvium zone recently mined by local
artisanal miners as evidenced by numerous small pits.
Sutter has applications lodged with the Ministry of Mines and
Mining Development (the "Ministry of Mines") for two Exclusive
Prospecting Orders ("EPO"), covering approximately 124,000 hectares
of gold prospective ground, one of which for 61,000 hectares is
located in the Nyanga area surrounding the Special Blocks. The
second EPO application covers approximately 63,000 hectares in the
Mount Darwin West area. These applications continue to be in the
Ministry of Mines review process. A news release will be issued
upon Zephyr receiving a decision from the Ministry of Mines on
these two EPO applications. It is expected that news on the Mount
Darwin West application will be received first as this application
was the first one lodged and has progressed further along in the
review process.
Dawson Mine Permitting Update
Zephyr has addressed all questions by the Colorado Division of
Reclamation Mining and Safety ("DRMS") to the mine permit
application lodged by Zephyr on June
30, 2021 in an adequacy response letter, dated
09 February 2022. We are currently
waiting for a response from DRMS. The deadline for a decision date
for DRMS to approve or deny the mining permit application has been
extended to March 31, 2022.
Additional Information
Mr. Terence F. Coughlan, P.Geo,
an independent consultant to the Company, and a qualified person as
the term is defined under National Instrument 43-101, has reviewed
and approved the scientific and technical information in this news
release. Mr. Coughlan has not visited the property.
About Zephyr Minerals Ltd.
Zephyr Minerals Ltd. has applied for a mining permit at its 100%
owned high grade Dawson-Green Mountain property in Colorado, USA. After expanding its land
package to 1,385 hectares (3,574 acres) the Company now controls a
12.2 kilometer long Dawson-Green Mountain mineralized trend. In
addition to the Dawson-Green Mountain property, the Company has
acquired two Special Blocks in Zimbabwe and is assessing additional
opportunities in Zimbabwe.
To be included in the Zephyr email database for Company updates
please contact info@zephyrminerals.com.
Neither TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in policies of the TSX Venture
Exchange) accepts responsibility for the adequacy or accuracy of
this release. The forward-looking statements contained in this
document are based on certain key expectations and assumptions made
by the Company, including, with respect to the use of funds from
the private placement, expectations and assumptions concerning
timing of receipt of required regulatory approvals and third party
consents and the satisfaction of other conditions to the completion
of the exploration work on the Dawson-Green Mountain Property. The
forward-looking statements contained in this document are made as
of the date hereof and the Company undertakes no obligation to
update publicly or revise any forward-looking statements or
information, whether as a result of new information, future events
or otherwise, unless so required by applicable securities
laws.
SOURCE Zephyr Minerals Ltd.