TSXV: ZON
HALIFAX, June 18, 2019 /CNW/ - Zonte Metals
Inc (TSXV: ZON) ("Zonte" or the "Company") is pleased to
provide the following update on an amendment to the McConnells
Jest, Yukon Territory, option
agreement.
The Company has amended the terms of the the McConnells Jest
property option agreement wherein it has agreed to pay $25,000 and issue 83,333 shares upon TSXV
approval in lieu of the scheduled $50,000 property payment due January 20, 2020.
The McConnells Jest property is an Intrusion Related Gold System
and borders to the east of Victoria
Gold (VIT-TSX) where the Eagle Mine construction is 95%
completed and expected to pour its first gold in September, 2019.
The Eagle Mine is an Intrusion Related Gold System which hosts
proven and probable 2.46 M ounces of
gold at an average diluted grade of 0.66 g/t Au (Sept 2016 Victoria Gold). The mine is expected to
produce approximately 200,000 ounces of gold for 10 – 11 years
(this information is from Victoria
Gold's website).
Zonte completed a short exploration program during the summer of
2017 which included prospecting and drilling of five drill holes in
three targets. Drilling made a discovery on the Two-Four target
where the company intersected 20.28 m
of 0.69 g/t Au and 20.45m of 0.72 g/t
in drill hole MJ-04. MJ-03 also intersected long intervals of
anomalous gold including 81.81m of
0.20 g/t Au. These results have not yet been followed up with
additional exploration. Prospecting identified numerous other areas
of interest and the property is remains largely underexplored.
Additional information on the McConnells Jest can be found at
www.zontemetals.com
Qualified Person
Andy Randell, P.Geo. is the
qualified person as defined by NI 43-101 and is responsible for the
preparation of the Technical Report and the technical disclosures
in this press release.
About Zonte
Zonte Metals Inc. is a junior explorer focused on gold and copper.
The Company has signed Option Agreements to acquire 100% of the
McConnells Jest project, in the Tintina Gold Belt, located in the
Yukon Territory and the Cross
Hills IOCG project located in Newfoundland and holds a 100% interest in the
drill ready Wings Point Gold Project also located in
Newfoundland. In addition, 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.
Forward-Looking Information
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.
www.zontemetals.com
SOURCE Zonte Metals Inc.