TSXV: ZON
HALIFAX, Oct. 8, 2019 /CNW/ - Zonte Metals is pleased to
announce the discovery of a significant gravity anomaly at the K6
target identified during recently completed detailed ground gravity
survey at its Cross Hills Iron Oxide Copper Gold project.
The gravity survey carried out during July to September was
completed over two different blocks. A southern block which covers
the area between and including K6 and K8 targets and a northern
block which covers the Dunns Mountain area and south to near Carols
Hat. In the search for IOCG deposits, the gravity method is a
useful geophysical tool used to help identify drill targets. In
magnetite-hematite systems, which appears to be the common
association for known copper mineralization at the Cross Hills
Property, the ideal geophysical signature for the IOCG model would
be associated gravity and magnetic anomalies.
The K6 target area, which sits about 12km south of the Dunns
Mountain target, was discovered by high-resolution ground magnetics
in 2018. The recently completed gravity survey was conducted to
ascertain whether the K6 area would be drill tested. The collected
Bouguer gravity data from the K6 area was processed to identify the
residual gravity signature which was further processed with 3D
inversion modeling. The data suggests a large gravity anomaly
sitting 100 – 150m below surface,
measuring approximately 600m in
length, 150m wide with a 250m depth extent. The gravity anomaly sits
adjacent to and partially overlaps the magnetic high anomaly. A
plan map showing the inversion magnetic and residual gravity data
for K6 can be seen at
http://www.zontemetals.com/projects/cross-hill-project/
Exploration carried out by the company in 2018 in the K6 area
discovered surface copper mineralization in the form of malachite,
azurite and chalcopyrite from surface grab samples with the best
assay returning 0.28% Cu and 7 g/t Ag (see news release
June 12, 2018). These mineralized
samples are spatially associated with the magnetic and gravity
anomalies at K6. The surface rock samples noted above were grab
samples and not representative of the target as a whole. K6 will be
drill tested as part of a larger upcoming drill program, which is
anticipated to start in October. The remaining gravity data will be
released once it has been processed by third party consultants,
which is expected shortly.
The Company would like to acknowledge the Department of Natural
Resources and the Province of Newfoundland and Labrador for its financial support through the
junior exploration assistance program exploration for work
performed on the Cross Hills Property.
Qualified Person
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.
About Zonte
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, in the Yukon
Territory and the drill ready Wings Point Gold Project in
Newfoundland. It also has an
option to acquire 100% of the Cross Hills IOCG project 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, statements
regarding financial and business prospects and the Corporation's
future plans, objectives and financial outlooks. The Corporation
believes 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 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.