TSXV: ZON
HALIFAX, NS, Jan. 13, 2022 /CNW/ - Zonte Metals Inc.
(TSXV: ZON) is pleased to provide shareholders with a
2021 review and outlook for 2022.
Terry Christopher, President and
CEO comments "Through 2021 the Company has focused exploration
activity on two claims in Newfoundland. The Company was active with
surface exploration on the Cross Hills Copper property where to
date eight targets have been identified along the 25km property.
Several targets have been advanced to the drill stage. The Company
now sees the Cross Hills Project as a potentially new copper belt
in Canada. In addition,
exploration of the Wings Point Gold project, within the newly
developing Central Gold Belt in Newfoundland, resulted in the discovery of
three intriguing targets that will be followed up."
2021 Highlights
Cross Hills Copper Project
- Discovered new targets including North Dunns, Nine Mile and
K9.
- Targets now total eight, with exploration ongoing.
- North Dunns and Nine Mile are on the order of 3x3 km or larger,
defined by strong magnetics, rock and soil geochemistry.
- K9 is defined by strong alteration with the highest
copper-in-soil anomaly on the project, measuring about 1500 by
700m.
- Discovery of strong copper soil anomalies and new surface
copper mineralization at Big K and K6. Both targets are drill
ready.
Wing Point Gold Project
- Completed phase one first pass exploration on newly acquired
claims.
- Discovery of three areas of interest including nickel in black
shales, gold in quartz float and a possible buried near-surface
sulphide target.
- One new claim contains an historic Noranda till sample which
returned 59.2 g/t Au, which has yet to be followed up.
MJ Gold Project; Yukon
- Project is contiguous to Victoria
Gold. Victoria Gold has been
exploring its Raven Project which sits a few kilometres from
Zonte's Claim border.
- The Company is engaged in completing exploration permit
applications and waiting on the next steps.
- Numerous parties have expressed interest in the project over
the past 12 months. The Company examines each opportunity for its
potential return for current shareholders.
Project X; Colombia
- The Company holds a 25% carried interest to a production
decision in an option agreement for Project X in Colombia with Southern Sky, a private company,
in the process of completing a CPC transaction with Auston Capital
Corp.
- Project X has non NI43-101 drill data including 80m @ 2.1 g/t Au and 451m @ 0.70 g/t Au.
Gramalote Application; Colombia
- With a partner, the company made application over open ground
over the Gramalote Deposit, held by Anglo
Gold and B2Gold.
- Through an eight year legal challenge the case is now waiting
to be scheduled for trial.
- Through this process numerous attempts by various parties to
have the application or case dismissed were initiated, however, the
Company has provided counters to all attempts and displayed its
application is valid according to the applicable mining code.
2022 Outlook
- The Company will continue to focus on the copper potential at
the Cross Hills Project including additional geophysics, target
generation and drilling.
- Follow-up exploration on its Wings Gold Project including soil
and rock sampling and possibly geophysics.
- Finally, the Company looks forward to additional corporate
developments from the listing of Southern Sky (Project X), MJ Gold
Project permitting and the Gramalote application court trial.
Qualified Person
Donald Blake, 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, located in the Yukon
Territory, the Wings Point
project in the new Central Newfoundland Gold Belt, and the Cross
Hills IOCG project located in Newfoundland and Labrador. In Colombia; the company has a 25% carried
interest in Project X where historic drilling intersected
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.
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.
SOURCE Zonte Metals Inc.