October 29, 2019/TSXV: ZON
Zonte Metals is pleased to announce the discovery of a second large gravity anomaly and commences drilling at the K6 target on its Cross Hills IOCG project.
The recently completed gravity survey was carried out over two separate areas; a southern block covering the K6 and K8 areas and a northern block covering the high priority Dunns Mountain target – Carols Hat area. As press released on October 8, the Company announced the discovery of the K6 gravity anomaly. Additional processing and 3D inversion modelling of the data has identified a second anomaly on the southern block called the K7 target, sitting 1.7 kilometers south of the K6 target.
The K7 gravity anomaly, which sits adjacent to a strong magnetic high is located approximately 130m below surface and appears to be a cohesive target extending vertically. Additional work will be required in this area to help better define the full extents of the target. Outcrop exposure is limited in the target area, however, IOCG characteristics of the rock units, including potassic, calcic and sodic alteration are observed in an altered porphyritic unit. One single line of deep penetrating Induced Polarization/Resistivity (IP) surveying was performed over the gravity target and showed an increase of chargeability and resistivity in direct correlation with the gravity response. A reconnaissance MMI (mobile metal ion) soil sampling program was also performed in the area. A total of 15 samples were collected despite the lack of quality sites. The results returned elevated copper near and around the K7 gravity and IP anomaly. An image of the target area is illustrated at http://www.zontemetals.com/projects/cross-hill-project/ . Additional results including those from the Dunn’s Mountain area will be released once data processing and interpretation has been completed.
The Company is also pleased to announce drilling has commenced at the K6 target. As noted in the October 8, 2019 press release, the program will test the strong gravity response which sits just below and adjacent to the strong magnetic anomaly. The K6 target exhibits typical IOGC related geophysical signatures, IOCG related alteration and spatially related copper mineralization at surface.
The Company would like to acknowledge 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.
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.
Soil Sampling Protocol: QA/QC
MMI soil samples were collected in a careful and diligent manner using scientifically established sampling practices designed and tested to ensure that the results are representative and reliable. Samples are tagged and sealed prior to being shipped by SGS Laboratories, which is an independent and accredited full-service commercial laboratory accredited to ISO/IEC 17025.
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.
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.
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