October 8, 2019/TSXV: ZON
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.
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.
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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CEO and President