ZEPHYR STAKES ZIMBABWE GOLD-BASE METAL PROSPECT

/NOT FOR DISTRIBUTION TO US WIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES OF AMERICA/

Trading Symbols:  TSX-V: ZFR     OTC-ZPHYF
Shares Outstanding: 67,986,985 

HALIFAX, NS, Dec. 21, 2021 /CNW/ - Zephyr Minerals Ltd. ("Zephyr" or the "Company") (TSXV:ZFR) (OTC:ZPHYF), is pleased to announce that through its wholly owned Zimbabwean subsidiary Sutter Mining (Private) Limited ("Sutter"), it has received registration from the Ministry of Mines and Mining Development for the Nyanga North prospect which comprises two staked Special Blocks totaling 201 hectares prospective for gold and base metals in the northeastern part of the Umkondo Basin of Zimbabwe. The Special Blocks cover an area encompassing a postulated 2 kilometer long shear zone which is interpreted from satellite imagery to be the eastern extension of a gossanous gold bearing eluvium zone recently mined by local artisanal miners as evidenced by numerous small pits (www.zephyrminerals.com).

In addition, Sutter has made application to the Ministry of Mines and Mining Development for two Exclusive Prospecting Orders ("EPO"), covering approximately 124,000 hectares of gold prospective ground, one of which for 61,000 hectares is located in the Nyanga area surrounding the Special Blocks. The second EPO application covers approximately 63,000 hectares in the Mount Darwin West area. These applications are currently in the review process, and while Sutter is optimistic the EPO's will be granted, timing is not known at present. A news release will be issued upon Zephyr receiving a decision from the Ministry of Mines and Development on these two EPO applications .

The gossanous scree slope which has been the target of extensive eluvium gold mining by the artisanal miners is located approximately 370 meters west of the western boundary of Sutter's Special Blocks. The local artisanal miners have been mining the gossanous scree from an area trending east-west and measuring approximately 240 meters by 60 meters on the side of a 100 meter high hill since 2014. As observed from satellite imagery, a 2 kilometer long, east-west trending lineament interpreted to be a shear zone traces the trend of the gossanous scree zone to the east on to the Sutter's Special Blocks. Based on the extensive eluvium mining at the western extremity of the interpreted shear zone, this structure is undoubtedly a highly prospective gold exploration target. An initial, low cost exploration program entailing soil sampling and geological mapping to further characterize the gold-base metal potential of the prospect is scheduled to commence early in Q1-2022. Favourable results from this program, would support a second phase of work encompassing trenching and/or diamond drill testing.

The discovery of gold at Nyanga was first announced in the Harare Herald on May 19, 2014 (https://www.herald.co.zw/rich-gold-deposits-discovered-in-nyanga/). This article stated: "New rich gold deposits were recently discovered by artisanal miners in Nyanga. Mines commissioner for Manicaland Province Mr. Agripa Chimusasa said in an interview last week that the discovery of new gold deposits would play a significant role in the growth of the country's annual gold production. "There have been discoveries recently further north of the province in the Matizi and Gairezi areas in Nyanga" he said. The area, Mr Chimusasa said, is still underexplored but it is believed to have a rich vein of gold judging from findings by those who are using rudimentary methods."

Loren Komperdo, President & CEO stated; "Although the Harare Herald article is lacking in detail, the artisanal mining at Nyanga North identifies a new discovery which has never been drilled or explored with a systematic, modern exploration program. It would be very difficult to find such an obvious highly prospective target in North America which has never been drilled."

Geologically the area is part of the north-south trending Gairezi segment of the Umkondo Basin, a Proterozoic age sedimentary basin, which was deposited in a braided stream and shallow marine environment. The sedimentary units underwent moderate grade metamorphism and are manifested in the area as quartz mica schists and quartzites. Until recent discoveries by artisanal miners of these hydrothermal gold deposits in the Umkondo Basin, this terrane had not been considered prospective for gold mineralization. Previously only copper mineralization had been noted in the Umkondo basin. Traditionally, potential for gold deposits in Zimbabwe was considered to be principally in the Archean granite-greenstone terrane, hence geological settings outside this terrane, like the Umkondo Basin received little attention from mining companies. The Umkondo Basin is now however, proving to be a new frontier for gold exploration following the discovery and mining by artisanal miners of gold at several localities.

The project is located in north-eastern Zimbabwe in the province of Manicaland near the border with Mozambique centered on 17°40'11" South and 33°00'45" East. The topography is hilly with elevations above the valley floor in the 100 to 150 meter range. The Gairezi River immediately east of the Special Blocks marks the border of Zimbabwe with Mozambique.

A Special Block is a mining claim up to 150 hectares in size and entitles the holder to explore for, and mine any minerals that may be discovered and deemed economic. In the event only gold is discovered on the Special Blocks, regulations require these to be converted into gold claims. This is a straightforward process that requires subdividing the Special Blocks into 10 hectare, surveyed gold Claims.

Please visit the Zephyr website at www.zephyrminerals.com for maps and photos of the Nyanga North prospect.

Dawson Mine Permitting Update

Zephyr is continuing to address questions in an adequacy response letter from Division of Reclamation, Mining and Safety (DRMS) to the mine permit application lodged by Zephyr on 30 June, 2021. The deadline for a decision date for DRMS to approve or deny the mining permit application has been extended to February 28, 2022.

Mr. Mark Graves, P.Geo. resigns as VP Exploration

Mr. Mark Graves, with over 40 years of experience in the mining industry has resigned as VP Exploration to pursue his contracting/consulting work in Atlantic Canada and elsewhere. Mark has made significant contributions to the geological knowledge of Zephyr's Dawson project in Colorado over the last 7 years, for which Zephyr expresses its thanks and appreciation. Zephyr wishes Mark success in his future activities.

Additional Information

Mr. Terence F. Coughlan, P.Geo, an independent consultant to the Company, and a qualified person as the term is defined under National Instrument 43-101, has reviewed and approved the scientific and technical information in this news release. Mr. Coughlan has not visited the property.

About Zephyr Minerals Ltd.

Zephyr Minerals Ltd. has applied for a mining permit at its 100% owned high grade Dawson-Green Mountain property in Colorado, USA. After expanding it's land package to 1,385 hectares (3,574 acres) the Company now controls a 12.2 kilometer long Dawson-Green Mountain mineralized trend. The Company has also begun new project evaluation with focus on under explored areas with the potential to host world class mineral deposits. In addition to the Dawson-Green Mountain property, the Company is assessing opportunities in Zimbabwe.

CAUTIONARY STATEMENT:

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. The forward-looking statements contained in this document are based on certain key expectations and assumptions made by the Company, including, with respect to the use of funds from the private placement, expectations and assumptions concerning timing of receipt of required regulatory approvals. The forward-looking statements contained in this document are made as of the date hereof and the Company undertakes no obligation to update publicly or revise any forward-looking statements or information, whether as a result of new information, future events or otherwise, unless so required by applicable securities laws.

SOURCE Zephyr Minerals Ltd.

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