Zonte Metals announces a 25% carried interest in an advanced Colombian gold property opportunity
TSXV: ZON
HALIFAX, NS, Sept. 15, 2020 /CNW/ - Zonte Metals Inc. is pleased to announce it has retained a 25% carried interest in an option agreement for a gold property in western Colombia. Zonte permitted Southern Sky Resources Corp. a private company, to enter into a five-year option agreement for the Project X property, which sits in the Cordillera Occidental of Colombia, in return for its retained interest.
Project X, is an advanced gold exploration property, wherein a total of 14 historic drill holes were completed during 1997 - 1998. A summary of the significant data is located in the following table. Note, none of the drill core was located for independent verification and the drill hole assay data was taken from publicly disclosed press releases pre-National Instrument 43-101 standards and hence the data is historic in nature.
Drill Hole | From | To (m) | Interval (m) | Gold |
DH - 1 | 0.0 | 18.9 | 18.9 | 3.56 |
DH - 2 | 0.0 | 80.0 | 80.0 | 2.1 |
including | 0.0 | 22.5 | 22.5 | 4.5 |
DH - 4 | 0.0 | 451.0 | 451.0 | 0.7 |
including | 303.0 | 325.5 | 22.5 | 3.72 |
DH - 5 | 0.0 | 29.0 | 29.0 | 2.61 |
DH - 6 | 40.5 | 42.0 | 1.5 | 3.64 |
DH - 7 | 0.0 | 157.0 | 157.0 | 0.95 |
including | 5.5 | 14.5 | 9.0 | 2.9 |
DH - 8 | 37.5 | 45.0 | 7.5 | 0.75 |
And | 103.5 | 159.0 | 55.5 | 0.4 |
And | 171.0 | 180.0 | 9.0 | 0.89 |
DH - 9 | 17.0 | 104.0 | 87.0 | 0.41 |
DH - 10 | 129.0 | 136.5 | 7.5 | 3.9 |
And | 292.5 | 307.5 | 15.0 | 1.72 |
DH - 11 | 196.5 | 216.0 | 19.5 | 1.13 |
DH - 13 | 0.0 | 6.0 | 6.0 | 0.55 |
And | 79.5 | 109.5 | 30.0 | 0.8 |
DH - 14 | 55.5 | 106.0 | 51.0 | 0.71 |
and | 216.0 | 220.5 | 4.5 | 0.68 |
Both companies have been working together to secure the rights to the property over the last year with Southern Sky securing the five-year option agreement with a Colombian private company. Going forward, Southern Sky will be the operator and Zonte retains a 25% carried interest to a production decision in the option agreement. Zonte personnel have completed a number of due diligence visits to the property over the last 7 years. This included sampling known mineralized structures, confirming drill pads locations and confirming with the local association the previous drilling program. Geologically, the property appears to be a porphyry system with numerous breccia and vein structures. Southern Sky is in the process of mapping and sampling the property with local geological consultants and planning a geophysical survey. Southern Sky is completing a NI 43-101 document with the intention of listing on the TSXV.
Qualified Person
Jack King, 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 has signed Option Agreements to acquire 100% of the McConnells Jest project, in the Tintina Gold Belt, located in the Yukon Territory and the Cross Hills IOCG project located in Newfoundland and holds a 100% interest in the drill ready Wings Point Gold Project also located 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, 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.
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