Zonte Provides an Update on the Wings Point Gold Project within the Central Newfoundland Gold Belt
TSXV: ZON
HALIFAX, NS, May 27, 2021 /CNW/ - Zonte Metals ("Zonte" or the "Company") is pleased to announce a work program consisting of prospecting, as well as rock and soil sampling, has started on the Wings Point Gold Project. During the calendar year 2020 the company expanded its claim holding from 101 claims to 344 claims. The project sits in the developing Newfoundland Central Gold Belt where New Found Gold (NFG-TSXV) continues to expand its high-grade gold discovery and other companies such as Labrador Gold (LAB-TSXV) have engaged in a large drill program.
The Company's initial prospecting program will focus on the newly acquired claims where, within one claim block, historic till sampling by Noranda returned samples of 59.2 g/t and 5.3 g/t gold (see September 25, 2020 press release for additional details and note, the till data was taken from a Noranda assessment report (NFLD 1890) and is not 43-101 compliant, historic in nature and cannot be relied upon). A search of historic records shows these results may not have been followed up. In addition, a second larger 200 claim block has seen little exploration based on historic assessment report information and represents virgin exploration ground to be covered in the work program.
The Company also announces it has granted incentive stock options to directors, officers, employees and consultants to purchase an aggregate of up to 2.25 million common shares pursuant to the Company's rolling stock option plan. The stock options have a five year term, subject to an 18-month vesting period and an exercise price of $0.21 per share.
Qualified Person
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.
About Zonte
Zonte Metals Inc. is a junior explorer focused on gold and copper. The Company owns 100% of the MJ project 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. In Colombia the company has a 25% carried interest in Project X where historic drilling interested 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.
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