VANCOUVER, Aug. 25, 2015 /CNW/ - Zimtu Capital Corp.
(TSXv: ZC) (FSE: ZCT1) ("Zimtu" or the "Company") is pleased to
announce the commencement of field work on the Munn Lake Property
("Property") located in the Slave Craton, Northwest
Territories. The field work will consist of Kimberlite
Indicator Mineral ("KIM") sampling in order to validate the
historic sampling work and provide additional insight into the
diamondiferous potential of each area.
The Munn Lake Diamond Property is situated in the midst of the
Southern Slave kimberlite field, approximately 35 km east of the
producing De Beers Snap Lake Diamond Mine and 40 km northwest of
the De Beers Gahcho Kué Project scheduled to commence diamond
production in 2016.
Historic exploration included the collection of over 2,500
samples and has identified at least five distinct mineral
trains. The diamondiferous Munn Lake
Sill has been identified as the source of only one of the
five KIM trains. The four remaining KIM trains on the
Property have seen substantially little follow up work by the
previous operator, and there is believed to be a high potential for
the discovery of up to four new kimberlites.
Historic Exploration Highlights:
- Between 1996 and 2007, SouthernEra Resources Ltd. acted as the
operator of the diamond exploration program at Munn
Lake. The bulk of the historic work was conducted
between 1996 and 1999.
- Diamondiferous "Yuryi" Boulder Field**
- 226 diamonds, including 62 macro-diamonds returned from 581 Kg
sample
- Boulders up to 25 m in diameter
- Diamondiferous Munn Lake Sill***
- 14 diamonds including 2 macro-diamonds and 12 micro-diamonds
returned from 42 kg sample
- Drill-indicated total length of 1.3 km
- True thickness between 12 m - 0.25 m
- Four additional Kimberlite Indicator Mineral (KIM) trains on
the property, sources yet to be identified.
** SouthernEra news release, February
18th, 1999
*** SouthernEra news release,
June 8th, 1999.
Additionally the project benefits from existing infrastructure
with the Gahcho Kué seasonal supply road transecting the
Property.
Prima Diamond Corp. (Prima) had previously entered into an
option agreement to acquire 100% of the Munn Lake Diamond Property
from Zimtu and one of its staking partners. Prima has not
received TSX Venture Exchange approval of the option
agreement. Zimtu and its staking partner have decided to
commence the above outlined field work program at the property. The
exploration work is intended to advance the knowledge of the
project. The results of the program may result in a
renegotiation of the option agreement. Without regulatory
approval, Zimtu and its staking partner will continue to look at
the best alternative opportunities to advance the project.
NI 43-101 Disclosure
Mr. Neil
McCallum, P.Geo., a Qualified Person as defined by National
Instrument 43-101, read and approved the disclosure of the
technical information in this news release.
About Zimtu Capital Corp.
Zimtu Capital Corp. is a
public investment issuer that invests in, creates and grows natural
resource companies thereby providing a way for shareholders to
indirectly participate and profit in the public company building
process. The Company also provides mineral property project
generation and advisory services helping to connect companies to
properties of interest.
Zimtu Capital trades on the TSX Venture Exchange under the
symbol "ZC" and the Frankfurt Stock Exchange under the symbol
"ZCT1". For more information please visit the corporate
website at http://www.zimtu.com.
On Behalf of the Board of Directors
ZIMTU CAPITAL CORP.
"David Hodge"
David Hodge
President & Director
Phone: 604.681.1568
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 or
accuracy of this release.
Disclaimer for Forward-Looking
Information
This press release contains projections
and forward-looking information that involve various risks and
uncertainties regarding future events. Forward looking
statements in this new release include but are not limited to the
commencement of field work; that sampling will validate historic
work and provide insight into the diamondiferous potential of each
area; Zimtu has not independently analyzed the historical results
and therefore they should not be relied upon although Zimtu
believes these historical results provide an indication of the
potential of the property and the results may be relevant to
commencement of the planned field work. No assurance can be given
that any of the events anticipated by the forward-looking
statements will occur or, if they do occur, what benefits the
Company will obtain from them. These forward-looking
statements reflect management's current views and are based on
certain expectations, estimates and assumptions which may prove to
be incorrect. A number of risks and uncertainties could cause
the Company's actual results to differ materially from those
expressed or implied by the forward-looking statements, including:
a downturn in general economic conditions in North America and internationally and other
factors beyond the Company's control. These and all subsequent
written and oral forward-looking information are based on estimates
and opinions of management on the dates they are made and expressly
qualified in their entirety by this notice. Except as
required by law, the Company assumes no obligation to update
forward-looking information should circumstances or management's
estimates or opinions change.
SOURCE Zimtu Capital Corp.