VANCOUVER, Oct. 21, 2015 /CNW/ - Zimtu Capital Corp.
(TSXv: ZC; FSE: ZCT1) (the "Company" or "Zimtu") is pleased to
announce that the Company has signed an option agreement with
Pistol Bay Mining Inc. (TSXv: PST) ("Pistol Bay") whereby Pistol
Bay can acquire a 100%-interest in 40 claims (1,000 hectares) in
Newfoundland and Labrador, Canada. These claims will be
added to Pistol Bays' existing Garland Peninsula Group.
This newly acquired 40 claim (1,000 hectare) licence is
underlain by mafic intrusive rocks including gabbro, norite and
anorthosite. These rocks belong to the same general suite of
intrusives that host the Voisey's Bay nickel-copper-cobalt
deposit. The Garland project of Equitas Resources Corp. is
five kilometres to the northwest.
Limited historic work was completed on the property during
1995-1996, when the claims formed part of Cominco's Merrifield
project. Cominco carried out an airborne electromagnetic and
magnetic survey which revealed weak conductors that were apparently
not explained by any observations at surface. Cominco then carried
out prospecting on the Merrifield property and located disseminated
sulphide mineralization containing up to 0.154% copper and 0.220%
nickel.
Terms:
For its participation in the transaction, Zimtu
will receive staged cash and share payments from Pistol Bay as
follows: (i) $2,500 on signing; (ii)
500,000 common shares within five days of TSX Venture Exchange
("TSXv") approval; (iii) $2,500
within five days of TSXv approval; (iv) 750,000 common shares 12
months from the date of TSXv acceptance; (v) $10,000 within 12 months from the date of TSXv
acceptance. Zimtu will retain a 2% Net Smelter Returns
Royalty on the Property.
The claims were originally acquired by the Company by
staking. Zimtu, along with its prospecting partners, continue
to evaluate and acquire prospective resource properties to make
available for sale or joint venture. As part of the Company's
business, Zimtu provides mineral property advisory services and
helps to connect companies with mineral properties of interest.
Technical information in this news release has been reviewed by
Colin Bowdidge, Ph.D., P.Geo., a
Qualified Person under the definition of National Instrument
43-101.
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.
On Behalf of the Board of Directors
ZIMTU CAPITAL CORP.
"David Hodge"
David
Hodge
President & Director
Phone: 604.681.1568
Neither 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.
Statements in this document which are not purely historical are
forward-looking statements, including any statements regarding
beliefs, plans, expectations or intentions regarding the
future.
Forward-looking statements in this news release include that
Pistol Bay can earn a 100%-interest in the 40 claims, that in
consideration for its interest, Zimtu will receive staged
cash/share payments from Pistol Bay, and that Zimtu with the
support of its prospecting partners, will continue to evaluate and
acquire prospective resource properties to make available for sale
or joint venture.
It is important to note that actual outcomes and the Company's
actual results could differ materially from those in such
forward-looking statements. Risks and uncertainties include,
but are not limited to, economic, competitive, governmental,
environmental and technological factors that may affect the
Company's operations, markets, products and prices. Readers
should refer to the risk disclosures outlined in the Company's
Management Discussion and Analysis of its audited financial
statements filed with the British Columbia Securities
Commission.
SOURCE Zimtu Capital Corp.