TSXV: ZON
HALIFAX, NS, Aug. 14, 2020 /CNW/ - Zonte Metals is
pleased to provide the following update on the Wings Point Gold
Project.
Highlights:
- Discovers anomalous gold at Wings
Point in drilling including a significant quartz-
carbonate-sulphide system.
- Expands Wings Point claims via
staking, acquiring 43 additional claims contiguous and south of
Wings Point where historic till
sampling recorded 59.2 g/t gold.
The Wings Point project is
composed of 144 contiguous claims (36 sq km) at the northern end of
the central Newfoundland gold
belt, where New Found Gold (NFG-TSXV) discovered 92.9 g/t over
19m in drill core (see
www.newfoundgold.com). This belt has become a significant
exploration play with numerous companies acquiring properties and
commencing exploration.
Drilling at Wings Point was
conducted in a short six hole program testing portions of several
targets. Two drill holes tested an arsenic-in-soil anomaly, one
hole tested the eastern anomaly, two holes tested a portion of the
western anomaly and the intervening interval between the eastern
and western anomalies, and one hole tested a pyrite-in-black-shale
discovery. (see www.zontemetals.com for a drill hole map and the
table below for the location and drill hole coordiantes) The holes
showed a large quartz-carbonate-pyrite system with individual units
containing arsenopyrite. The assay results, displayed below,
show anomalous gold in four of the six drill holes within
several narrow intervals. The drill program was confined to a small
section of the targets and both the eastern and western anomalies
remain open along strike and to depth, particularly for the western
target, which is 1.6 km long.
Drill Hole
|
From
|
To
|
Interval
(m)
|
Au (ppb)
|
WP-20-01
|
11
|
15
|
2.00
|
171
|
|
|
|
|
|
WP-20-03
|
90.4
|
96.6
|
6.2
|
150
|
|
|
|
|
|
WP-20-04
|
54.09
|
57.56
|
3.47
|
338
|
incl
|
54.09
|
54.57
|
0.48
|
1296
|
|
|
|
|
|
WP-20-06
|
90
|
91
|
1
|
603
|
|
107
|
108
|
1
|
398
|
Drill Hole
|
easting
|
northing
|
dip
|
Az
|
length
|
WP20-01
|
682,235
|
5,466,459
|
-45
|
340
|
189
|
WP20-02
|
682,211
|
5,466,533
|
-45
|
340
|
208
|
WP20-03
|
681,810
|
5,466,422
|
-45
|
340
|
231
|
WP20-04
|
682,406
|
5,466,522
|
-45
|
340
|
209
|
WP20-05
|
681,892
|
5,466,691
|
-45
|
340
|
183
|
WP20-06
|
681,916
|
5,466,654
|
-45
|
160
|
142
|
The Company is also pleased to announce it has acquired through
staking an additional 43 claims contiguous and south of
Wings Point. A search of historic
work shows these claims have not seen much exploration, however, a
till sampling program carried out by Noranda in the late 1980's
discovered two till samples containing high gold values. The tills,
collected are approximately 250 m
apart, recorded 59.2 g/t and 5.3 g/t gold, with the 59.2 g/t gold
till being the highest value Noranda discovered in their 831 sample
till program. These samples appear to define a possible
high-priority exploration target. 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.
Over the years Zonte has carried out numerous exploration
programs at the Wings Point
project. These include four IP surveys, including the Pit Grid,
where the above mentioned drilling was completed, soil
(conventional and mobile metal ion) sampling, prospecting and
mapping. Numerous targets have been identified in the programs that
remain unexplored. Within the Pit Grid, for example, prospecting
discovered anomalous bedrock gold (0.3 – 0.9 g/t) spaced
200 m apart and coincident with a
chargeability anomaly. Outside of in Pit Grid, three additional IP
grids exhibit numerous IP anomalies possibly defining sulphides,
both disseminated and massive, and sedex targets. None of these
targets have been tested. A number of soil sampling programs have
discovered gold and base metal anomalies all of which require
follow up exploration.
The Company is continuing exploration at its Cross Hills IOCG
project where drilling is ongoing.
Acknowledgment
The Company would like to acknowledge and thank the Province of
Newfoundland and Labrador for its financial support through the
junior exploration assistance program.
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.
Drill Sampling Protocol
All drill core was logged and prepared for shipment on site and
shipped to Eastern Analytical in Springdale, NL under chain of custody.
QA/QC included the systematic insertion of certified
standards and blanks. The samples were analyzed for the ICP-34
package (34 element 4 acid leach, ICP-OES finish) and the Fire
Assay (30g) with AA finish. Eastern Analytical also provides its
own internal QA/QC protocol of blanks, duplicates and standards in
each work order, which is supplied to the Zonte with the
analysis.
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.