Junglist, I think I found my reason to buy, news just out this morning
Zonte Metals identifies a large magnetic target coincident with surface copper mineralization on the Cross Hills Project
Canada NewsWire
HALIFAX, Feb. 27, 2018
TSXV: ZON
HALIFAX, Feb. 27, 2018 /CNW/ - Zonte Metals Inc. (TSXV: ZON) ("Zonte" or the "Company) is pleased to provide an update on the ongoing winter exploration program on the Cross Hills Iron Oxide Copper Gold Project.
Zonte's geophysical contractor has carried out a high-resolution ground magnetometer survey on select portions of the Cross Hills Project. The Company is currently in receipt of the final results of the work over the Dunn'sMountain target.
Terry Christopher, President and CEO states "We are very excited to discover a significant anomaly on our first exploration phase. Magnetic surveys are one of the key tools for identifying targets in IOCG systems; and the coincident nature of the large magnetic anomaly and surface copper mineralization at the Dunn'sMountain target is our first priority drill target on the Cross Hills Project. The project allows year round exploration and we are looking forward to further exploration work with the objective of identifying additional priority targets as it is moved towards the drilling phase."
As previously press released, sampling by the Company with historic sampling has identified widespread and intermittent surface copper mineralization with grades from nil to 5.76% at the Dunn'sMountain target. The copper mineralization occurs as bornite, chalococite and malachite. The recent magnetometer survey has identified a large magnetic anomaly, which is coincident with copper bearing magnetite veining and measures 650m long by 400m wide. The magnetic data has been processed using 3D inversion modeling and suggests the anomaly strengthens from 50m below surface extending to a depth of over 400m. Images of the Dunn'sMountain geophysical target in the plan view and in 3D can be viewed at
www.zontemetals.com/projects/cross-hill-project/
.
Although much of the projected surface area of the anomaly is covered by trees, bog or a thin veneer of glacial till, mineralized rock samples collected from the surface are coincident in space with the magnetic anomaly. The magnetic anomaly and much of the trend of surface mineralization has a NW-SE strike, and may represent the surface representation of a subsurface structural control. Two other smaller anomalies were identified on either side of the main anomaly along strike and have yet to be explored.
The magnetometer surveying has been completed over three other priority targets on the Cross Hills Property. Further updates will be provided by the Company once the final data and interpretations have been received.
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 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.