(TheNewswire)
Halifax, NS, Canada – TheNewswire - July 8, 2024 ( TSXV: ZON ) - Zonte is pleased to announce that drilling at the K6 targeton the Cross Hills Copper project hascommenced. Zonte completed a drill program on the K6 target in late2023 with the results released on Feb 28, 2024. That drill program wasthe first on the project since 2020. Since then, the Company hasconducted additional multi-faceted exploration to aid in betterunderstanding the mineralizing system. The Fall 2023 K6 drillingdemonstrated that the integration of the new exploration data withthe initial datasets has provided a better understanding of themineralizing system. All drill holes from the Fall 2023 programintersected copper mineralization with 11.2m averaging 0.42% Cu in thedeepest drill hole, suggesting possible increasing grades with depth.The Summer 2024 drilling program aims to test extensions of thismineralization along strike and to depth. A plan map of the Fall 2023drill program is provided below.
The Cross Hills Copper Project is an IOCG system with12 identified targets across its 25 km extent, K6 being the smallest.These targets are defined by coincident geological, geophysical, andgeochemical data. Depending on the results from the current phase ofK6 drilling, further drilling will continue at K6, and additionaltargets will be prepared for drilling using the same advancedexploration methods that led to the copper discovery at K6. Manytargets have undergone advanced exploration and can be quicklyadvanced to the drill stage.
Additional information on the Cross Hills CopperProject can be found athttps://www.zontemetals.com/projects/cross-hills-copper-property
The Company also announces it has granted incentivestock options to qualified participants to purchase an aggregate of upto 4.5 million common shares pursuant to the Company’s rolling stockoption plan. The option grant included the issue of 3.1 millionoptions to Officers and Directors of the Company and 1.4 millionoptions to consultants of the Company. The stock options have afive-year term, subject to an 18-month vesting period and an exerciseprice of $0.08 per share.
Map of the K6 target illustrating the 2023 drill hole plan map withcopper values.
Neither the TSX Venture Exchange nor its RegulationServices Provider (as that term is defined in the policies of the TSXVenture Exchange) accepts responsibility for the adequacy of accuracyof this release.
Qualified Person
Donald Blake, P.Geo. is the qualified person as definedby NI 43-101 and has reviewed and approved the contents and technicaldisclosures in this press release.
About Zonte
Zonte Metals Inc. is a junior explorer focused on goldand copper. The Company owns 100% of the McConnells Jest project, inthe Tintina Gold Belt, located in the Yukon Territory, the Wings Pointproject in the new Central Newfoundland Gold Belt, and the Cross HillsIOCG project located in Newfoundland and Labrador. In Colombia; thecompany has a 25% carried interest in Project X where historicdrilling intersected significant gold mineralization and the Companyand partner have an application over open areas sitting on top of theopen pit outline of the Gramalote Deposit in Colombia, which is heldby AngloGold Ashanti (NYSE:AU) and B2Gold (TSX:BTO, NYSE:BTG). The title issuance is being contested by the stategoverning the application and the Company has started legal action toprotect its rights.
Forward-Looking Information
This news release contains forward-looking statementswhich include statements regarding the Corporation’s future plans,as well as statements regarding financial and business prospects andthe Corporation’s future plans, objectives or economic performanceand financial outlooks. The Corporation believes that the expectationsreflected in this news release are reasonable but actual results maybe affected by a variety of variables and may be materially differentfrom the results or events predicted in the forward-lookingstatements. Readers are therefore cautioned not to place unduereliance on these forward-looking statements. In evaluatingforward-looking statements readers should consider the risk factorswhich could cause actual results or events to differ materially fromthose indicated by such forward-looking statements. Theseforward-looking statements are made as of the date hereof, and unlessotherwise required by applicable securities laws, the Corporation doesnot intend nor does it undertake any obligation to update or reviseany forward-looking statements..
For further information contact:
Terry Christopher
CEO and President
902-405-3520
info@zontemetals.com
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