Zonte Metals outlines its fourth large drill target on its Cross Hills Copper Project and corrects previously closed financing terms.
(TheNewswire)
January 29, 2025 – TheNewswire - ZonteMetals Inc. (TSXV:ZON)(XOTC:EREPF) (“Zonte” or the “Company”) ispleased to announce the advancement of the K7 target to drill stage.
Identification of a large gravity anomaly, withdimensions of 1300 metres by 1250 metres and 1000 metres deep,measured along the longest axes.
The anomaly sits in a structural zone with spatiallycoincident magnetics and copper-in- soil anomaly.
Sits just 400 metres south of the K6 target, where thecompany discovered copper mineralization in drill core.
The Company has compiled all datasets over the K7target area (formally called K6S-K7) including newly reprocessed 3Dinversion gravity and magnetic data, geochemical and geologicaldata. The 3D inversion gravity anomaly sits in a structural corridor,which hosts the K6 target to the north and the K9 target to the south.Along the longest axes, the gravity anomaly measures 1300 metres by1250 metres, and 1000 metres depth. The highest point of the anomalysits about 100m below surface. The target area is mainly under soilcover, however, the area shows a large coincident elevatedcopper-in-soils anomaly.
Terry Christopher, President and CEO, comments: “TheK7 gravity anomaly sits coincident with magnetics, copper-in-soils,structural zones and alteration also is spatially close to the K6target. The K6 target is just 400 metres to the north where theCompany discovered copper in drill core. Combined, the data makes theK7 target a high-priority drill target. The Company now has four largetargets, each at drill-stage. Additional field work in ongoing and anupdate will be issued in due course as we continue to advance targetsto drill-stage.”
Processing of the K8 area identified a small gravityanomaly. At this point, this target will not be subject to furtherexploration.
Figure 1. Plan view of the K7 3D gravity anomaly.
Figure 2. Cross-section of the K7 3D gravity anomaly looking N.
Additional information on the project can be found atthe following link https://www.zontemetals.com/projects/cross-hills-copper-property
Zonte also wishes to report a reduction in the FindersFees paid in connection with the non-brokered private placement (the“Offering”) announced in a press release dated December 30, 2024. Pursuant tot the Offering, the Company issued 3,991,924 shares including 715,000 common shareunits at a price of $0.06 per Common Share Unit (“CS Unit”) and3,276,924 flow through shares at a price of $0.065 per Flow-throughShare (“FT Shares”), for total proceeds of $255,900.06. Each CSUnit consisted of one common share and one-half common share purchasewarrant. Each full warrant is exercisableuntil December 20, 2026, to purchase one commonshare of the Company at a price of $0.10 per share. Following completion of the Offering, the Company has80,904,105 shares issued and outstanding.
In connection with securities sold pursuant to theOffering, the Company paid $14,000 in cash and issued 215,385Finder’s Warrants to an Eligible Finder, who is at arm’s length tothe Company. Each Finder’s Warrant is exercisable until June 20,2026, to purchase one common share of the Company at a price of $0.12per share. Finder’s Fees paid in connection with the Offering aresubject to and in accordance with Exchange and regulatorypolicies.
An insider of the Company acquired 150,000 CS Units ofthe Offering for proceeds to the Company of $9,000. Any participationby insiders in the Offering constituted a “related partytransaction” as defined under Multilateral Instrument 61-101Protection of Minority Security Holders in Special Transactions (“MI61-101“). However, as insider participationrepresented less than 25% of the proceeds of the Offering, the Companyrelied on the exemptions available under the instrument and suchparticipation was exempt from the formal valuation and minorityshareholder approval requirements of MI 61-101.
All securities issued pursuant to the Offering will besubject to a four-month and one day statutory hold period ending April21, 2025.
The Company intends to use the net proceeds of theOffering for working capital purposes and exploration at the CrossHills Iron Oxide Copper Gold Property, in Newfoundland andLabrador.
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.
Donald Blake, PGeo, is the qualified person as definedby National Instrument 43-101 and has reviewed and approved thecontents and technical disclosures in this press release. Mr. Blake isa non-independent consultant to Zonte Metals.
About Zonte
Zonte Metals Inc. is a junior explorer focused on goldand copper. The Company owns 100% of the MJ project, in the TintinaGold Belt, located in the Yukon Territory, the Wings Point project inthe new Central Newfoundland Gold Belt, and the Cross Hills Copperproject located in Newfoundland and Labrador. In Colombia, the companyhas a 25% carried interest in Project X where historic drillingintersected significant gold mineralization and the Company andpartner have an application over open areas sitting on top of the openpit outline of the Gramalote Deposit in Colombia, which is held byAngloGold Ashanti (NYSE:AU) and B2Gold (TSX:BTO, NYSE:BTG). The titleissuance is being contested by the state governing the application andthe Company has started legal action to protect 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. Neither the TSX Venture Exchange norits Regulation Services Provider (as that term is defined in thepolicies of the TSX Venture Exchange) accepts responsibility for theadequacy of accuracy of this release.
For further information contact:
Terry Christopher
CEO and President
902-405-3520
info@zontemetals.com
Copyright (c) 2025 TheNewswire - All rights reserved.
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