TSXV:
ZON
HALIFAX, NS, May 27, 2021 /CNW/ - Zonte Metals ("Zonte" or the
"Company") is pleased to announce a work program consisting of
prospecting, as well as rock and soil sampling, has started on the
Wings Point Gold Project. During the calendar year 2020 the company
expanded its claim holding from 101 claims to 344 claims. The
project sits in the developing Newfoundland Central Gold Belt where
New Found Gold (NFG-TSXV) continues to expand its high-grade gold
discovery and other companies such as Labrador Gold (LAB-TSXV) have
engaged in a large drill program.
The Company's initial prospecting program will focus on the
newly acquired claims where, within one claim block, historic till
sampling by Noranda returned samples of 59.2 g/t and 5.3 g/t gold
(see September 25, 2020 press release
for additional details and 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). A search of historic
records shows these results may not have been followed up. In
addition, a second larger 200 claim block has seen little
exploration based on historic assessment report information and
represents virgin exploration ground to be covered in the work
program.
The Company also announces it has granted incentive stock
options to directors, officers, employees and consultants to
purchase an aggregate of up to 2.25 million common shares pursuant
to the Company's rolling stock option plan. The stock options have
a five year term, subject to an 18-month vesting period and an
exercise price of $0.21 per
share.
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 owns 100% of the MJ project located in the Yukon Territory, the Wings Point project in the new Central
Newfoundland Gold Belt and the Cross Hills IOCG project located in
Newfoundland. In Colombia the company has a 25% carried
interest in Project X where historic drilling interested
significant gold mineralization; and 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.