Cerrado Gold avoids new capital costs in plan to expand Don Nicolás mine in Argentina
The new PEA states that the lack of initial capital costs is due to the company having already built a heap leach pad and extraction circuit last year.
(via TheNewswire)
August 7, 2024 - Halifax, NS, Canada - Zonte Metals Inc. (TSXV: ZON) (“Zonte” or the “Company”) is pleased to provide an update on its ongoing exploration program at the Cross Hills Iron Oxide Copper Gold Project.
Additional soil sampling conducted adjacent to and south of the previously discovered Big K target, has extended the copper-in-soil anomaly to over 3km. The Big K target was previously identified from coincident magnetic and gravity anomalies, with bedrock copper mineralization and a copper-in-soil anomaly, sitting is a structural corridor. The additional soil sampling to the south of the Big K target has identified an extension of the original copper-in-soil anomaly, now measuring 3,300m in length and up to 650m in width. This extended length also coincides with a magnetic anomaly, which is defined as a string of magnetic highs through the target. Further exploration, including a gravity survey, prospecting and mapping, will be required for this new extension.
Previously, the Company identified copper mineralization in several locations on the northern half of the Big K target. In one grab sample, chalcocite veining in a granite capping unit returned 2.82% Cu, 10.0 g/t Ag and 0.17% U3O8 (see April 3, 2018 press release). The nature of the mineralization may suggest fluid remobilization from depth and into the overlying granite. A map of the Big K target and a picture of the chalcocite vein can be viewed below and on the Cross Hills webpage at http://www.zontemetals.com/projects/cross-hill-project
The Company is also pleased to announce the completion of the recently announced drill program at the K6 target. Five drill holes tested additional extensions of the previously drill discovered copper mineralization. Drill hole logging is near completion after which the samples will be delivered to the lab.
Qualified Person
Donald Blake, 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.
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Map 1; Big K soil anomaly (black dashed outline) on ground and airborne magnetic data.
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Picture 1. Previously identified chalcocite vein at the Big K target.
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.
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.
For further information contact:
Terry Christopher
CEO and President
902-405-3520
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