Zephyr Drills 4.8 G/t Gold Over 6.6 M at Dawson

Trading Symbol: TSX-V: ZFR OTC:ZPHYF
Shares Outstanding: 47,332,620

HALIFAX, Nov. 8, 2018 - Zephyr Minerals Ltd. ("Zephyr" or the "Corporation") (TSXV: ZFR) (OTC: ZPHYF) is pleased to report assay results for diamond drill hole WG-18-40 drilled on the Windy Gulch Segment of the Dawson Gold Project ("Dawson") in Colorado, USA. Highlights include 4.8 g/t of gold intersected over 6.6 m (21.6 feet).

This is the final drill hole in the current drill program and was drilled to extend the high grade gold mineralization on the east side of the Windy Gulch Segment. Follow up drilling is warranted to test further continuity of gold mineralization at depth of WG-18-40. WG-18-40 has been analyzed by fire assay only and additional screen metallic assays are pending for samples exceeding 2 g/t gold. If there are significant differences in the screen metallic assays, results will be reported in a subsequent press release. Typically, the more comprehensive screen metallic assays at Dawson can be 5 to 10% greater than standard fire assays.

Loren Komperdo, President & CEO stated: "Overall, the 2018 drill program was successful despite disappointments in a few of the drill holes, such as WG-18-37 on the Windy Gulch Segment which indicated the presence of a granitic dike crossing through the gold mineralization in this area, and DA-18-12 and DA-18-13 on the Dawson Segment which closed off the gold mineralization on the east boundary of the current resource albeit only at a shallow depth. These results were offset by positive results in the western area of the Dawson Segment where drill holes DA-18-15 and DA-18-16 intercepted 2.7 m of 8.7g/t gold and 3.4 m of 17.6 g/t respectively (See news releases September 10 and October 23, 2018)."

The phase two drill program is in the planning stage for Q1-2019 and it is anticipated, subject to funding, to significantly expand the drilling effort with targets slated for drilling on (from east to west), the Sentinel, Dawson, Windy Gulch and Windy Point Segments. The Sentinel Segment is considered highly prospective over a strike length of at least 1,000 m and has never been drilled. Gold mineralized intercepts on the Sentinel Segment have the potential to be transformative for the Dawson Project given the size of this new area. On the Dawson Segment, the potential for resource expansion is at depth, requiring drill holes in the order of 250 – 400 m. Future drilling on the Windy Gulch Segment will focus on the areas adjacent to diamond drill holes ("DDH") WG-18-37 and WG-18-40 where there is high potential for positive results. Drill holes originally planned for the 2018 program at the Windy Point Segment will follow up on very favourable results from a reconnaissance drill program by Uranerz USA Ltd, in 1990. Notable results included DDH DWP-9002 and DWP-9003 which intercepted 6.1 m of 9.0 g/t gold and 6.1 m of 15.0 g/t gold respectively (See news release June 15, 2017).

Excluding the Copper King Segment, which is considered a low priority target at this time, the phase two drill program will be targeting drill holes over an overall strike length of approximately 1,800 m of favorable structure. Given the scope of the planned drill program, 2019 could be an important year for resource growth on the Dawson Project.

The 2018 field season will wind up with the completion of a soil geochemistry program on the Sentinel Segment in late November designed to assist in identifying additional drill targets in this area for the phase two program.

Zephyr Minerals Core Handling Protocols

Standard sampling procedures were followed whereby HQ core was cut using a diamond saw and sampled. One-quarter of the core was placed in plastic sample bags and three quarters were left in the core box for reference. The sample weight delivered to the laboratory varied from 1.0 to 2.1 kg. Analytical standards, duplicates, and blanks were inserted at approximately every ten sample intervals. The core samples were shipped by Fedex Ltd., Canon City, Colorado to ALS Global in Reno and Elko, Nevada for sample preparation and gold analysis. All samples were assayed using fire assay with Screen Fire Assay Method (Screen Metallics Gold, Double Minus) for all samples over 2 ppm.

About Zephyr Minerals Ltd.

Zephyr Minerals Ltd. continues to advance it's 100% owned high grade Dawson Gold Project and Green Mountain Property in Colorado, USA. After completing a positive PEA, Zephyr is continuing with permitting and additional engineering, with a near term focus on exploration and resource expansion.

To be included in the Zephyr email database for Company updates please contact info@zephyrminerals.com, or visit our website www.zephyrminerals.com for more information.

Mr. Mark Graves, P.Geo. registered with the Association of Professional Geoscientists of Nova Scotia (APGNS), has prepared the scientific and technical information in this news release.

CAUTIONARY STATEMENT:
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. This press release contains forward-looking statements.

The forward-looking statements contained in this document are based on certain key expectations and assumptions made by the Company, including, with respect to the use of funds from the private placement, expectations and assumptions concerning timing of receipt of required regulatory approvals and third party consents and the satisfaction of other conditions to the completion of the exploration work on the Dawson Gold Property.

The forward-looking statements contained in this document are made as of the date hereof and the Company undertakes no obligation to update publicly or revise any forward-looking statements or information, whether as a result of new information, future events or otherwise, unless so required by applicable securities laws.

SOURCE Zephyr Minerals Ltd.