Zonte starts follow-up drill program on the K6 target on the Cross Hills Copper Project and Grants Stock Options
Halifax - July 8, 2024 (TSXV: ZON) - Zonte is pleased to announce that drilling at the K6 target on the Cross Hills Copper project has commenced. Zonte completed a drill program on the K6 target in late 2023 with the results released on Feb 28, 2024. That drill program was the first on the project since 2020. Since then, the Company has conducted additional multi-faceted exploration to aid in better understanding the mineralizing system. The Fall 2023 K6 drilling demonstrated that the integration of the new exploration data with the initial datasets has provided a better understanding of the mineralizing system. All drill holes from the Fall 2023 program intersected copper mineralization with 11.2m averaging 0.42% Cu in the deepest drill hole, suggesting possible increasing grades with depth. The Summer 2024 drilling program aims to test extensions of this mineralization along strike and to depth. A plan map of the Fall 2023 drill program is provided below. The Cross Hills Copper Project is an IOCG system with 12 identified targets across its 25 km extent, K6 being the smallest. These targets are defined by coincident geological, geophysical, and geochemical data. Depending on the results from the current phase of K6 drilling, further drilling will continue at K6, and additional targets will be prepared for drilling using the same advanced exploration methods that led to the copper discovery at K6. Many targets have undergone advanced exploration and can be quickly advanced to the drill stage.
Additional information on the Cross Hills Copper Project can be found at https://www.zontemetals.com/projects/cross-hills-copper-property
The Company also announces it has granted incentive stock options to qualified participants to purchase an aggregate of up to 4.5 million common shares pursuant to the Company's rolling stock option plan. The option grant included the issue of 3.1 million options to Officers and Directors of the Company and 1.4 million options to consultants of the Company. The stock options have a five-year term, subject to an 18-month vesting period and an exercise price of $0.08 per share.
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Map of the K6 target illustrating the 2023 drill hole plan map with copper values.
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.
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.
About Zonte
Zonte Metals Inc. is a junior explorer focused on gold and copper. The Company owns 100% of the McConnells Jest project, in the Tintina Gold Belt, 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 and Labrador. In Colombia; the company has a 25% carried interest in Project X where historic drilling intersected 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..
For further information contact:
Terry Christopher
CEO and President
902-405-3520
info@zontemetals.com
www.zontemetals.com
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