Trading Symbol: TSX-V: ZFR
OTC-ZPHYF
Shares Outstanding: 65,068,960
HALIFAX, NS, Aug. 6, 2020 /CNW/ - Zephyr Minerals Ltd.
("Zephyr" or the "Corporation") (TSX-V: ZFR) is
pleased to announce that core drilling has commenced on its Broken
Hill Type (BHT) silver-lead-zinc target on the El Plomo section of
its wholly own Dawson-Green Mountain Property in Colorado. The initial drill hole, EP-20-01
will test the core zone of the western magnetic anomaly
approximately 200 m (650 ft) down-dip
of historic drill hole DDH GC-9 (US Borax, 1981), which intersected
magnetic silver-lead-zinc mineralization at shallow depths (news
release April 16, 2020). DDH GC-9 had
a total depth of 94.9 m (311 ft).
Significantly, electron microprobe analyses of this historic core
has shown that the silver is in the silver mineral
argentotetrahedrite, a high silver content variant of Freibergite.
Freibergite is the main silver mineral at the Broken Hill and
Cannington mines in Australia (news release May 5, 2020).
It is anticipated that drill hole EP-20-01 will be completed in
10-14 days. A news release of the visual assessment of the drill
core will be issued at that time.
Loren Komperdo, President &
CEO stated, "Clearly this is a particularly exciting time for
Zephyr shareholders. Discovery of a BHT deposit would be a
transformative event for Zephyr."
Mapping and sampling has also commenced on the Green Mountain
section (west of El Plomo) which is highly prospective for Dawson
type gold mineralization. Previous sampling by Zephyr has
demonstrated low sulphide high grade gold mineralization similar to
that found in the Dawson section in surface grab samples with up to
13.6 g/t (new release July 25,
2018).
From east to west, the large mineralized system stretches for
12.2 km (7.5 mi). The Dawson and Green Mountain sections (gold)
combined totals 9 km of mineralized trend and the central El Plomo
section (silver) 3.2 km (2 mi). The Dawson section is currently
host to an inferred resource of 120,400 oz. gold (371,000 t grading
10.09 g/t at a 4 g/t cut-off and 40 g/t top-cut). A preliminary
economic assessment (PEA) conducted in 2017 to provide management
with additional forward planning information showed very robust
economics at a $1,250 oz. gold price
(news release Feb.7, 2017). This deposit remains open at depth and
numerous drill targets remain to be tested in both the Dawson and
Green Mountain sections, thereby providing Zephyr with excellent
gold resource expansion potential.
About Zephyr Minerals Ltd.
Zephyr Minerals Ltd. continues to advance its 100% owned high
grade Dawson-Green Mountain Project in Colorado, USA. After expanding it's land
package to 1,385 hectares (3,430 acres) the Company now controls a
12.2 km long Dawson-Green Mountain
mineralized trend. The central 3.2 km long El Plomo section is the
focus for potential Broken Hill Type silver-lead-zinc
mineralization and the east and west sections, Dawson and Green
Mountain respectively are being targeted for gold. The Dawson
section is currently host to a high grade inferred gold resource.
The Company believes the combined Dawson and Green Mountain
sections encompassing approximately 9 km of mineralized trend
provide excellent resource expansion potential.
To be included in the Zephyr email database for Company updates
please contact info@zephyrminerals.com.
Mr. Terence F. Coughlan, P.Geo is
the qualified person as defined by National Instrument 43-101 and
has reviewed and is responsible for the technical information in
this news release.
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. 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-Green Mountain 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.