Trading Symbol: TSX-V: ZFR
OTC-ZPHYF
Shares Outstanding: 66,107,910
HALIFAX, NS, Aug. 28, 2020 /CNW/ - Zephyr Minerals Ltd. (TSXV:
ZFR) (OTC: ZPHYF) ("Zephyr" or the
"Company") announces that drill hole EP-20-01 was
terminated on August 27, 2020 at a
depth of 416.5 m (1,366 ft.) and was
not successful in intercepting significant sulphide mineralization.
The targeted mineralized zone which measured 30.5 m (100 ft) (drill intercept length) in
historic drill hole GC-9 and hosted magnetic silver-lead-zinc
mineralization was largely absent in EP-20-01, which intersected a
magnetic sulphide mineralized zone of 2.9
m (9.5 ft.) (drill intercept length) from 220.0 to
222.9 m (721.5 to 731.0 ft). Initial
observations of the drill core suggest either a pinched section of
the mineralized zone occurs at this depth and/or destruction of the
zone has occurred as a result of younger age silica and pegmatite
flooding. Pinch and swell is not an uncommon feature in mineralized
zones thus discovery potential, although diminished, remains. Below
this zone discrete bands of mafic rocks with disseminated sulphides
occur within quartz-biotite-feldspar gneiss over an interval of
122.0 m from 228.6 to 350.6 m (750.0 to 1,150.0 ft.). In addition to
samples from the mineralized zone, composite samples collected from
the mafic rocks over lengths of 15.2
m (50 ft.) from 228.6 to 350.6
m were collected for gold assaying. Assay results for this
drill hole are not yet available.
Loren Komperdo, President and
CEO, stated "At this stage it is prudent to postpone any further
drill testing of the Broken Hill Type silver-lead-zinc targets in
the El Plomo area until assays are received and all data is further
evaluated by Zephyr's geologists and Technical Advisor, Dr.
Paul Spry. In the meantime, Zephyr
will recommence its activities centered on the Dawson gold deposit by working to build
additional gold resources on the Dawson and Green Mountain sections of the
property where multiple drill targets have been identified. The
property is characterised by high grade gold which is particularly
attractive in the current bull market in gold which shows every
sign of continuing to grow in the medium term. The Company is well
funded to continue its exploration program."
The Company will focus exploration on the Dawson gold deposit and on the mineralized
trend along strike to the east and west. The Dawson gold deposit is located on the eastern
side of the Dawson-Green Mountain
property and is fully permitted for drilling. The gold deposit is
host to an *Inferred Mineral Resource prepared in accordance with
National Instrument 43-101 that totals 116,300 ounces gold (343,000
tonnes at 10.55 g/t defined at a 5 g/t cutoff and 40 g/t topcut),
(uncut: 133,500 ounces grading 12.11 g/t gold), and is open at
depth. This estimate has an effective date of July 19, 2013 (see Company news release dated
July 23, 2013). Average width of the
gold mineralized zone is approximately 3.5
m (11.5 ft.) and ranges between approximately 1 and
15 m (3.3 to 49.2 ft.). A
**Preliminary Economic Assessment prepared in accordance with
National Instrument 43-101 and having an effective date of
March 21, 2017 was subsequently
completed and showed robust economics at a $1,250/oz gold price (see Company news release
dated February 7, 2017). Mineral
Resources that are not Mineral Reserves do not have demonstrated
economic viability. Management feels that current and projected
gold prices support proceeding immediately with gold exploration at
the Dawson and Green Mountain
sections; both of which boast excellent potential for resource
discovery/growth. The combined length of the gold prospective
mineralized trend at Dawson and
Green Mountain is approximately 8 km (5 mi).
About Zephyr Minerals Ltd.
Zephyr Minerals Ltd. continues to advance its 100% owned high
grade Dawson-Green Mountain
property 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
Dawson section is currently host
to a high grade Inferred category gold Mineral Resource. The
Company believes the combined Dawson and Green Mountain sections
encompassing approximately 5 km of potentially mineralized trend
provide excellent resource expansion and new discovery
potential.
To be included in the Zephyr email database for Company updates
please contact info@zephyrminerals.com.
Notes:
* The Report is titled Resource Estimate Technical Report for
the Dawson Property Fremont County,
Colorado, USA, dated September 6,
2013, and was prepared for Zephyr by Andrew Hilchey, P.Geo., Mercator Geological
Services Limited, Isobel Wolfson,
M.Sc., P.Geo, and Mark Graves,
P.Geo..
** The report is entitled "National Instrument 43-101
Technical Report for the Dawson Property, Colorado, USA", effective March 21, 2017 (the "Technical Report"). The
Technical Report was prepared by independent engineering firm,
Golder Associates Ltd., with input from a number of other
specialized and experienced consulting firms, and is in accordance
with National Instrument 43-101 - Standards of Disclosure for
Mineral Projects.
This PEA is preliminary in nature and includes inferred mineral
resources that are too speculative geologically to have economic
considerations applied to them that would enable them to be
categorized as mineral reserves. There has been insufficient
drilling to define the inferred resources as indicted or measured
mineral resource; however, it is reasonable to expect that the
inferred mineral resources could be upgraded to indicated and
possibly measured resources with continued drilling. There is no
guarantee that any part of the mineral resources discussed herein
will be converted into a mineral reserve in the future.
Mr. Scott Parks, P.Geo., is a
qualified person as defined by National Instrument 43-101 and has
reviewed and is responsible for the technical information in this
news release pertaining to the El Plomo drill program.
Mr. Michael Cullen, P.Geo., is a
qualified person as defined by National Instrument 43-101 and has
reviewed and is responsible for the 2013 Mineral Resource Estimate
information presented in this press 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, readiness of contractors and equipment,
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.