Trading Symbol: TSX-V: ZFR OTC: ZPHYF
Shares Outstanding: 63,090,977
HALIFAX, April 16, 2020 /CNW/ - Zephyr Minerals Ltd.
("Zephyr" or the "Company") (TSXV: ZFR) (OTC: ZPHYF),
is pleased to report the Company remains on track to drill test its
high potential Broken Hill Type ("BHT") silver-lead-zinc target in
Colorado in July. The initial
target will be the large western magnetic anomaly in the central,
El Plomo section of the property which stretches for approximately
3.2 km within an east-west trending 12.2 km long mineralized trend.
The western magnetic anomaly sits directly beneath two shallow
historical drill holes, GC-8 and GC-9. Drill hole GC-9 intersected
8.2 m grading 5.3% Zn from
55.6 m to 63.8
m, including 2.5 m grading
10.2% Zn from 61.3 m to 63.8 m*. A deeper section in GC-9
intersected 0.65 m grading 179.0 g/t
Ag, 1.2 g/t Au and 2.6% Pb from 85.82
m to 86.47 m*. The high grade
zinc and silver-lead mineralization in these intervals are magnetic
due to the presence of pyrrhotite and magnetite. Surface and drill
hole data from GC-8 and GC-9 indicate the dip of the mineralized
trend near surface is 60 degrees to the south. Interpretation of
the 3D inversion magnetic data indicates the structure changes dip
from 60 degrees south near surface to 85 degrees north at depth, a
change of 35 degrees. This suggests a structural fold which could
potentially host thick intervals of silver-lead-zinc
mineralization. This interpretation is supported by the structure
of the gold mineralization in the eastern Dawson section where a
low amplitude fold (dip change of 15 – 20 degrees), hosts a gold
mineralized zone which thickens from 1
m at the edges of the fold to a maximum of 15 m in the center or fold hinge zone. The
magnetic trend being tested on El Plomo stretches for approximately
2.5 km along the 3.2 km mineralized trend. This 3.2 km trend boasts
31 surface prospects, and two additional discrete magnetic drill
targets, the central and eastern anomalies. Drilling success on the
western anomaly would immediately upgrade these 2 drill targets to
very high priority.
At this time we see no reason for any delays on the planned July
commencement for the drill program however, the current covid-19
pandemic could be an issue if this continues past the summer. The
Company will advise shareholders of any possible delays if and when
they come to light.
The Company is also planning to undertake a limited prospecting,
mapping and sampling program on the Green Mountain section
immediately west of El Plomo where a 4.8 km long mineralized trend
shows high potential for Dawson type gold mineralization.
Reconnaissance prospecting in 2018 revealed a dump sample from a
historical copper mine similar to Dawson gold host rocks grading 13.6 g/t
gold.
The principal gold zone at the Dawson section hosts an inferred resource (4
g/t Au cut-off) of 423,000 t grading 10.7 g/t gold (capped at 40g/t
Au) containing 120,400 ounces gold capped, or 137,500 ounces
uncapped at a grade of 11.42 g/t gold**. True widths average
between 3.5 - 4 m with a maximum
width of 15 m**. The Green Mountain
and Dawson sections feature a
significant number of high potential drill targets and a combined
mineralized trend of approximately 9 km which leads management to
believe the property has million ounce gold potential.
Loren Komperdo, President &
CEO stated "This coming drill season will be an exciting time for
Zephyr, as success in drilling the western magnetic anomaly could
prove to be very rewarding for our shareholders."
Please visit www.zephyrminerals.com/media for further
information presented in video.
About Zephyr Minerals Ltd.
Zephyr Minerals Ltd. continues to advance its 100% owned high
grade Dawson-Green Mountain Project in Colorado, USA. After expanding is land package
to 1,385 hectares (3,430 acres) the Company plans to explore the
entire 12.2 km (7.5 mi) mineralized trend using the Broken Hill
Type deposit as an exploration model.
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.
* This information is historic in nature and is based on
drilling results reported by US Borax Ltd. The Company believes
this information is reliable and relevant as it was completed by
reputable companies that use industry standard drilling and
sampling practices. The Company or its Qualified Person has not
done sufficient work to verify this information.
** Reference: National Instrument 43-101Technical Report
for the Dawson Property, Colorado,
USA; March 21, 2017;
Michael Cullen, P.Geo.
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. More particularly, this press release contains
statements concerning the use of funds from the private
placement.
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.
