Trading Symbol: TSXV: ZFR OTC:
ZPHYF
Shares Outstanding:
64,646,905
HALIFAX, NS, June 17, 2020 /CNW/ - Zephyr Minerals Ltd.
("Zephyr" or the "Corporation") (TSXV: ZFR) has
postponed drilling on the El Plomo section of its Dawson - Green
Mountain project in Colorado pending anticipated approval of a
Notice of Intent (NOI) application by the Colorado Mined Land
Reclamation Board (MLRB) in late July. The Colorado Division of
Reclamation, Mining and Safety (DRMS) confirmed acceptance of
Zephyr's NOI application which outlines the planned exploration
program, operating procedures and reclamation of surface
disturbances along with the required financial bond determined by
DRMS. An appeal to the acceptance of the NOI (the "Appeal") was
filed by an independent group at 5:47
Eastern time, June 12, 2020.
Zephyr received a letter after the close of business on
June 16, 2020 from DRMS stating the
Appeal will be heard by the MLRB on July
22 or 23, 2020.
The Appeal alleges that Zephyr's compliance with the Minerals
Rules and Regulations of the Colorado Mined Land Reclamation Board
for the Extraction of Construction Materials is incomplete in the
NOI. Zephyr disputes this and is confident the information supplied
in the NOI is complete and fully satisfies DRMS requirements. DRMS
reviewed and accepted Zephyr's NOI as complete with all procedures
pertaining to the planned exploration program and reclamation being
satisfactorily addressed as per the applicable rules and
regulations. As such, Zephyr firmly believes the Appeal is totally
without merit. A decision by the MLRB is expected at the board
hearing on July 22 or 23, 2020.
Zephyr is highly confident the detailed information provided in the
NOI to DRMS will support a favourable decision by MLRB. In this
event, a late July start-up of the drilling program would represent
approximately a three week delay from the original planned
July 6 start-up.
Loren Komperdo, President and CEO
stated "I believe this unexpected Appeal to the NOI application is
frivolous and totally without merit, and that Zephyr has met all
requirements for the NOI approval. Shareholders' patience in this
matter is appreciated. Our focus is on drilling the high potential
BHT silver-lead-zinc target as expeditiously as possible.
Management is highly confident of checking off this final box."
Zephyr has since 2013 always received approval on its NOI
applications which centers on environmentally acceptable
exploration procedures and practices within the regulatory
guidelines and the determination of the amount of the cash bond to
be lodged with DRMS for reclamation of surface disturbances. These
surface disturbances are very low level, minor disturbances which
are easily and effectively mitigated and corrected post program at
very low cost. Zephyr has been, and is in compliance with DRMS
rules and regulations since commencing its exploration programs
under various NOI's since 2013.
Zephyr has all other permits and approvals in place from Fremont
County, the Federal Bureau of Land Management (BLM), and the
Colorado Division of Water Resources needed to begin drilling at El
Plomo. In addition, the mining lease on State Section 16,
representing a large portion of the area in the El Plomo section
was issued to Zephyr by the Colorado State Land Board in close
consultation and agreement by the Colorado Parks &
Wildlife.
About Zephyr Minerals Ltd.
Zephyr Minerals Ltd. continues to advance its 100% owned high
grade Dawson-Green Mountain Project in Colorado, USA. After expanding its 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.
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 relating to the anticipated timing and outcome of the
appeal and the anticipated timing of drilling are based on certain
key expectations and assumptions made by the Company, including,
with respect to the Company's submitted NOI and timing for
disposition of the Appeal and availability and readiness of
contractors and equipment required for drilling, 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.
