Trading Symbol: TSX-V:
ZFR OTC-ZPHYF
Shares Outstanding: 66,603,485
HALIFAX, NS, Oct. 13, 2020 /CNW/ - Zephyr Minerals Ltd.
(TSXV: ZFR) (OTC: ZPHYF) ("Zephyr" or the "Company")
is pleased to announce that it has purchased a key mineral claim,
the Judith Placer Mining Claim ("Judith Claim"), in an arm's length
transaction, at its Dawson gold project in Colorado. The Judith Claim, approximately 129
acres in size encompasses both mineral and surface rights and is
contiguous with the 141 acre Fremont Placer Mining Claim controlled
100% (50% direct ownership / 50% by contract) by Zephyr. The
acquisition of the Judith Claim greatly facilitates Zephyr's plans
for the potential development of the Dawson gold deposit. All
private lands important to the potential development of the Dawson
gold deposit are now in Zephyr hands with the remaining lands in
the Dawson section of the project being federally owned which are
controlled by Zephyr through unpatented mining claims.
Loren Komperdo, President &
CEO stated "The extra 129 acres brings the total land position for
our proposed surface facilities to 270 acres, thus providing
greater flexibility in our potential development of the Dawson gold
deposit."
The Dawson 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 - 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 9 km.
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 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.
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. Mark Graves, P.Geo.
registered with the Association of Professional Geoscientists of
Nova Scotia (APGNS), has prepared
the scientific and 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.
