Trading Symbol: TSX-V: ZFR
OTC-ZPHYF
Shares Outstanding: 66,603,485
HALIFAX, NS, Oct. 28, 2020 /CNW/ - Zephyr Minerals Ltd.
(TSXV: ZFR) (OTC: ZPHYF) ("Zephyr" or the "Company")
is pleased to announce that its current activities and principal go
forward focus will be on obtaining a mining permit for the proposed
underground mine for the Dawson
gold deposit on the Dawson section
of the Dawson-Green Mountain
property. Plans for the El Plomo BHT silver-lead-zinc target will
be announced later in Q4-2020, once assays are in hand for the
drill hole completed in August, 2020.
It is management's view that the highly attractive current and
forecast gold prices combined with the excellent gold grades at
Dawson and straightforward
permitting process, warrant taking action on this unique
opportunity. Moving now to obtain a mining permit is the best way
to enhance shareholder value at this juncture.
Zephyr is in an advantageous position to obtain a mining permit
due to the fact proposed operations will be restricted to lands and
patented lode mining claims owned/controlled by the Company. As
such, the permitting process requires satisfying the conditions of
the Fremont County Board of
Commissioners and the State of
Colorado exclusively, and is a defined process. Provided
Zephyr satisfies the regulatory requirements in its mining
application, this permitting process generally takes from 12 – 15
months.
Loren Komperdo, President and CEO
stated "Obtaining a mining permit in this high gold price
environment would put Zephyr in a very favourable position to
develop this high grade gold deposit."
Considerable progress has already been made with respect to
completing the mining permit application with most geological and
engineering data in hand, and current work centered on a tailings
characterization study. It is anticipated Zephyr will be in a
position to file the mining application in the first half of
2021.
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.
* Details of the inferred resource can be found in the
report titled Resource Estimate Technical Report for the Dawson
Property Fremont County, Colorado,
USA, dated September 6, 2013, (the
"Report") 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 available at sedar.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 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.
