Trading Symbol: TSX-V: ZFR
OTC-ZPHYF
Shares Outstanding: 67,986,985
HALIFAX,
NS, March 28, 2022 /CNW/ - Zephyr Minerals
Ltd. (TSXV: ZFR) ("Zephyr" or the "Company")
announced today that it has received a response from the Colorado
Division of Reclamation Mining and Safety ("DRMS") to the Company's
response on February 9, 2022 to the
DRMS preliminary adequacy review received on October 14, 2021 for the Dawson Gold Mine 112d-2
Reclamation Permit Application ("Mining Permit Application") filed
with DRMS on June 30, 2021. The DRMS
response has listed approximately 35 items out of 102 to which
Zephyr had responded on February 9,
2022 that required additional information and clarification.
The principal issues required to be further addressed by Zephyr
pertain to water monitoring wells and related sampling methodology,
mine pool water, reagent storage, Grape Creek potential impacts,
environmental protection facilities and technical matters
pertaining to certain design details. Zephyr is required to drill
five groundwater monitoring wells over and above those previously
drilled and monitored for five quarters by Zephyr, as well as one
compliance well. DRMS requires that the additional wells also
have five quarters of monitoring data before they can consider
approving the Mining Permit Application, thereby pushing out the
potential approval of the mining permit to late 2023. Under current
regulations DRMS must respond, by approving or denying the Mining
Permit Application, within one year from the date on which DRMS
considered the application to be complete, July 15, 2021. It is not possible for DRMS to
respond in four quarters on a requirement that under their own
regulations requires five quarters to complete. Therefore, Zephyr
plans to extend its Mining Permit Application decision date for two
additional months to May 31, 2022 to
receive clarification on some of the remaining outstanding adequacy
questions. Subsequent to this, the Mining Permit Application will
be withdrawn to provide the necessary time window for data
collection of the additional required groundwater monitoring wells
as well as other technical data with the goal of resubmitting an
updated application for a mining permit late in 2023.
Loren Komperdo, President and CEO
stated; "It is unfortunate that the current Colorado mine permitting regulations not only
do not provide guidelines for water monitoring well locations but
also do not allow an applicant to query DRMS as to water monitoring
well requirements until after a mine permit application has been
submitted. Whilst Zephyr and its environmental consultants, EAI and
Bishop-Brogden Associates, were of
the view Zephyr's water well monitoring program was adequate,
unfortunately DRMS did not concur. Zephyr has spent considerable
time and effort on the permitting process to this point, and will
continue to forge ahead in its effort to gain this mining permit on
a project that can be described as essentially environmentally
benign. Understandably, this delay is disappointing for our
shareholders, however, we remain optimistic the remaining issues
can be addressed to the satisfaction of DRMS"
While the data is gathered for resubmission of the Application
Zephyr will continue to build a portfolio of projects in
Zimbabwe.
About Zephyr Minerals Ltd.
Zephyr Minerals Ltd. has applied for a mining permit at its 100%
owned high grade Dawson-Green Mountain property in Colorado, USA. After expanding its land
package to 1,385 hectares (3,574 acres) the Company now controls a
12.2 kilometer long Dawson Green
Mountain mineralized trend. In addition to the Dawson-Green
Mountain property, the Company has acquired two Special Blocks in
Zimbabwe and is assessing
additional opportunities in Zimbabwe.
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 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.
