HALIFAX, Dec. 12, 2018 /CNW/ - Zonte Metals Inc (TSXV: ZON) ("Zonte" or the "Company") is pleased to announce it has signed a drill contract for the Phase 1 drilling at the Cross Hills Iron Oxide Copper Gold Property in Newfoundland and Labrador. The drill rig is scheduled to be mobilized to the target during the second week of January. Drilling will be conducted on the Dunns Mountain target where the Company has delineated a large target defined by coincident high-resolution ground magnetics, induced polarization and a large mineralized corridor containing copper, silver and gold in surface grab samples (see press release dated October 11, 2018).
Zonte also advises that the closing of its previously announced non-brokered private placement (see press release dated November 29, 2018) consisted of the issuance of 3,636,000 Units at a price of $0.25 per Unit and 2,783,333 flow though shares at a price of $0.30 per flow-through share for total proceeds of $1,743,990.90.
Zonte Metals Inc. is a junior explorer focused on gold and copper. The Company has signed Option Agreements to acquire 100% of the McConnells Jest project in the Yukon Territory and the Cross Hills IOCG project located in Newfoundland and Labrador; and holds a 100% interest in the drill ready Wings Point Gold Project. In addition, the Company and partner have an application over open areas sitting over the Gramalote Deposit in Colombia, which is held by AngloGold Ashanti (NYSE:AU) and B2Gold (TSX:BTO, NYSE:BTG). The title issuance is being contested by the state governing the application and the Company has started legal action to protect its rights.
This news release contains forward-looking statements which include statements regarding the Corporation's future plans, financial and business prospects and future plans, objectives or economic performance and financial outlooks. The Corporation believes that the expectations reflected in this news release are reasonable, but actual results may be affected by a variety of variables and may be materially different from the results or events predicted in the forward-looking statements. Readers are therefore cautioned not to place undue reliance on these forward-looking statements. In evaluating forward-looking statements readers should consider the risk factors which could cause actual results or events to differ materially from those indicated by such forward-looking statements. These forward-looking statements are made as of the date hereof, and unless otherwise required by applicable securities laws, the Corporation does not intend nor does it undertake any obligation to update or revise any forward-looking statements. Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy of accuracy of this release.