Zonte Provides an Update on the Wings Point Gold Project within the Central Newfoundland Gold Belt
Canada NewsWire
HALIFAX, NS, May 27, 2021
TSXV: ZON
HALIFAX, NS, May 27, 2021 /CNW/ - Zonte Metals ("Zonte" or the "Company") is pleased to announce a work program consisting of prospecting, as well as rock and soil sampling, has started on the Wings Point Gold Project. During the calendar year 2020 the company expanded its claim holding from 101 claims to 344 claims. The project sits in the developing Newfoundland Central Gold Belt where New Found Gold (NFG-TSXV) continues to expand its high-grade gold discovery and other companies such as Labrador Gold (LAB-TSXV) have engaged in a large drill program.
The Company's initial prospecting program will focus on the newly acquired claims where, within one claim block, historic till sampling by Noranda returned samples of 59.2 g/t and 5.3 g/t gold (see September 25, 2020 press release for additional details and note, the till data was taken from a Noranda assessment report (NFLD 1890) and is not 43-101 compliant, historic in nature and cannot be relied upon). A search of historic records shows these results may not have been followed up. In addition, a second larger 200 claim block has seen little exploration based on historic assessment report information and represents virgin exploration ground to be covered in the work program.
The Company also announces it has granted incentive stock options to directors, officers, employees and consultants to purchase an aggregate of up to 2.25 million common shares pursuant to the Company's rolling stock option plan. The stock options have a five year term, subject to an 18-month vesting period and an exercise price of $0.21 per share.