Zephyr Announces Zimbabwe Exploration Program & Private Placement
- Zephyr Minerals plans to conduct ground surveys and a diamond drill program on three gold properties with high discovery potential for significant gold deposits.
- The properties have geological characteristics similar to the Red Lake camp in Northern Ontario, making them excellent targets for high-grade shear hosted gold deposits.
- The planned exploration program is contingent upon the completion of a non-brokered private placement financing, which aims to raise up to $360,000 through the issuance of 4,000,000 units at a price of $0.09 per unit.
- None.
Halifax, Nova Scotia--(Newsfile Corp. - July 26, 2023) - Zephyr Minerals Ltd. (TSXV: ZFR) ("Zephyr" or the "Company") is pleased to announce it intends to conduct ground magnetic and induced polarization (IP) geophysical surveys over three gold properties, MC, MC-2 and Nyanga North; to be followed by a diamond drill program. The MC and MC-2 properties are currently being mined for gold on a small scale by pits ten to twenty meters deep in the easily mined weathered zones. Although there is no mining currently at Nyanga North, there has been small scale gold mining directly to the west, which is on strike with a postulated wide shear zone that trends onto Nyanga North and extends approximately 1.5 km across the property. To the best of the Company's knowledge, the three properties have never been exposed to modern exploration methods and have never been drill tested.
Loren Komperdo, President and CEO stated, "The MC and MC-2 properties have many of the same geological characteristics as the Red Lake camp in Northern Ontario, making these two properties excellent targets for high grade shear hosted gold deposits. The Nyanga North prospect is on a shear zone where eluvial gold was discovered and mined but little or no follow up exploration has ever been done. All three of these properties have high discovery potential for significant gold deposits."
Further details of the exploration activity will be provided as the program develops. For additional information on MC, MC-2 and Nyanga, see Company news releases of January 12, 2023, April 20, 2023, and December 21, 2021, respectively. The planned exploration program described above is contingent upon completion of the private placement described below.
The Company announces it intends to issue, by way of a non-brokered private placement financing, up to 4,000,000 units at a price of
The expiry date of the Warrants may be accelerated by Zephyr at any time if the volume-weighted average trading price of the common shares is greater than or equal to
Net proceeds from the funds raised will be used for mineral exploration programs in Zimbabwe, and for general working capital purposes. In connection with the offering, a finder's fee may be paid consisting of a cash commission equal to
The Financing is subject to certain conditions including, but not limited to, the receipt of all necessary approvals including the approval and acceptance by the TSX Venture Exchange. All securities to be issued pursuant to the Financing will be subject to a four month hold period.
Qualified Person
Mr. Arimon Ngilazi, an independent consultant to the Company, and a qualified person as the term is defined under National Instrument 43-101, has reviewed and approved the scientific and technical information in this news release. Mr. Ngilazi has not visited the properties.
About Zephyr Minerals Ltd.
Zephyr Minerals Ltd. is conducting ongoing evaluations of gold properties for potential acquisition and/or joint venture throughout Zimbabwe. The Company is concentrating on projects with obvious gold potential as demonstrated through active, shallow, small scale mining operations or previous exploration work and favorable geology. In addition, the property should be of sufficient areal extent to host a target potential of at least one million ounces of gold. To this extent, the Company has signed multiple property joint venture agreements and has applied for two Exclusive Prospecting Orders covering 124,000 hectares. The Company is also actively reviewing lithium opportunities generated through in house research and property submittals by third parties. Zimbabwe boasts favorable foreign ownership rules for mineral properties as well as prospective, underexplored Archean greenstone belts.
In Colorado Zephyr has been focused on mine permitting activities at its
For further information please contact:
Loren Komperdo, President & CEO
or
Will Felderhof, Executive Chairman
T: 902 706-0222
info@zephyrminerals.com
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. 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.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/174950
FAQ
What are Zephyr Minerals' plans for the gold properties?
What is the discovery potential of the properties?
What is the purpose of the non-brokered private placement financing?
What is the price and number of units in the private placement financing?