Zimtu Capital Corp. Vends Beaverdell Claims to Grizzly Discoveries Inc.

Rhea-AI Summary

Zimtu Capital Corp. has entered an agreement with Grizzly Discoveries Inc. to sell ten mineral claims in the Beaverdell area, Southeast British Columbia, for $7,500 in cash and 75,000 common shares of Grizzly. The Beaverdell claims, previously acquired from the estate of David Heyman, contain historical polymetallic showings, with significant past production of silver, zinc, and lead. The transaction is subject to TSX Venture Exchange approval. President David Hodge expressed optimism for future transactions to expand Zimtu's mineral claim inventory, emphasizing their extensive holdings across various minerals.

Positive

• Sale of mineral claims raises $7,500 cash and 75,000 shares of Grizzly.
• Claims include historical polymetallic showings with significant past production.
• Potential to expand mineral holdings through future transactions.

Negative

• Dependence on TSX Venture Exchange approval for the sale.
• Risks of adverse market conditions affecting future sales.

NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES

VANCOUVER, BC / ACCESSWIRE / February 14, 2023 / Zimtu Capital Corp. (TSXV:ZC)(FSE:ZCT1) (the "Company" or "Zimtu") announces that it has entered into an agreement with Grizzly Discoveries Inc. (TSXV:GZD) ("Grizzly") to sell ten mineral claims in the Beaverdell area in the Greenwood Mining District of Southeast British Columbia (BC) for $7,500 cash and issuance of 75,000 common shares of Grizzly Discoveries Inc.

Beaverdell Properties Purchase Agreement

The Company has entered into a purchase agreement ("Beaverdell Agreement") with Grizzly Discoveries Inc. ("Grizzly") whereby the Company will sell a 100% undivided interest in ten (10) mineral claims currently held by Zimtu, known as the Beaverdell Claims, near the town of Beaverdell in southeast BC, adjacent to the Grizzly's Greenwood Project mineral claims. Under the terms of the Zimtu Beaverdell Agreement, Grizzly will acquire the Beaverdell Claims for a cash payment of $7,500, payable immediately, and the issuance of 75,000 common shares of Grizzly to Zimtu. The Beaverdell Agreement and the issuance of shares to Zimtu are subject to acceptance by the TSX Venture Exchange. Common shares of the Company issued under the Beaverdell Agreement will be subject to a hold period of four months and one day in accordance with the policies of the TSX Venture Exchange and securities regulation.

The Beaverdell claims were recently acquired by Zimtu from the estate of David Heyman, as part of a much larger package of mineral claims. The claims exist at the south end of the historic Beaverdell silver-lead-zinc-gold (Ag[1]Pb-Zn-Au) camp. Silver production for the main Beaverdell mine about 3 km north of the mineral claims being acquired was close to 35 million ounces (Moz) of Ag with greater than 30 million pounds (Mlbs) of Zn and 25 Mlbs of lead from 1896 to 1991 (BC Government Minfile Report for 082ESW030). Several of the mineral claims being acquired exist immediately south of Troubadour Resources Inc.'s Texas Project mineral claims where they have been actively exploring high grade Ag-Au-Cu-Pb-Zn zones southwest of Beaverdell including the Doorn Zone approximately 2 km north of the Beaverdell mineral claims. The Beaverdell mineral claims being sold cover a number of historical polymetallic showings and in particular the Tuzo Creek Molybdenite showing with accompanying sphalerite, galena and chalcopyrite in an altered, partially brecciated and quartz veined Eocene aged quartz-feldspar porphyry. Historical drilling results at the Tuzo Creek showing have yielded up to 0.28% MoS2 (0.17% Mo) over 3.05 m and 0.16% MoS2 (0.1% Mo) over 15.24 m core length in limited drilling. The southernmost block of claims south of Beaverdell covers the historical (reverted) Enterprise and Teresa Fraction Crown Grants that are host to a number of historical adits and drifts along quartz veins hosted in shear zones within felsic porphyry and granodiorite of either Jurassic and/or Eocene age. The mineralization present has been reported as quartz veins with chalcopyrite, pyrite, galena, sphalerite along with tellurides. High grades of Au, Ag, Pb, Zn and tellurium (Te) have been reported from samples from the workings.

David Hodge, President and a director of the Company, comments: "Upon our purchasing of a very large set of mineral claims all located in British Columbia from the estate of the late prolific prospector David Heyman, we are very glad to have Grizzly Discoveries recognize and purchase the Beaverdell Claims, which represent a small portion of our mineral claim inventory. We look forward to additional transactions that can expand our Zimtu holdings. Parties are welcome to discuss interest in the numerous British Columbia wide claims which include metals and mineral such as, gold, silver, copper, lead, zinc."

About Zimtu Capital Corp.

Zimtu Capital Corp. is a public investment issuer that aspires to achieve long-term capital appreciation for its shareholders. Zimtu Capital companies may operate in the fields of mineral exploration, mining, technology, life sciences or investment. The Company trades on the TSX Venture Exchange under the symbol "ZC" and Frankfurt under symbol "ZCT1". For more information, please visit https://www.zimtu.com.

On Behalf of the Board of Directors

ZIMTU CAPITAL CORP.

"David Hodge"
David Hodge
President & Director
Phone: 604.681.1568

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 OR ACCURACY OF THIS NEWS RELEASE.

Forward-Looking Statements

This press release contains forward-looking statements., which include any information that addresses activities, events or developments that the Company believes, expects or anticipates will or may occur in the future. Forward looking statements in this press release include that the Closing will occur and that the Company will receive requisite approval from the TSXV, if required.

These statements are subject to known and unknown risks, uncertainties and other factors that may cause the actual results, performance or achievements of the Company to be materially different from those expressed, implied by or projected in the forward-looking information or statements. Important factors that could cause actual results to differ from these forward-looking statements include, but are not limited to: adverse market conditions, the inability of the Company to complete the proposed sale of the Property, or the TSXV not approving the sale of the Property on the terms announced or at all.

Except as required by law, the Company does not intend to revise or update these forward-looking statements after the date of this document or to revise them to reflect the occurrence of future unanticipated events.

SOURCE: Zimtu Capital Corp.

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FAQ

What mineral claims did Zimtu Capital sell to Grizzly Discoveries?

Zimtu sold ten mineral claims in the Beaverdell area.

How much cash did Zimtu receive from the claim sale?

Zimtu received $7,500 in cash from the sale.

What are the terms of the agreement with Grizzly Discoveries?

The agreement involves a cash payment of $7,500 and 75,000 common shares of Grizzly.

Why are the Beaverdell claims significant?

The Beaverdell claims have historical polymetallic showings with substantial past production.

What could impact the completion of the sale of claims for Zimtu Capital?

The completion is subject to approval from the TSX Venture Exchange and market conditions.