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Zonte Metals (TSXV: ZON) (“Zonte”) is pleased to announce it has signed an option agreement to acquire 100% of the Cross Hills Iron Oxide Copper Gold Project, on the island portion of Newfoundland and Labrador. The property is comprised of 327 claims covering 8175 hectares including 90 claims optioned from the property vendor and an additional 237 claims …
Zonte Metals (TSXV: ZON) (“Zonte”) is pleased to announce it has signed an option agreement to acquire 100% of the Cross Hills Iron Oxide Copper Gold Project, on the island portion of Newfoundland and Labrador. The property is comprised of 327 claims covering 8175 hectares including 90 claims optioned from the property vendor and an additional 237 claims map staked by the Company.
The agreement entered into between Zonte and the property vendor grants Zonte the option to purchase a 100% interest in the project by making payments of $55,000 and issuing 1.5 Million common shares over four years. The claims are subject to a 3% NSR, 2/3rds of which can be purchased for $2,000,000. The acquisition is subject to acceptance by the TSX Venture Exchange.
Terry Christopher, President and CEO states:
“In November 2016, the Company acquired the McConnells Jest Project based on its large scale potential and completed a successful first stage exploration program in the summer of 2017 which resulted in a gold discovery at the Two Four Target.
We are now pleased to have added the Cross Hills Project to our portfolio which covers 25km of a regional structure which has geological, geochemical and geophysical characteristics of an Iron Oxide Copper Gold system.”