- Zephyr Minerals (ZFR) signed an option agreement to acquire a majority stake in a gold project
- The Nova Scotia-based mineral explorer can now acquire up to a 75-per-cent-interest in a shear-hosted gold property in Mashonaland Central, Zimbabwe
- The property is approximately 100 hectares in size
- The property is currently being mined on a small scale from several shafts
- The all-cash deal is worth $75,000, with an additional $250,000 once commercial construction starts
- Zephyr Minerals is unchanged, trading at $0.085 at 12:18 p.m. EST
Zephyr Minerals (ZFR) signed an option agreement to acquire a majority stake in a gold project.
The Nova Scotia-based mineral explorer can now acquire up to a 75-per-cent-interest in a shear-hosted gold property in Mashonaland Central, Zimbabwe.
The deal with a private company in Zimbabwe.
The MC Property is approximately 100 hectares in size.
The property is currently being mined on a small scale from several shafts and adits along a sheared greenstone primarily composed of metabasalt.
The all-cash deal is being done through Zephyr’s subsidiary in that country and comes with a $75,000 payment over four years. Another $250,000 is due upon commercial production starting.
Grab samples from the main gold mineralized shear zone in the shafts and adits, as well as outcrops, returned assays ranging from trace to 11.5 grams per tonne of gold.
The highest gold assay, 40.1 grams per tonne, was obtained from a sample comprising crushed metabasalt and quartz collected from an unprocessed ore stockpile.
The company is processing the gold mineralization by gravity separation onsite.
The property lies within Archean-aged greenstones and was mapped historically between 1968 and 1972.
“We are very excited about the potential of the MC Property. The small-scale gold mining underway, the favourable rock types, structure and attractive gold grades in both the shear zone and adjacent wall rocks point to exploration potential for a large-scale, shear-hosted gold deposit. To the best of our knowledge, this property has never been drill tested. Many of the larger gold deposits in Zimbabwe occur within secondary shear zones adjacent to major regional faults. The MC Property fits well with this model given the apparent association of the gold mineralized shear zone with a major regional fault directly to the east,” said President and CEO Loren Komperdo.
Zephyr Minerals is unchanged, trading at $0.085 at 12:18 p.m. EST.
