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Be the first with the news that moves the market- Zephyr Minerals (ZFR) confirmed Thursday, it is optioning its fourth gold property in Zimbabwe
- The Nova Scotia mineral explorer signed a deal that will see it acquire up to a 75-percent interest in the MC-2 Gold Property
- The all-cash purchase is valued at US$65,000 and comes with US$665,000 in exploration expenditure requirements
- The property is made up from five mining claims totaling approximately 50 hectares
- The MC-2 Property is currently being mined by small scale miners to a shallow depth
- Zephyr Minerals (TSX:ZFR) is down 4.55 percent, trading at $0.10 at 9:30 a.m. ET
Zephyr Minerals (ZFR) confirmed Thursday, it is optioning its fourth gold property in Zimbabwe.
The Nova Scotia-based mineral explorer signed a deal that will see it acquire up to a 75-percent interest in the MC-2 Gold Property.
The deal is with four separate arms length parties. The all-cash purchase is valued at US$65,000 and comes with US$665,000 in exploration expenditure requirements.
The property is made up from five mining claims totaling approximately 50 hectares, strategically located within approximately two kilometres of the company’s recently-acquired MC Gold Property.
The two tracts of land are on trend, sharing many of the same geological characteristics and exploration potential for gold deposits.
The MC-2 Property is currently being mined by small scale miners to a shallow depth, typically to 8 to 10 metres in the easily mined weathered zone.
Records show small scale mining dating back to 1986.
“The MC-2 Property is characterized by favourable rock types such as iron rich meta-basalts, strong evidence of pervasive structural preparation providing abundant loci for gold deposition, widespread small scale mining activity, and strong synergies with Zephyr’s nearby MC Gold Property,” President and CEO Loren Komperdo said in a statement.
“The geological characteristics look very similar to the Red Lake gold camp in northern Ontario. To the best of our knowledge this property with numerous drill targets has never been drilled. We remain focused on identifying and optioning mining properties in Zimbabwe that show high discovery potential for large gold deposits.”
The company plans to continue assembling a portfolio of properties in Zimbabwe.
Zephyr Minerals (TSX:ZFR) is down 4.55 percent, trading at $0.10 at 9:30 a.m. ET.
