- Zephyr Minerals (ZFR) has signed an option agreement to acquire up to an 80-per-cent interest in the MAP Gold Mine
- The company plans to acquire the MAP Gold Mine property in Zimbabwe from an individual and his privately-owned corporation
- The MAP Gold Mine is a new gold discovery found in 2020
- Zephyr Minerals Ltd. is active in mineral exploration in Colorado and Zimbabwe
- Zephyr Minerals Ltd. was up 5.00 per cent, trading at C$0.105 at 10:00 AM ET
Zephyr Minerals (ZFR) has signed an option agreement to acquire up to an 80-per-cent interest in the MAP Gold Mine.
The company plans to acquire the MAP Gold Mine property, which is in Mashonaland Central, Zimbabwe, from an individual and his privately-owned corporation. The owner is an arm’s length citizen of Zimbabwe.
The MAP Gold Mine is a small-scale combined open cast and shallow underground operation with gold being recovered from three open pits (eluvial gold) and four adits driven on a shear zone.
The property lies within Archean-aged greenstones and was mapped on a 1:100,000 scale by the Geological Survey of Zimbabwe between 1985 and 1988. The local area was mapped as metarhyolite with a northeast trending dolerite dike that transects the property.
The MAP Gold Mine is a new gold discovery found in 2020 when farm workers working their fields noticed quartz fragments in the soil (eluvium) which they then panned and found to be gold-bearing.
Since that time, the size of the deposit being worked has continued to expand, with eluvial pits now found over an area of approximately 70m by 300m.
Under the terms of the agreement, Zephyr, through its wholly-owned Zimbabwean subsidiary, Sutter Mining (Private) Limited, can acquire 75 per cent of the Gold Mine property by paying US$165,000 over two years as well as certain cash payments based on the quantity of gold discovered.
In addition, in the event a mine is built, Sutter will pay the owner US$250,000 upon declaration of commercial production.
At Sutter’s discretion, it has the right to buy 20 per cent of the owner’s 25 per cent interest, hereby increasing Sutter’s interest in the property to 80 per cent.
Zephyr Minerals Ltd. is active in mineral exploration in Colorado and Zimbabwe.
Zephyr Minerals Ltd. was up 5.00 per cent, trading at C$0.105 at 10:00 AM ET.
