VANCOUVER, June 4, 2015 /CNW/ – Zimtu Capital Corp. (TSXv: ZC; FSE: ZCT1) (the “Company” or “Zimtu”) is pleased to announce that the Company and one of its prospecting partners have signed an agreement with GTA Resources and Mining Inc. (TSXv: GTA) (“GTA Resources”) whereby GTA Resources can earn a 100%-interest in two licenses (47 claim units) located in central Newfoundland. These claims units as well as an additional 56 units make up the Burnt Pond Zn-Cu Property.
For its participation in the transaction, Zimtu will receive cash and a share payment from GTA Resources as follows: (i) $3,055 on signing; (ii) 1,200,000 common shares within 7 days of acceptance by the TSX Venture Exchange (“TSXv”). The transaction is subject to acceptance by the TSXv.
Burnt Pond Zn-Cu Project
The Burnt Pond Zn-Cu Project consists of six separate claim licences (103 units), located in the Tally Pond volcanic belt which hosts Teck Resources Ltd’s Duck Pond Mine and a number of other Cu-Zn-Ag-Au massive sulphide deposits.
The Duck Pond Mine is classified as a VMS (volcanogenic massive sulphide) deposit and achieved commercial production in 2007 with an initial resource of 6 million tonnes grading approximately 3% Cu, 6% Zn, 60 g/t Ag and 0.9 g/t Au. The Burnt Pond Project claims are underlain by the same geological package of altered felsic volcanic rocks as are common to the Duck Pond Mine. The area has extensive geophysical and geochemical coverage and historic drilling by third parties was quite limited. A number of untested EM (electro-magnetic) targets, coincident with anomalous base metals (Zn, Cu, Pb, Au and Ag) in both rock and soils remain to be evaluated. Anomalous base metal values associated with the VMS style alteration, includes the Wim Showing (1.9% Zn, 1.5% Pb) and drill intersections of 1.0%Zn/2.9m.
The claims were acquired by Zimtu Capital Corp. through staking. Zimtu, along with its prospecting partners, continues to evaluate and acquire prospective resource properties for sale or joint venture. As part of the Company’s business, Zimtu provides mineral property project generation and advisory services and helps to connect companies with mineral properties of interest.
The technical information in this news release has been prepared and reviewed on behalf of the Company by Robert Duess, P.Geo, a Qualified Person pursuant to National Instrument 43-101.
About GTA Resources and Mining Inc.
GTA Resources and Mining Inc. is a well-funded mineral exploration company led by an experienced management team focused on exploring for gold and graphite in Canada. GTA Resources currently has three projects located in northern Ontario: the 51%-owned Northshore Project, near Schreiber; the 100%-owned Auden Project near Hearst; and, the Ivanhoe Project near Folyet, in which it has an option to acquire a 100% interest. The Company shares trade on the TSX Venture Exchange under the symbol “GTA”.
About Zimtu Capital Corp.
Zimtu Capital Corp. is a public investment issuer that invests in, creates and grows natural resource companies thereby providing a way for shareholders to indirectly participate and profit in the public company building process. The Company also provides mineral property project generation and advisory services helping to connect companies to properties of interest.
Zimtu Capital trades on the TSX Venture Exchange under the symbol “ZC” and the Frankfurt Stock Exchange under the symbol “ZCT1.” For more information please visit the corporate website at http://www.zimtu.com.
On Behalf of the Board of Directors
ZIMTU CAPITAL CORP.
President & Director
Neither 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 release.
Statements in this document which are not purely historical are forward-looking statements, including any statements regarding beliefs, plans, expectations or intentions regarding the future.
Forward-looking statements in this news release include that GTA Resources can earn a 100%-interest in the Burnt Pond claims located in Newfoundland, Canada; that in consideration for its interest, Zimtu will receive cash and share payments from GTA Resources, and that Zimtu, along with its prospecting partners, continue to evaluate and acquire prospective resource properties to make available for sale or joint venture.
It is important to note that actual outcomes and the Company’s actual results could differ materially from those in such forward-looking statements. Risks and uncertainties include, but are not limited to, economic, competitive, governmental, environmental and technological factors that may affect the Company’s operations, markets, products and prices. Readers should refer to the risk disclosures outlined in the Company’s Management Discussion and Analysis of its audited financial statements filed with the British Columbia Securities Commission.
SOURCE Zimtu Capital Corp.