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Zephyr Announces Zimbabwe Exploration Program & Private Placement
Halifax, Nova Scotia--(Newsfile Corp. - July 26, 2023) - Zephyr Minerals Ltd. (TSXV: ZFR) (" Ze...
About this update from Zephyr Minerals Ltd.
[{"type":"text","content":"Zephyr Announces Zimbabwe Exploration Program & Private PlacementHalifax, Nova Scotia--(Newsfile Corp. - July 26, 2023) - Zephyr Minerals Ltd. (TSXV: ZFR) (\"Zephyr\" or the \"Company\") is pleased to announce it intends to conduct ground magnetic and induced polarization (IP) geophysical surveys over three gold properties, MC, MC-2 and Nyanga North; to be followed by a diamond drill program. The MC and MC-2 properties are currently being mined for gold on a small scale by pits ten to twenty meters deep in the easily mined weathered zones. Although there is no mining currently at Nyanga North, there has been small scale gold mining directly to the west, which is on strike with a postulated wide shear zone that trends onto Nyanga North and extends approximately 1.5 km across the property. To the best of the Company's knowledge, the three properties have never been exposed to modern exploration methods and have never been drill tested.Loren Komperdo, President and CEO stated, \"The MC and MC-2 properties have many of the same geological characteristics as the Red Lake camp in Northern Ontario, making these two properties excellent targets for high grade shear hosted gold deposits. The Nyanga North prospect is on a shear zone where eluvial gold was discovered and mined but little or no follow up exploration has ever been done. All three of these properties have high discovery potential for significant gold deposits.\"Further details of the exploration activity will be provided as the program develops. For additional information on MC, MC-2 and Nyanga, see Company news releases of January 12, 2023, April 20, 2023, and December 21, 2021, respectively. The planned exploration program described above is contingent upon completion of the private placement described below.The Company announces it intends to issue, by way of a non-brokered private placement financing, up to 4,000,000 units at a price of $0.09 per unit for gross proceeds of up to $360,000 (the \"Financing\"). Each Unit consists of one common share and one whole common share purchase warrant (a \"Warrant\") of the Company (the \"Units\"). Each Warrant will be exercisable to purchase one common share of the Company for $0.13 for a period of twelve months from the closing date.The expiry date of the Warrants may be accelerated by Zephyr at any time if the volume-weighted aver...