Business
Zephyr Minerals Ltd. closes gold property acquisition
HALIFAX, Oct. 31, 2012 /CNW/ - Zephyr Minerals Ltd. (" Zephyr " or the " Company ") (TSX-V:...
About this update from Zephyr Minerals Ltd.
[{"type":"text","content":"\n\n\n\n\n\nHALIFAX, Oct. 31, 2012 /CNW/ - Zephyr Minerals Ltd. (\"Zephyr\" or the \"Company\") (TSX-V: ZFR) is pleased to announce that it has closed the previously\n announced purchase and sale agreement (the \"Agreement\") with Celtic\n Minerals Ltd. (\"Celtic\") to purchase a 100% interest in the Dawson gold\n project (\"Dawson\") in Colorado, USA. The acquisition was done by way of\n a share purchase agreement, whereby Zephyr acquired 100% of Celtic Gold\n Ltd., a Colorado company and subsidiary of Celtic Minerals, who holds\n title to the Dawson project.\n\n\nZephyr made cash payments of $200,000 to Celtic and $20,000 to UUS\n Inc. The payment to UUS Inc., a 100% owned subsidiary of Cameco Corp.,\n was to fulfill a previous purchase agreement between Celtic and UUS\n Inc.\n\n\nLoren Komperdo, President and CEO, stated \"We are very pleased to have\n acquired the Dawson gold project. The 400 hectare property contains\n multiple historic resource estimates which boast high grades over\n viable widths, including one zone of 121,000 ounces of gold with an\n average grade of approximately half an ounce per tonne (239,000 tonnes\n at 15.8 g/t gold)*. As part of our ongoing exploration, it is our\n intention to verify historic drill results by twinning selected drill\n holes, and to complete a National Instrument 43-101 compliant resource\n estimate.\" A qualified person has not done sufficient work to classify the\n historical estimate as current mineral resources and the Company is not\n treating the historical estimate as current mineral resources.\n\n\nDawson is an advanced gold project with excellent exploration potential.\n It consists of 45 contiguous unpatented, and eight patented mining\n claims and one patented placer claim covering approximately 275\n hectares.  The gold mineralization was discovered by U.S. Borax Ltd. in\n the early 1980's and last explored by Uranerz U.S.A. Inc. in the early\n 1990's. During this period a total of 142 diamond drill holes for\n 27,206 metres were drilled, from which several resource estimates were\n completed. Gold mineralization at Dawson is hosted in discrete deposits\n within a Proterozoic-aged exhalite unit that trends east-west for\n approximately 2.6 km's on the property.  Future exploration programs\n will be focused on drill testing targets i...