Business
Zephyr Minerals provides update on Dawson gold project, Colorado, USA
HALIFAX, Feb. 23, 2016 /CNW/ - Zephyr Minerals Ltd. ("Zephyr" or the "Company") (TSX-V: ZFR) is pleased to announce that with funds in place following a financi
About this update from Zephyr Minerals Ltd.
[{"type":"text","content":"HALIFAX, Feb. 23, 2016 /CNW/ - Zephyr Minerals Ltd. (\"Zephyr\" or the \"Company\") (TSX-V: ZFR) is pleased to announce that with funds in place following a financing for gross proceeds of $1.35 million, (News Release November 19, 2015), it has begun exploration on the Windy Gulch area of the Dawson gold project, Colorado, U.S.A. as well as initiated studies in preparation for a Preliminary Economic Assessment (\"PEA\") of the project. A road building and trenching program commenced this week to further assess the near surface gold potential of the Windy Gulch area. The Windy Gulch area is a high priority target that has the potential to generate easily accessible, near surface gold resources in addition to the current Windy Gulch inferred mineral resource of 49,000 tonnes grading 10.17 g/t (grams per tonne) gold that was prepared in accordance with Ni 43-101 (News Release June 2013). Gold mineralization at surface in the Windy Gulch area is open to the east of a trench completed by Zephyr in 2013 that shows 11.9 m (true width) grading 7.6 g/t gold (39.0 ft. @ 0.22 oz./ton) (News Release May 30, 2013). The new trenching program will test the continuity of this mineralization at a location approximately 50 m (160 ft.) east of the 2013 trench. New roads will be constructed to access drill pads for future drilling to test the continuity of gold mineralization to the east and at depth of drill holes WG-13-08 and WG-13-09 completed by Zephyr in 2013 and that remain open in this direction. WG-13-08 intercepted 14.4 m grading 4.5 g/t gold (47.2 ft. @ 0.13 oz./ton) including 7.1 m grading 7.9 g/t (23.3 ft. @ 0.23 oz./ton) and WG-13-09 intercepted 13.7 m grading 3.4 g/t (44.9 ft. @ 0.10 oz./ton) (News Release May 30, 2013). Results for channel samples collected by U.S. Borax in 1984 and Jascan Resources U.S.A (Jascan) in 1988 demonstrate the near surface gold potential present at the Copper King and Sentinel areas located approximately 300m and 750m, respectively, to the east of the Windy Gulch area. Jascan collected 37 channel samples at the Copper King area that returned gold results ranging from null values to 7.7 g/t/1.2m (true width). Additional channel sample gold highlights include 5.7g/t/2.9m, 2.3g/t/1.1m, 2.0g/t/0.6m, 1.5 g/t/0.6m and 1.1g/t/4.9m (all true widths). Jascan collected 17 channel samples at the Sentinel area returni...