Business
Zimtu Capital Corp. announces transaction with Big North for Grand Lac du Nord Graphite Property in Quebec
VANCOUVER, April 11, 2012 /CNW/ - Zimtu Capital Corp. (TSXV: ZC) (FSE: ZCT1) (the "Company"...
About this update from Zimtu Capital Corp.
[{"type":"text","content":"\n\n\n\n\n\nVANCOUVER, April 11, 2012 /CNW/ - Zimtu Capital Corp. (TSXV: ZC) (FSE:\n ZCT1) (the \"Company\" or \"Zimtu\") is pleased to announce that the\n Company and three prospecting partners have signed an agreement with\n Big North Graphite Corp. (TSXv: NRT) (\"Big North\") whereby Big North\n can earn a 100%-interest in the Grand Lac Du Nord Graphite Property\n located in Quebec.\n\n\nGrand Lac Du Nord Graphite Property:\n\n\nThe Grand Lac du Nord Graphite Property (the \"Property\") consists of one\n contiguous claim block totaling approximately 2,009 hectares (20.09 km2) located approximately 140 kilometers northwest of Sept-Iles, Quebec.\n The property is accessible via paved and logging roads.\n\n\nThe Property was previously explored by SOQUEM, Inc. following up on\n airborne electromagnetic (EM) anomalies. Ground work in 2000 and 2001\n identified a high grade sillimanite formation. The presence of graphite\n over the property was also noted visually but not given any focus at\n the time.\n\n\nThe Property contains a graphitic paragneiss formation approximately 8\n kilometres in length by 1 to 2 km wide. The formation is composed of\n quartz, graphite, biotite and sulphides. The sulphides are in veinlets\n or disseminated in the paragneiss while the graphite is in disseminated\n flakes. A second formation parallel with the above consists of a\n sillimanite paragneiss band, also 8 km in length with a width of about\n 1 to 2 km. This horizon composed of quartz-feldspars, sillimanite,\n graphite, biotite, garnet and cordierite. The formation is intercalated\n with bands of quartzite.\n\n\nProperty maps will be posted on Big North's website at: http://www.bignorthgraphite.com\n\n\nBig North intends to mount an exploration campaign on the Property\n commencing with a complete compilation of historic geologic work\n followed by surface work, trenching and diamond drilling. The\n exploration target is an open-pittable, crystalline flake graphite\n deposit similar to other graphite deposits and mines in Quebec such as\n Focus Metals Inc.'s (TSXv: FMS) Lac Knife Deposit and Timcal Graphite\n and Carbon's Lac des Iles Mine.\n\n\nTerms:\n\n\nFor its participation in the transaction, Zimtu will receive staged cash\n and share payments from Big North as follows: (i) $10,000 on signing;\n (ii) $10,000 and 375,000 common shares on ...