Business
Zimtu Capital Corp. Announces Transaction with GTA Resources and Mining Inc. for Burnt Pond Claims in Newfoundland, Canada
VANCOUVER , June 4, 2015 /CNW/ - Zimtu Capital Corp. (TSXv: ZC; FSE: ZCT1) (the "Com...
About this update from Zimtu Capital Corp.
[{"type":"text","content":"\n\nVANCOUVER, 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. \n\nFor 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.\n\nBurnt Pond Zn-Cu ProjectThe 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. \n\nThe 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. \n\nThe 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.\n\nThe technical information in this news release has been prepared and reviewed on behalf of the Company by R...