Zimtu Capital Corp. announces transaction with Pistol Bay Mining Inc. for Portland Graphite Property in Ontario

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[{"type":"text","content":"\n\n\n\n\n\nVANCOUVER, Feb. 27, 2013 /CNW/ - Zimtu Capital Corp. (TSXv: ZC; FSE:\n ZCT1) (the \"Company\" or \"Zimtu\") is pleased to announce that the\n Company and one of its prospecting partners have signed an agreement\n with Pistol Bay Mining Inc. (TSXv: PST) (\"Pistol Bay\") whereby Pistol\n Bay can earn a 100%-interest in the advanced stage Portland Graphite\n Property located in southern Ontario.\n\n\nPortland Graphite Property, Ontario:\n\n\nThe Portland Graphite Property (the \"Property\") is situated 1.6 km north\n of Highway 15 between Kingston and Ottawa. It is road-accessible and\n consists of private lands covering approximately 429 hectares, located\n 5.5 km northeast of the community of Portland, Ontario. Power and water\n are available on-site and rail access is nearby.\n\n\nGraphite on the Property is hosted primarily in Precambrian marbles of\n the Grenville Province. Ontario government geologists reported in the\n 1960s that the graphite occurs as disseminated flakes averaging 1/8\n inch in diameter. Work on the Property by previous operator Victoria\n Graphite Inc., including 73 drill holes (5,884m),  identified graphite\n mineralization in three zones (D-zone, G-zone and I-zone) over a total\n strike length of 1700m. Mineralization dips at approximately 70 degrees\n to the west. In general, the zones are characterized by broad envelopes\n of  lower-grade graphite mineralization with widths up to 75m, within\n which are zones of higher grade material, to >10% graphitic carbon\n (\"Cg\"), based on the diamond drilling by Victoria Graphite in the late\n 1980s.\n\n\nVictoria Graphite also carried out test mining and milling utilizing a\n 100 tonne per day pilot plant in the early 1990s. Results of this test\n milling work are not available to the Company at this time. The mill\n building is still present and represents a potentially significant\n asset to Pistol Bay in terms of the ongoing development of the\n Property.\n\n\nA historical \"probable reserve\" of 295,000 tonnes grading \"slightly\n above 6% graphite\" was delineated on the property.  This estimate is a\n historical estimate prepared by R.A. Elliot for Victoria Graphite in\n 1989. Although it appears to have been done in a professional manner by\n the standards of the time, it does not conform to the standards of NI\n 43-101.&#x...

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