Business
Zimtu Capital Corp. completes transaction for graphite projects
VANCOUVER, Sept. 1, 2011 /CNW/ - Zimtu Capital Corp. (TSXv: ZC; FSE: ZCT1) (the "Company" or ...
About this update from Zimtu Capital Corp.
[{"type":"text","content":"\n\n\n\n\n\nVANCOUVER, Sept. 1, 2011 /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 Strike Gold Corp. (TSXv: SRK) (\"Strike\") whereby Strike can earn a\n 100% interest in the Deep Bay East and Simon Lake Graphite Properties\n both located in northern Saskatchewan.\n\n\nFor its participation in the transaction, Zimtu will receive staged\n payments totalling C$162,500 and 1,500,000 common shares over a\n 14-month period. Zimtu's partner, 877384 Alberta Ltd. will receive cash\n and share consideration equal to that of Zimtu. The vendors will\n collectively retain a 3% Net Smelter Returns Royalty on the properties.\n The transaction is subject to acceptance by the TSX Venture Exchange\n (\"TSXv\"). A finder's fee will be payable with respect to the\n transaction pursuant to the policies of the TSXv.\n\n\nDeep Bay East Project\n\n\nThe Deep Bay East Project covers approximately 5,500 hectares (13,590\n acres) and is located 25 kilometres east of the community of Southend,\n Saskatchewan and less than 15 kilometres east of the Deep Bay West\n Graphite Mine.\n\n\nThe property is noted for its potential to host a near-surface graphite\n deposit comprised of scarce, large-flake, high-purity graphite. The\n property is situated within high-grade metamorphic rocks of a\n sedimentary origin which is an ideal setting for the development of\n these types of deposits.\n\n\nThe property has been explored for graphite since the 1960s, with\n surface trenching, mapping, electromagnetic surveys and limited diamond\n drilling (4 holes totalling 383 metres). The historic drilling and\n trenching was completed on an east to northeast trending conductor\n along 1,600 metres of strike length. The exploration identified high\n grades of graphite across thick intervals as follows:\n\n\nDeep Bay: Drilling and Trenching Highlights\n\n\nHole / Trench\n\n\nFrom (m)\n\n\nTo (m)\n\n\nInterval (m)\n\n\n% C\n\n\n \n\n\n \n\n\n \n\n\n \n\n\n \n\n\nDB 2\n\n\n76.20\n\n\n111.25\n\n\n35.05\n\n\n8.58%\n\n\n \n\n\n \n\n\n \n\n\n \n\n\n \n\n\nDB 3\n\n\n7.32\n\n\n20.42\n\n\n13.11\n\n\n8.97%\n\n\n \n\n\n60.96\n\n\n71.63\n\n\n10.67\n\n\n9.06%\n\n\n \n\n\n \n\n\n&#x...