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VANCOUVER, BC / ACCESSWIRE / May 17, 2023 / Zimtu Capital Corp. (TSXV:ZC)(FSE:ZCT1) (the “Company” or “Zimtu“) announces that it has entered into an agreement with Infiniti Drilling Corp. (“Infiniti”) to sell six (6) mineral claims in the Harrison Lake area in the New Westminster District of Southwest British Columbia (BC) for $20,000 cash.
This Vend agreement of Doctors Point Claims supersedes the February 27th, 2023 Zimtu News Release transaction with Strata Geodata Services Ltd which did not close.
Doctors Point Purchase Agreement
The Company has entered into a purchase agreement (“Harrison Lake Agreement”) with Infiniti, whereby the Company will sell a 100% undivided interest in six (6) mineral claims currently held by Zimtu, known as the Doctors Point Claims, near the town of Harrison Lake in southwest BC. Under the terms of the Doctors Point Agreement, Infiniti will acquire the Doctors Point claims for a cash payment of $20,000. The Doctors Point Agreement is subject to acceptance by the TSX Venture Exchange.
The Doctors Point claims were recently acquired by Zimtu from the estate of David Heyman, as part of a much larger package of mineral claims.
The Doctors Point claims are situated on the western bank of Harrison Lake, approximately 55 kilometres from the town of Harrison. The claims are accessible by a well-maintained forestry service road which also provides access to the BC Hydro Trio Creek generation site also located within the claims area.
There are two dominant styles of mineralization at Doctors Point; stratabound volcanogenic sulphides and gold- and silver-hosting quartz veins.
The quartz veins are long, narrow, and gently dip at 10-35 degrees away from the edge of dioritic pluton margins. Up to five plutons have been observed on site and are thought to be smaller upwellings of magma from a major intrusion at depth. These veins are vuggy and contain sulphides of which pyrite and arsenopyrite are the most common. The veins have been observed in both surface road cuts and historical diamond drilling. At surface they can be traced for 200m and remain open along strike. Underground, veins have shown a thickness of 3m in historical diamond drill core.
The diamond drilling campaigns have all been shallow holes less than 100m in depth and suggestions in historical assessment filings are to drill deeper to investigate the source of the veins and possible increased concentrations of these structures at depth. A non-compliant resource was calculated from drill data in the Main Zone in 1986 using closely spaced drill holes resulted in 113,600 tonnes grading at 2.16 gpt (“gpt”) gold and 6.2 gpt silver (Assessment Report 18365), and since then several other zones have been identified along strike but have yet to be extensively drill tested. Quartz vein samples collected historically (1988) 300m to the north of the Main Zone returned grades up to 361 gpt gold and 1,328 gpt silver, and in 2007 additional sampling 1,400m to the northwest (North Swamp Zone) of the Main Zone returned values up to 27.13 gpt gold and 78.24 gpt silver from twelve vein samples. The current Doctors Point claims cover this area of historical drilling and resource estimation. It should be noted that these grades are historical, and Infiniti intends to collect check samples during Spring 2023.
About Zimtu Capital Corp.
Zimtu Capital Corp. is a public investment issuer that aspires to achieve long-term capital appreciation for its shareholders. Zimtu Capital companies may operate in the fields of mineral exploration, mining, technology, life sciences or investment. The Company trades on the TSX Venture Exchange under the symbol “ZC” and Frankfurt under symbol “ZCT1”. For more information, please visit https://www.zimtu.com.
On Behalf of the Board of Directors
ZIMTU CAPITAL CORP.
President & Director
NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS NEWS RELEASE.
This press release contains forward-looking statements., which include any information that addresses activities, events or developments that the Company believes, expects or anticipates will or may occur in the future. Forward looking statements in this press release include that the Closing will occur and that the Company will receive requisite approval from the TSXV, if required.
These statements are subject to known and unknown risks, uncertainties and other factors that may cause the actual results, performance or achievements of the Company to be materially different from those expressed, implied by or projected in the forward-looking information or statements. Important factors that could cause actual results to differ from these forward-looking statements include, but are not limited to: adverse market conditions, the inability of the Company to complete the proposed sale of the Property, or the TSXV not approving the sale of the Property on the terms announced or at all.
Except as required by law, the Company does not intend to revise or update these forward-looking statements after the date of this document or to revise them to reflect the occurrence of future unanticipated events.