February 23, 2023 – Zimtu Capital Corp. (TSXv: ZC; FSE: ZCT1) (the “Company” or “Zimtu”) announces that it has entered into an agreement with Strata Geodata Services Ltd. (“Strata”) 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 and 100,000 shares in a private company.
Doctors Point Purchase Agreement
The Company has entered into a purchase agreement (“Harrison Lake Agreement”) with Strata, 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, Strata will acquire the Doctors Point claims for a cash payment of $20,000, of which $5,000 is payable immediately upon closing, with three (3) additional quarterly payments of $5,000, and the issuance of 100,000 common shares of a private non-reporting issuer to Zimtu. The Doctors Point Agreement is subject to acceptance by the TSX Venture Exchange. Common shares of the Company issued under the Doctors Point Agreement are from a private company.
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 grams per tonne (“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 Strata intends to collect check samples during Spring 2023.
Strata also holds the “Providence” claims 4km southeast of the central Doctors Point discovery area. Preliminary fieldwork in late 2022 returned grades up to 2.88 gpt gold and 27 gpt silver from a sample of quartz vein situated close to the old Providence Mine portal (now decommissioned). The sample also had anomalous copper, lead, and zinc values like what has been historically described at Doctors Point. It is proposed that these veins at Providence are an along-strike extension of the veining seen at Doctors Point and so by uniting the two land-packages which shows evidence of potential continuity of mineralization along 7km of strike between the Providence project and the North Swamp Zone extension at Doctors Point.
The occurrence of gold in the area is typified by Bear Mountain on the east side of Harrison Lake which is proposed to be the lateral offset of the Doctors Point system along the Harrison Lake Shear Zone. Bear Mountain has two underground portals which have provided historical access for drilling into dioritic bodies that up well into the Cretaceous volcanogenic country rock. Quartz veins are found around the 25-million-year-old diorite intrusive, with at least four zones of mineralization identified through drilling (the Breccia Zone, Hill Stock, Jenner Stock and Lake Stock). Based on surface and underground drilling completed by BKA above the 50-meter ASL level, Norman (1989), using a one-gram cutoff grade for the Jenner Zone and a 2-gram cut-off grade for the Portal Zone, estimated that the Jenner and Portal Zones contain 2,458,674 tonnes at an average grade of 2.79 g/t gold, for 220,300 ounces.
The Company advises that all grades and resource estimates in this release are of a historic nature. Historic drill holes, resource estimates and grades reported have not been verified. A qualified person has not done sufficient work to verify the historical estimates nor classify the historic estimates as current mineral resources or mineral reserves, and the Company is not treating the historical estimates as current mineral resources or mineral reserves. Additional resampling and drilling by a Qualified Person will be required to designate a current resource under National Instrument 43-101 standards.
David Hodge, President and a director of the Company, comments: “The selling of these Doctors Point Claims represents our second transaction from our large set of mineral claims purchased from the estate of David Heyman, a prolific British Columbia prospector. Strata’s technical team led by Andy Randell PGeo and CEO recognized the opportunity for additional exploration upside within the Doctors Point Claims. This transaction continues our commitment in supporting British Columbia exploration industry. We welcome interested parties to review our inventory of prospective British Columbia wide claims with minerals such as, gold, silver, copper, lead, and zinc.”
Andy Randell, CEO of Strata also comments “We are looking forward to starting work at Doctors Point and bringing a fresh look at the geological systems and mineral potential of the project. Since it was first discovered in 1975, advances in technology and local geological knowledge will allow us to unify the mineralized zones and look to extend them laterally and at depth.”
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.