VANCOUVER, BC / ACCESSWIRE / December 10, 2018 / Zimtu Capital Corp. (TSXv: ZC; FSE: ZCT1) (the "Company") is pleased to announce that after receiving positive results in the 2018 field season, it has entered into an agreement with Core Assets Corp., a private B.C. company, to option its 100% owned, Blue Copper-Cobalt Property (the "Blue Property") located southwest of Atlin, British Columbia.
The initial land position of 1 km² was acquired through a group of local prospectors; thereafter Zimtu Capital acquired an addition land area of 10.3 km² by staking. The Blue Property now consists of two mineral licenses encompassing an area of 11.3 km² located 48 km southwest of Atlin, B.C. The exploration program focused on targeting historically identified copper and cobalt in a magnetite rich rock unit.
Map 1. Regional location, Blue Copper-Cobalt Property
The program consisted of the collection of 28 rock grab samples: four grab samples from bed rock in the historical "French Adit" sampled every 10-12 meters; six grab samples from the exterior area of the 'French Adit" (rubble from potential mine dump); and two samples from bedrock, 10 meters south of the "French Adit." Eleven samples were taken from bedrock in the area of the historical "North Adit" and five samples were collected from areas of the northernmost extent of the property. All areas of sampling returned very promising assay values.
Map 2. Sample locations 1 & 2
Map 3. Sample location 1
Map 4. Sample location 2
Rocks sampled from the "French Adit" area assayed up to 1.56 g/t gold, 43.3 g/t silver and 8.46% copper.
Rocks sampled from the "North Adit" area assayed up to 1.57 g/t gold, 46.5 g/t silver and 1.86% copper.
Bornite sample in limestone rich magnetite, collected from outside the "French Adit"
Cu staining visible south of the "French Adit"
Blue Property Historical Exploration
The Blue Property has undergone multiple exploration programs over the years, focusing mainly on the Cu-Au-Ag mineralization in skarns. The property has had limited work completed for cobalt. In the early 1950's an academic thesis completed for the University of British Columbia examined the petrography of the rocks towards the north end of the property. Erythrite and cobaltite were identified and confirmed in thin sections (ARIS 58747). Sampling the north end of the property using an undescribed sampling method reported grades of 0.60% Co over 3 feet. Copper was found at 3.50% and silver at 1 ounce/tonne. Some samples were described to have an erythrite coating on the surface and have cobaltite scattered throughout the magnetite. In 1973 Rio Plata Silver Mines Ltd. commenced diamond drilling on the property yielding 175.0 meters of 0.27% copper from surface, including 27.0 meters of 1.2% Cu approximately 15 meters south of the "French Adit." Cobalt was never assayed for on this hole (ARIS 4996).
The historical information is relevant only as an indication that some mineralization occurs on the property, and no resources, reserve or estimate is inferred. A qualified person has not done sufficient work to classify the historical information as current mineral resources or mineral reserves; and Zimtu is not treating the historical information as current mineral resources or mineral reserves.
Terms of the Agreement
In consideration for the transaction, Core Assets Corp. will pay Zimtu Capital Corp. CAN $100,000 and 3,000,000 common shares as follows:
(i) $50,000 & 1,000,000 common shares upon signing; and
(ii) $50,000 & 1,000,000 common shares 1 year from signing; and
(iii) 1,000,000 common shares 2 years from signing.
Zimtu will also retain a 2% NSR with a 50% buyback for CAN $1,000,000. Core Assets Corp. is a private British Columbia company.
Quality Assurance and Quality Control
Samples were collected and processed by the field crew in appropriate sample bags, then tagged and recorded with their unique sample number. Sealed samples were placed in shipping bags which were sealed with electrical tape and dropped off personally to ALS Laboratories in Whitehorse, Yukon for preparation to be analyzed at the main ALS laboratory in North Vancouver, British Columbia. 1000 grams of rock per sample were pulverized to 85% < 75 microns and subjected to Aqua Regia Digestion using conventional ICP-AES, 35 element analysis (ME-ICP41) with ore grade analysis on samples reaching upper detection limits, and 50 g Fire Assay/ICP-AES for gold and platinum group elements (PGM-ICP24).
NI 43-101 Disclosure
Exploration activities by Zimtu Capital at the Blue Copper-Cobalt Project were conducted under the supervision of Nicholas Rodway, Registered Professional Geologist and a Qualified Person as defined by National Instrument 43-101. Mr. Rodway has reviewed and approved this news release.
About Zimtu Capital Corp.
Zimtu Capital is a public investment issuer that invests in, creates and grows natural resource companies. The company also provides mineral property project generation and advisory services helping to connect companies to properties of interest.
About Core Assets Corp.
Core Assets Corp. (the "company") is a newly created company focused on exploration and development of mineral projects, specifically gold, copper and cobalt. The company is currently conducting a capital raise to fund the initial acquisition and exploration of the Blue Copper-Cobalt Property located in British Columbia.
Core Assets Corp.'s Board of Directors initially will be comprised of experienced natural resource sector executives. The President is Mr. David Hodge, and Directors are Mr. Jared Lazerson, Mr. Nicholas Rodway P.Geo., and Mr. Scott Rose.
On Behalf of the Board of Directors
ZIMTU CAPITAL CORP.
President & Director
Neither 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 release.
This news release contains forward-looking information which is subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ from those projected in the forward-looking statements. Forward looking statements in this press release include that Core will pay the purchase price and issue shares to Zimtu and will carry out a work program on the Blue Property. These forward-looking statements are subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those projected in the forward-looking information. Risks that could change or prevent these statements from coming to fruition include that Core Assets may not raise funds to complete the purchase; and if it does complete the purchase, it may not have funds to develop the Blue Property; its shares may be or become worthless; and despite the current expected positive results of the property and potential viability of the project, conditions changing such that the minerals on the property are not of sufficient quality or quantity, or cannot be economically mined, or that the required permits to build and operate any envisaged mine can be obtained. The forward-looking information contained herein is given as of the date hereof and the Company assumes no responsibility to update or revise such information to reflect new events or circumstances, except as required by law.
SOURCE: Zimtu Capital Corp.