Africa-Press – Zimbabwe. <\/strong><\/span>CANADIAN based gold exploration and development concern, Zephyr Minerals Limited is set to commence exploration over three gold properties, MC, MC-2 and Nyanga North which will be followed by a diamond drill program.<\/p>\nThe miner\u2019s data shows that MC and MC-2 properties are currently being mined for gold on a small scale by pits ten to twenty meters deep in the easily mined weathered zones. There has not been any serious mining in Nyanga North with only small-scale gold mining directly to the West.<\/p>\n
The three properties have never been exposed to modern exploration methods and have never been drill tested.<\/p>\n
Zephyr Minerals CEO, Loren Komperdo said indications hint at lucrative deposits on the three targeted projects.<\/p>\n
\u201c\u2019The MC and MC-2 properties have many of the same geological characteristics as the Red Lake camp in Northern Ontario, making these two properties excellent targets for high-grade shear hosted gold deposits.<\/p>\n
\u201cThe Nyanga North prospect is in a shear zone where eluvial gold was discovered and mined but little or no follow-up exploration has ever been done. All three of these properties have high discovery potential for significant gold deposits,\u201d he said.<\/p>\n
Zephyr also announced the sale of stock shares to pre-selected investors and institutions of up to 4,000,000 units at a price of $0.09 per unit for gross proceeds of up to US$360,000 as an alternative to an initial public offering (IPO) in a bid to raise capital for expansion.<\/p>\n
Under the arrangement, each Warrant will be exercisable to purchase one common share of the Company for $0.13 for a period of twelve months from the closing date.<\/p>\n
The expiry date of the Warrants may be accelerated by Zephyr at any time if the volume-weighted average trading price of the common shares is greater than or equal to $0.26 for any 20 consecutive trading days.<\/p>\n
If this occurs, the company may accelerate the expiry date of the warrants by issuing a press release announcing the reduced Warrant term whereupon the Warrants will expire on the 30th calendar day after the date of such press release.<\/p>\n
\u201cNet proceeds from the funds raised will be used for mineral exploration programs in Zimbabwe, and for general working capital purposes.<\/p>\n
\u201cIn connection with the offering, a finder\u2019s fee may be paid consisting of a cash commission equal to 7% of the gross proceeds raised under the offering and that number of non-transferable finder\u2019s fee warrants as is equal to 7% of the number of shares,\u201d said Zephyr.<\/p>\n
Zephyr Minerals Ltd. is conducting ongoing evaluations of gold properties for potential acquisition and\/or joint ventures throughout Zimbabwe.<\/p>\n
To this extent, the Company has signed multiple property joint venture agreements and has applied for two Exclusive Prospecting Orders covering 124,000 hectares.<\/p>\n
The Company is also actively reviewing lithium opportunities generated through in-house research and property submittals by third parties.<\/p>\n
For More News And Analysis About Zimbabwe<\/a> Follow Africa-Press<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"By Alois Vinga Africa-Press – Zimbabwe. CANADIAN based gold exploration and development concern, Zephyr Minerals Limited is set to commence exploration over three gold properties, MC, MC-2 and Nyanga North which will be followed by a diamond drill program. The miner\u2019s data shows that MC and MC-2 properties are currently being mined for gold […]<\/p>\n","protected":false},"author":84,"featured_media":81468,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[3,7],"tags":[1493,2189,19],"class_list":{"0":"post-81470","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-all-news","8":"category-files","9":"tag-africa-press","10":"tag-africa-press-zimbabwe-2","11":"tag-zimbabwe"},"yoast_head":"\n
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