Zimtu Capital Corp. announces that the company has signed an agreement with GTA Resources and Mining Inc. whereby GTA Resources can earn a 100% interest in two licenses located in central Newfoundland.
News Release: Zimtu Capital Corp. Announces Transaction With GTA Resources & Mining Inc For Burnt Pond Claims In Newfoundland, Canada
1. ZIMTU CAPITAL CORP. ANNOUNCES TRANSACTION WITH GTA RESOURCES
AND MINING INC. FOR BURNT POND CLAIMS IN NEWFOUNDLAND, CANADA
June 4, 2015 - Zimtu Capital Corp. (TSXv: ZC; FSE: ZCT1) (the “Company” or “Zimtu”)
is pleased to announce that the Company and one of its prospecting partners have
signed an agreement with GTA Resources and Mining Inc. (TSXv: GTA) (“GTA
Resources”) whereby GTA Resources can earn a 100%-interest in two licenses (47
claim units) located in central Newfoundland. These claims units as well as an
additional 56 units make up the Burnt Pond Zn-Cu Property.
For its participation in the transaction, Zimtu will receive cash and a share payment from
GTA Resources as follows: (i) $3,055 on signing; (ii) 1,200,000 common shares within 7
days of acceptance by the TSX Venture Exchange (“TSXv”). The transaction is subject
to acceptance by the TSXv.
Burnt Pond Zn-Cu Project
The Burnt Pond Zn-Cu Project consists of six separate claim licences (103 units),
located in the Tally Pond volcanic belt which hosts Teck Resources Ltd’s Duck Pond
Mine and a number of other Cu-Zn-Ag-Au massive sulphide deposits.
The Duck Pond Mine is classified as a VMS (volcanogenic massive sulphide) deposit
and achieved commercial production in 2007 with an initial resource of 6 million tonnes
grading approximately 3% Cu, 6% Zn, 60 g/t Ag and 0.9 g/t Au. The Burnt Pond Project
claims are underlain by the same geological package of altered felsic volcanic rocks as
are common to the Duck Pond Mine. The area has extensive geophysical and
geochemical coverage and historic drilling by third parties was quite limited. A number
of untested EM (electro-magnetic) targets, coincident with anomalous base metals (Zn,
Cu, Pb, Au and Ag) in both rock and soils remain to be evaluated. Anomalous base
metal values associated with the VMS style alteration, includes the Wim Showing (1.9%
Zn, 1.5% Pb) and drill intersections of 1.0%Zn/2.9m.
The claims were acquired by Zimtu Capital Corp. through staking. Zimtu, along with its
prospecting partners, continues to evaluate and acquire prospective resource properties
for sale or joint venture. As part of the Company's business, Zimtu provides mineral
property project generation and advisory services and helps to connect companies with
mineral properties of interest.
2. The technical information in this news release has been prepared and reviewed on
behalf of the Company by Robert Duess, P.Geo, a Qualified Person pursuant to
National Instrument 43-101.
About GTA Resources and Mining Inc.
GTA Resources and Mining Inc. is a well-funded mineral exploration company led by an
experienced management team focused on exploring for gold and graphite in Canada.
GTA Resources currently has three projects located in northern Ontario: the 51%-
owned Northshore Project, near Schreiber; the 100%-owned Auden Project near
Hearst; and, the Ivanhoe Project near Folyet, in which it has an option to acquire a
100% interest. The Company shares trade on the TSX Venture Exchange under the
symbol “GTA”.
About Zimtu Capital Corp.
Zimtu Capital Corp. is a public investment issuer that invests in, creates and grows
natural resource companies thereby providing a way for shareholders to indirectly
participate and profit in the public company building process. The Company also
provides mineral property project generation and advisory services helping to connect
companies to properties of interest.
Zimtu Capital trades on the TSX Venture Exchange under the symbol “ZC” and the
Frankfurt Stock Exchange under the symbol “ZCT1.” For more information please visit
the corporate website at http://www.zimtu.com.
On Behalf of the Board of Directors
ZIMTU CAPITAL CORP.
“David Hodge”
David Hodge
President & Director
Phone: 604.681.1568
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.
3. Statements in this document which are not purely historical are forward-looking statements, including any
statements regarding beliefs, plans, expectations or intentions regarding the future.
Forward-looking statements in this news release include that GTA Resources can earn a 100%-interest in
the Burnt Pond claims located in Newfoundland, Canada; that in consideration for its interest, Zimtu will
receive cash and share payments from GTA Resources, and that Zimtu, along with its prospecting
partners, continue to evaluate and acquire prospective resource properties to make available for sale or
joint venture.
It is important to note that actual outcomes and the Company’s actual results could differ materially from
those in such forward-looking statements. Risks and uncertainties include, but are not limited to,
economic, competitive, governmental, environmental and technological factors that may affect the
Company's operations, markets, products and prices. Readers should refer to the risk disclosures
outlined in the Company’s Management Discussion and Analysis of its audited financial statements filed
with the British Columbia Securities Commission.