By Alois Vinga
ZEPHYR Minerals Limited has entered into an option agreement to acquire 75% stake in the MC-2 Gold Property of Zimbabwe.
The MC-2 Property comprises of five mining claims totalling approximately 50 hectares and is strategically located within approximately two kilometres.
The two properties are on trend, sharing many of the same geological characteristics and excellent exploration potential for large scale, shear zone hosted gold deposits
Under the terms of the Agreement, Zephyr through its wholly owned Zimbabwean subsidiary, Sutter Mining (Private) Limited can acquire 75% of the Lion Property by incurring US$665,000 in exploration expenditures and making cash payments to the Owners totalling US$65,000 over five years.
The Owners are permitted to continue small scale mining within prescribed parameters from areas currently being mined until Sutter makes a decision to transfer the claims into a new operating company (Newco), owned as to Sutter 75%and the Owner 25%.
Zephyr’s President and CEO, Loren Komperdo said the property has never been mined and presents vast opportunities.
“The MC-2 Property is characterized by favourable rock types such as iron rich meta-basalts, strong evidence of pervasive structural preparation providing abundant loci for gold deposition, widespread small scale mining activity, and strong synergies with Zephyr’s nearby MC Gold Property.
“The geological characteristics look very similar to the Red Lake gold camp in northern Ontario. To the best of our knowledge this property with numerous drill targets has never been drilled.
“We remain focused on identifying and optioning mining properties in Zimbabwe that show high discovery potential for large gold deposits,” he said.
The MC-2 Property is currently being mined by small scale miners to a shallow depth, typically to 8 to 10 meters in the easily mined weathered zone. Records show that small scale mining on the claims date back to 1986 as reported thereon by Kalbskoff, Zimbabwe Ministry of Mines.
Historic shafts and open cuts on gold mineralized structures are present on all of the five claims which collectively cover a width ranging between 200 to 400 meter and strike length of 1,500 meters.
