Zimtu Capital Corp. (TSXv: ZC; FSE: ZCT1) (the "Company" or "Zimtu") is pleased to announce the commencement of field work on the Munn Lake Property ("Property") located in the Slave Craton, Northwest Territories. The Munn Lake Diamond Property is situated in the midst of the Southern Slave kimberlite field, approximately 40 km northwest of the new De Beers -- Mountain Province Gahcho Kué Diamond Mine and 35 km east of the De Beers Snap Lake Diamond Mine.
Field crews from Dahrouge Geological Consulting Ltd. have mobilized to the property and will conduct ground geophysical surveys atop a number of discrete ´pipe-like´ targets. In addition, further Kimberlite Indicator Mineral ("KIM") sampling will be completed in order to validate the historic sampling work and provide additional insight into the diamondiferous potential of the property.
Historic exploration included the collection of over 2,500 samples and has identified at least five distinct mineral trains. The diamondiferous Munn Lake Sill has been identified as the source of only one of the five KIM trains. The four remaining KIM trains on the Property have seen substantially little follow up work by the previous operator, and there is believed to be a high potential for the discovery of up to four new kimberlites.
Historic Exploration Highlights:
- - Between 1996 and 2007, SouthernEra Resources Ltd. acted as the operator of the diamond exploration program at Munn Lake. The bulk of the historic work was conducted between 1996 and 1999.
- - Diamondiferous "Yuryi" Boulder Field**
- - 226 diamonds, including 62 macro-diamonds returned from 581kg sample
- - Boulders up to 25m in diameter
- - Diamondiferous Munn Lake Sill***
- - 14 diamonds including 2 macro-diamonds and 12 micro-diamonds returned from 42kg sample
- - Drill-indicated total length of 1.3km
- - True thickness between 12m - 0.25m
- - Four additional Kimberlite Indicator Mineral (KIM) trains on the property, sources yet to be identified.
** SouthernEra news release, February 18, 1999.
*** SouthernEra news release, June 8, 1999.
Additionally, the project benefits from existing infrastructure with the Gahcho Kué seasonal supply road transecting the Property.
The Munn Lake Diamond Property is held 50% by Zimtu and 50% by one of its staking partners, Zimtu and its staking partner will continue to look at the best alternative opportunities to advance the project.
NI 43-101 Disclosure
Mr. Neil McCallum, P.Geo., a Qualified Person as defined by National Instrument 43-101, read and approved the disclosure of the technical information in this news release.
About Zimtu Capital Corp.
Zimtu Capital Corp. 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. For more information on Zimtu Capital and its equity holdings, visit the corporate website at http://www.zimtu.com.
On Behalf of the Board of Directors
ZIMTU CAPITAL CORP.
President & Director
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 our ground geophysical surveys as well as Kimberlite Indicator Mineral sampling. 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 changing costs for mining and processing; increased capital costs; the timing and content of upcoming work programs; geological interpretations that may change with more detailed information; potential process methods and mineral recoveries assumption based on limited test work and by comparison to what are considered analogous deposits that with further test work may not be comparable; the availability of labour, equipment and markets for the products produced; and despite the current expected viability of the project, conditions changing such that the minerals on our property cannot be economically mined, or that the required permits to build and operate the 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.