ZIMTU CAPITAL CORP. COMPLETES GENERATIVE RARE EARTH ELEMENT EXPLORATION IN BRITISH COLUMBIA
VANCOUVER, Sept. 23 /PRNewswire-FirstCall/ - Zimtu Capital Corp. (TSXv: ZC) (FSE: ZCT1) ("Zimtu" or the "Company") is pleased to announce that the Company has completed initial field programs over a number of rare earth element projects staked in British Columbia as part of the Company's joint venture for project generation with private partners Cathro Resources Corp. and Cazador Resources Ltd. (collectively "C&C"), Dahrouge Geological Consulting Ltd. and Dave Javorsky.
C&C - Zimtu
C&C - Zimtu projects were initially selected by the joint venture after an assessment of geological environments prospective for rare earths and a detailed review of government stream and lake sediment geochemistry databases. Targets were then refined using geology, airborne magnetics, known mineral prospects, access and land use considerations. An initial field program has been completed to conduct a preliminary economic assessment of the projects for rare earth elements and rare metals (tantalum and niobium) mineralization.
The ten day field program was carried out by TerraLogic Exploration Inc. and included prospecting and silt sampling by two geologists and two support personnel equipped with a hand held XRF unit capable of in situ elemental analysis. Of the total twelve properties, seven were visited and examined. A total of 21 rock samples and 77 silt samples were collected and have been submitted to ACME analytical laboratories in Vancouver, British Columbia with results pending.
Preliminary observations are encouraging with several samples returning anomalous yttrium (an important indicator element for REEs) and niobium values as determined by handheld XRF. Once the analytical results are received and assessed, Zimtu and its partners will review the projects and, based on the results, endeavor to identify partners to option and advance the prospects.
Dahrouge - Zimtu
The Dahrouge-Zimtu projects consist of four claims located in the emerging Wicheeda rare earth carbonatite camp approximately 80km northeast of Prince George. Of the claims, three include magnetic high targets and one magnetic low target. Several companies are conducting exploration (including drilling) in the Wicheeda rare earth camp with results pending. These properties will be re-assessed following the release of exploration results from the area.
Javorsky - Zimtu
The Javorsky-Zimtu claims consist of four properties located in the Rocky Mountain Rare Metal Belt of British Columbia. Three of the claims have undergone testing in which twenty soil and stream sediment samples were assayed, tested, and subsequently yielded indicative and encouraging results.
The C&C-Zimtu, Dahrouge-Zimtu and Javorsky-Zimtu projects are located along the Rocky Mountain Rare Metal Belt, which roughly follows the Rocky Mountain trench, a major continental geologic feature which is recognized as the locus of numerous alkaline intrusions enriched in rare earths and rare metals. Much of the belt has seen very little exploration incorporating current models and modern technology. Notable projects in the belt include Taseko Mines Ltd's (TSX:TKO) Aley Niobium Project, Spectrum Mining Corp.'s (Private) Wicheeda Rare Earth Project, and Commerce Resources Corp.'s (TSXv: CCE) Blue River Tantalum-Niobium Project. A map showing the location of the multiple projects within the Rocky Mountain Rare Metal Belt is available for download at: http://www.zimtu.com/i/pdf/ZC-REE_BCMap.pdf
As part of the Company's business, Zimtu provides mineral property advisory services and helps to connect companies with mineral properties of interest. Under the terms of the partnerships, the properties are held on a 50-50% joint venture basis, and the proceeds from the sale of any or all of the properties will be shared equally by the Company and partners.
Zimtu is also pleased to announce that the Company has sponsored funding for a University of British Columbia ("UBC") Postdoctoral Research Fellow, Dr. Leo Milloning, who over the next two years will be undertaking an overall scientific study of the mineralization and geochemistry of rare earth and rare metal bearing deposits along the Rocky Mountain Rare Metal Belt.
Dr. Milloning was born in Germany and completed his undergraduate and graduate studies at the Department of Geodynamics and Geomaterial Research at the University of Würzburg. He has authored several scientific reports and has recently joined Professor Lee A. Groat's Mineralogical Research Group at UBC. Over the last several months Leo has been in the field studying rare earth and rare metal deposits throughout British Columbia alongside Zimtu geologists and consultants.
Dave Hodge, President of Zimtu commented: "We are pleased to be supporting the research being conducted by Leo and the team at the University of British Columbia's Mineralogical Research Group. Leo's research will bring benefits to our understanding of mineralization and exploration potential within the Rocky Mountain Rare Metal Belt. Supporting his research is important to us and will provide a permanent benefit to the geologic and scientific community."
In addition, Zimtu will be participating in the British Columbia Ministry of Energy, Mines and Petroleum Resources' Geology of Rare Metals International Workshop on November 9-10 in Victoria, BC. For more information, visit http://www.empr.gov.bc.ca/Mining/Geoscience/Pages/REEWorkshop2010.aspx
NI 43-101 Disclosure
Jody Dahrouge, P.Geo., a qualified person as defined by National Instrument 43-101, supervised the preparation of the technical information in this news release.
About Zimtu Capital Corp.
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Zimtu Capital Corp. is a TSX Venture listed investment company that invests in, creates and grows natural resource companies thereby providing a way for investors to participate and profit in the public company building process. The Company also provides mineral property 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."
On Behalf of the Board of Directors
ZIMTU CAPITAL CORP.
"David Hodge"
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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.
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 Zimtu and its partners will review and assess the analytical results for the projects and endeavor to identify partners to option and advance the projects; that the properties in the joint venture will be sold and the proceeds shared equally by the Company and C&C; and that Dr. Leo Milloning will undertake an overall scientific study of the mineralization and geochemistry of rare earth and rare metal bearing deposits along the Rocky Mountain Rare Metal Belt over the next two years.
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.
SOURCE Zimtu Capital Corp.
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