Zimtu Capital Announces Property Transaction

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VANCOUVER, BC / ACCESSWIRE / October 3, 2023 / Zimtu Capital Corp. (TSXV:ZC)(FSE:ZCT1) (the "Company" or "Zimtu") announces that it has entered into an agreement with Todd River Resources (ASX:TRT) ("Todd River") to sell thirty-seven (37) mineral claims located approximately 250 kms northeast of Yellowknife, Northwest Territories (NWT) collectively known as the Munn Lake properties (the "Halo-Yuri Lithium Project"). Zimtu will receive a cash payment of $80,000 in addition to 32,240,000 shares of Todd River Resources for the transaction. Zimtu will retain a 1% net smelter returns royalty (NSR) on all metals and minerals and a 1% gross overriding royalty (GOR) on Lithium and/or Diamond production from 33 of the 37 mineral claims, which constitute the Halo Property.

Halo-Yuri Lithium Project

The Halo-Yuri Lithium Project covers approximately 450 square kilometers and comprises 37 contiguous claims. It is located approximately 250 kms northeast of Yellowknife on the Gahcho Kue annual winter road which provides access for exploration programs and is within a few hundred meters of the ‘OIG' spodumene occurrence. Historically, exploration on the project has focused on diamonds with little or no previous work on lithium bearing pegmatites albeit there is documented spodumene (Li bearing mineral) bearing pegmatites with numerous unexplored targets (Figure 4).

Foto: Accesswire

Figure 4 - Halo-Yuri Lithium Project showing mapped spodumene occurrences and the distribution of pegmatites.

Approximately 40 kilometers to the northeast of the Halo-Yuri Lithium Project is the Alymer Lake pegmatite field that contains both the Big Bird Lithium Pegmatite (1,280m in strike with 34m @ 1.24% Li2O in drilling) and the Curlew Lithium Pegmatite (400m strike length and 14.8m @ 1.72% Li2O in drilling). No assurances can be given that a similar or any mineral resource estimate will be determined at the Halo-Yuri Lithium Project.

Historical work across the project by Southern Era noted that most outcrop occurrences on the property consisted of various types of granitoids, metasediments and pegmatites with large NW-SE trending pegmatites of the MacKenzie Dyke Swarm crosscutting the property.

Spodumene is mapped at the ‘OIG' pegmatites in the northwest of the project, and at the ‘Sweet' pegmatite which is located a few hundred meters to the east of the project. The OIG pegmatites are described in a 1991 Master's thesis by Paul Tomascak submitted to the University of Manitoba which states "The four dikes of this series all contain spodumene and little K-feldspar, although OIG-4 is largely aplitic and the spodumene is not as coarse as it is in all other dikes of the series. Despite the presence of extensive spodumene, dikes are poorly zoned. Dikes are elongated, in general striking north south. Contact relations are incomplete, but most dikes appear concordant with metasediment schistosity. Lengths of dikes range from 6 to 18 m. Texturally and mineralogically these dikes appear to belong to Cerny's (1982) albite-spodumene type, bearing similarities to the King's Mountain pegmatites of North Carolina, U.S.A. (Kesler, 1976)."