SURREY, British Columbia, April 10, 2019 (GLOBE NEWSWIRE) — Zanzibar Gold Inc. (ZBR – CSE; ZNZBF – OTC Pinks) reports on its copper gold and vanadium Property on Vancouver Island. During this initial program soil and rock samples were taken in the area and analyzed for ICP 30 elements. Preliminary geological mapping and analysis was also undertaken.
One new showing, gossan in a sheared portion of the gabbro was uncovered and sampling (Grab, rock) assayed 0.31% Copper and 1.15 grams gold with high vanadium (84ppm) and another sample from the same zone had copper and gold values and 194 ppm vanadium
This new showing in a shear zone within the gabbro unit that crosses the entire property in a NNW direction and is anomalous in its entirety (2-3 km is present on the property) and continues to the north is part of the continuous unit with several gold copper showings.
Values of samples in the adjacent properties and showings that are on the property have been reported in the 1-3 ppm range with high grade (adjacent properties) values in the 10+ gram per tonne range. Gold (over 2000 ounces) was recovered from the region, in the mid-20th Century from small operations.
The preliminary sampling has indicated that the gabbro is more mineralized than the surrounding volcanics, with higher vanadium values. Anomalous gold values are associated with higher vanadium values and copper values. A review of the available data indicates that the gabbro is anomalous in vanadium and gold.
Vanadium, found worldwide has a back ground of 50 ppm and 90% of the soil samples and over 75% of the rock samples taken on the property were above 100 ppm Vanadium.
Recent reporting from the BBC outline that the gold price has hit a near-four week high, underlining worries about global growth (Brexit and the Rump EU) and the US Federal Reserve’s cautious comments on the USA’s economy.
“… the US dollar is weak and we saw [the] Chinese central bank’s acquisition of gold for a fourth month. A combination of all these factors have moved gold into the $1,300s,” said Bart Melek, head of commodity strategies at TD Securities in Toronto.
President S.A. Farrage stated, “The association of gold with a long trend of geology is always a positive and that we have an important new element, Vanadium, associated with it is encouraging.”
G. Macdonald, the QP for the company has reviewed this news release.
On behalf of the Board
S.A. Farrage, President
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