Mr. Terry Christopher reports

ZONTE METALS DISCOVERS A LARGE GRAVITY ANOMALY AT DUNNS MOUNTAIN AND A SECOND AT BIG K

Zonte Metals has discovered two large gravity anomalies and has begun drilling at the Dunns Mountain target on its Cross Hills iron-oxide-copper-gold (IOCG) project.

Highlights:

1. Discovery of a large gravity-high anomaly sitting under Dunns Mountain;
2. Three-dimensional (3-D) inversion modelling indicates the target measures 750 metres (m) long, 400 m wide and up to 1,000 m deep;
3. Gravity anomaly extends under the magnetic anomaly and drill holes from phase 1 did not test the area;
4. The combined data sets show a series of distinct geological and geophysical signatures that will be tested in the present phase 2 drill program, which has commenced.

The ground gravity survey identified large anomalies at both Dunns Mountain and the Big K targets. The Dunns Mountain 3-D gravity anomaly appears structurally controlled and extends under the 3-D modelled magnetic high zone. These new gravity data complement the other data sets from Dunns Mountain, including high-resolution ground magnetics, induced polarization, mapping (structural, alteration and geological), rock and soil sampling, and five drill holes completed in phase 1. Analysis of the combined data shows a series of geological and geophysical signatures that will be tested in the current phase 2 drill program. It is noteworthy that drilling in phase 1 focused on the 3-D magnetic model at Dunns and hence none of the holes tested the gravity anomaly.

During phase 1 drilling, mineralization was intersected in a number of drill holes with the best single intersection discovered in CH-19-004. This drill hole intersected a number of mineralized intervals with a high-grade intersection returning 14.0 per cent copper (Cu), 15.8 grams per tonne (g/t) gold (Au) and 352 g/t silver (Ag) over 0.43 m. This drill hole sits peripheral and above the gravity anomaly and it is postulated the mineralization intersected might be sourced along structural zones from within the gravity anomaly. Subsequent to phase 1 drilling, a deep penetrating IP line was completed in the area where mineralization was discovered in CH-19-004. This survey identified a number of signatures that will be drill tested in phase 2 drilling. Drilling in this area will occur after freeze-up. Drilling has commenced on the most western side of the mountain and will then be followed up with a drill hole on the southern-most part of the 3-D gravity anomaly. An image illustrating the gravity anomaly in cross-section can be found on the company's website.

A second large gravity was discovered within the northern surveyed area and sits approximately 1.2 km south of Dunns Mountain. It is spatially associated with a large magnetic anomaly named the Big K target, which was discovered in the Carols Hat area in 2018, along with two other magnetic anomalies. The gravity survey did not cover the Carols Hat magnetic target during this program. The gravity anomaly at the Big K target sits approximately 120 to 140 m below the surface and appears to be adjacent and interfingered with the magnetic anomaly. Outcrop in the area is limited, compared with Dunns Mountain; however, iron oxide alteration and iron-oxide-copper-gold (IOCG) geochemical signatures were identified in 2018 sampling.

Terry Christopher, president and chief executive officer, states: "The gravity anomaly discovered at the Dunns Mountain target is significant in size. The combined data sets, including magnetic, gravity and IP anomalies, allows Zonte to target priority areas for copper, gold and silver mineralization, with a focus on structural breaks. The drill program at Dunns will systematically test these areas over the next few months. The company now has four significant target areas that will be tested, including Dunns Mountain, Big K, K6 and K7 targets."

The company would like to acknowledge the Province of Newfoundland and Labrador for its financial support through the junior exploration assistance program exploration for work performed on the Cross Hills property.

Qualified person

Dean Fraser, professional geoscientist, is the qualified person as defined by National Instrument 43-101 and has reviewed and approved the contents and technical disclosures in this press release.

About Zonte Metals Inc.

Zonte Metals is a junior explorer focused on gold and copper. The company owns 100 per cent of the McConnells Jest project, in the Tintina gold belt, in Yukon, and the drill-ready Wings Point gold project in Newfoundland. It also has an option to acquire 100 per cent of the Cross Hills IOCG project in Newfoundland.

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